Need advice... chipped diamond

[mamasooz]

I know in the big scheme of things this is not really a big deal. I have chipped my diamond and need some advice on what to do. It is an Asscher cut vintage 1930. Insurance says it will cost more than my coverage to replace it and I am not sure they would be able to do so. I have brought it to two jewelers. One said see if it can be recut and then sent back to GIA. The other said wear it like it is.Since it is already chipped how much value does it loose... since it is a 4.02 if they recut it will surely go under 4 ct.Anyone have ideas of what would be best to do?

 

[Rfisher]

Do you happen to remember what incident caused the chip?

Are you likely to change your current and past wear habits?
I think this answer would help me - if I were in your position - to choose what to do next.


You won’t know what your options are with recutting (and knowing if your current setting would be able to be used still) until a cutter looks at it. Hopefully one that has worked with old cuts before.
There’s no crystal ball - but maybe a cutter could give you some insight if the current damage - if left- would make it easier for further damage.

I don’t know if a cutter -after evaluating in person- could give you insight on ‘value’ after a recut vs as is.
And maybe some insight on how to, if at all, adjust your current insurance coverage if left alone or recut.

Best wishes.

 

[lulu_ma]

Can we see a pic of of the stone and a location of the chip?

I chipped one of the corners my emerald cut. It was originally set with single prongs. When I did a reset with double prongs, my jeweler was able to buff out the chip with no carat loss.

ETA: I just looked at your prior thread. It's a beautiful stone. Is the chip at the corner of the table? What is the current clarity of the stone? Perhaps it can be buffed out. But I would maybe take it to an expert cutter if you go that route.

 

[denverappraiser]

Most insurance policies cover damage, not just loss. The usual way a company will value a damage claim is to figure out the cost of the repair (including pull and reset, prong repairs if needed, replace the GIA, and all shipping and insurance, not just the cost of the cutting, and subtract the loss in value of the stone. On a 4-carat stone this will almost certainly be less than the cost of full replacement unless you have a LOT of damage or your limit is incredibly low. This is an insurable loss whether or not you go through with the repairs. If you go through with the repairs, get it reappraised and insured for a more realistic value. If you don't go through with it, you probably want to file the claim anyway, but it may prevent you from buying future insurance because of pre-existing damage.