Insuring Gems Prior to Setting

[Coco914]

I recently had a custom setting made by one of etsy's vendors and sadly, my gemstone was broken during the setting process. It was a peridot, which isn't amoung the hardest of gems. Still, it was a rather large, costly precision cut stone and I'm sick over the loss of it. If I elect to cancel the project, I'm out the cost of the stone and the deposit. I can elect to have another stone cut somewhere, but then I'd be going quite a bit over budget. (The vendor offered me $100 toward the new stone.) I'm at a loss as to which way to go. To complicate things a little further, I have another gem I was planning to have set in time for the holidays.... but this experience has left me afraid of setting any further stones.

I'm wondering if any of you insure your gemstones prior to having them set? I've also heard that many places won't insure loose stones (not sure if this is true)? Any thoughts or experience in this area?

 

[Enerchi]

oh Coco... that is so sad!

I'm sorry you are experiencing this. I have no information to share, just wanted to know I feel for you. All the time and effort that goes into finally selecting THE correct stone perfect for the project, and to loose it thru no one's fault, is very upsetting. I'm sure the setter feels bad for you.

I hope others can provide you with information. Good luck in whatever you decide to do - new stone or walk away.

 

[0-0-0]

I used Jewelers Mutual for my pendant. Sorry to hear about your loss and hope you have better luck next time.

 

[jstarfireb]

I'm so sorry to hear of your broken stone. I can identify with your feelings because I've had 2 stones broken during setting. They were both really small, so it wasn't a big loss. With the first one, I approached the cutter about recutting it, and since it was so small that he generously cut me a new one. With the second, the setter sourced me a new one of very similar color at her cost, which was very generous, although it isn't precision-cut and doesn't have that same sparkle.

Anyway, I don't have any advice about insurance except that I use JM for my engagement ring, and they're very reasonable. I've never insured a gemstone prior to setting. But none of my stones are worth more than $200-300 individually, so I haven't felt the need to.

 

[Aoife]

It's possible to insure a gemstone with Jewelers Mutual, but IIRC they require an appraisal and details of the proposed setting from the vendor before they will insure. It's really only worthwhile for the more valuable stones in my opinion.

EDTA: Worthwhile in terms of the hassle involved, I meant! I'm sorry your stone was broken, that's one of the hazards of having something set, and I hate when it happens.

 

[0-0-0]

Jewelers Mutual only requires appraisals for items valued at over USD 5,000. For my pendant I only had to provide invoices from JW and BGD.

 

[Coco914]

Thanks for the kind words and information... Picking out the right stone for the ring did take a considerable amount of time, so losing it was a huge disappointment. For me, the gemstone IS the project.

I'll definitely read up on insurance at JM's website and maybe contact them for more information if I can't find what I'm looking for there.

 

[JewelFreak]

I'm so sorry about your peridot, Coco. It is heartbreaking. I hope you find a good twin for it -- and thanks for asking this question. I've been wondering about it too.

--- Laurie

 

[Pandora II]

Ugh, I'm so sorry.

Peridots are a bit of a PITA. I'm an August baby and so have had a few. I'm very gentle on my jewellery and they are the only stone I manage to break. Please be careful if you plan to set one in a ring as they can be very easily damaged by household cleaners. The hardness isn't the real issue with peridot - it's more that they are brittle and very sensitive to pressure.

Regarding insurance, if you can't get insurance for a loose stone, then having it set through the vendor in a very cheap and simple claw setting (and by setting I mean this loosely - literally bent over enough to stop the stone dropping out) then insure the ring and simply have it reset is one way.

Another is to ask the jeweller if he could take out insurance on your behalf for the job and you will pay the premium. Most won't but occasionally they will.

I generally feel sick when stones are being set!

 

[cookies]

Sorry for your loss. I only send my loose stones to jewelers who will cover any setting damage or loss. So far, I have tried Ann McKay and Leon Mege. They cover customer's stone with their insurance. It was worry-free.

Another option is to have the jeweler source the stone AND make the setting for you. This way the stone will be covered by the jeweler by default. Many vendors will be happy to do this for you. I have got and set stones this way through James Meyer and Wink Jones. It worked great. Also, I know that Ed at WildFish sells wonderful stones, and he has a workshop that does custom setting. He is international and I haven't tried his setting yet. Michael E comes to my mind too. He precision-cuts stones and fabricates settings.

 

[Coco914]

Thanks to all for the information on insurance and vendors. It would make things so much simpler if the jewelers in my area actually did "custom" work. :-/