snobby jewellers-advice needed!

[sydney]

So I am looking at an on-line stone from BlueNile. Yes I know some people don''t like blue nile but I am from Canada and it is the most headache free way to buy/return a diamond. Its inscribed with "blue nile signature collection" or something like that on it.
Have any of you online buyers had issues with getting your stones set at a B&M? How much resistance do you think I will come up against? When I have told jewllers that I would like them to set an online stone they tell me they aren''t insured to work on others stones. Should I keep investigsting a more flexible jeweller or give in and buy at a B&M?

 

[Larissa]

I could be wrong, so hopefully others will chime in.

I think you can get around this, by:
insuring the stone yourself, before it is set (which is a good idea anyway)
maybe don''t tell them you bought it online - it''s a stone that you already own and you are now looking to set it

 

[jaz464]

There are jewelers who will insure others' diamonds while they set them. You just have to ask around. I wouldn't let anyone work on your diamond who doesn't put it in writing that they are insuring it during setting.

What about choosing a setting from BN? Or another online vendor? I bought my diamond from a Canadian online jeweler and then had the diamond sent to Whiteflash, who created a custom setting and insured the diamond while it was in their care.

Also, you don't have to approach a B&M jeweler with the line 'can you set my online diamond' either. Tell them it is an heirloom piece and see if you have an easier time finding someone.

 

[Upside Down Man]

I bought a stone online, but I wanted to have it set locally so I could have a "local jeweler" in case something went wrong and it needed to be resized or reset. I asked around and a lot of jewelers wouldn''t set a stone I didn''t buy from them. One conversation went like this (which shocked me):

Me: Will you set a diamond that I bring in?
Jeweler: No, we won''t set a diamond you don''t buy from us.
Me: It''s an heirloom stone I got from my grandmother.
Jeweler: Oh, we''ll set that, then.

Funny how they only seemed to care about selling me a diamond. Once they realized that no one (including their competitors) was going to sell me a diamond, suddenly they were my best friend again.

I always thought that because of the advances and evolutions of diamond cutting over the years, a trained jeweler would be able to tell the difference between an heirloom stone and one that was certified a few months ago. I ended up finding a jeweler who would set my stone no matter where I got it, so it didn''t make a difference. But I''m telling you my story because I wanted you to know that for at least one jeweler out there, the "heirloom" story would have been enough to get them to set it.

By the way, what are some peoples'' problems with BN? I''m still relatively new and am genuinely curious.

 

[shel]

You could try searching for a "net-friendly" jeweler here:

https://www.pricescope.com/jewelers.aspx

Maybe they''ll be more accommodating about setting a stone bought online.

 

[sydney]

thanks. Heirloom... Clever!

 

[diamondseeker2006]

I''d first of all try to find a setting at BN. If that doesn''t work, then I''d do as someone else suggested and get the stone insured before you have it set elsewhere. I had my diamond set locally with no problem.

 

[Julian]

I had no idea you should have your jeweler insure your stone as well when setting. So the stons is double insured? Is this always the case?

 

[jaz464]

Well, I don''t think it needs to be double insured. I could not find anyone to insure my loose diamond so I had the setter insure it while he worked on it.

 

[WinkHPD]

You can now insure the diamond and the mounting it is going to go into with Jewelers Muitual Insurance company. You must have the items appraised and the appraiser give it the value it would have when completed and he will need to state this on the appraisal, it can be changed after mounting that the stone is now mounted. Then you must insure it PRIOR to having it mounted. That way both you and your jeweler are covered.

Wink

 

[denverappraiser]

I’m increasingly surprised at jewelers who take this position.

Selling mountings and setting services can be a darned good business. It builds repeat customers, it gets the customer into your showroom not once but twice, it’s usually not terribly difficult work, it doesn’t require much in the way of inventory and depending on what you pay your bench jewelers the markup is good. What’s to lose? Oh yeah, the insurance thing. You can solve this two ways.

#1 Charge enough. Only you can correctly estimate your risks of breakage but for most capable bench people it’s pretty low. A 1% breakage risk (which is really really high) on a $5000 stone means that your insurance component to self-insure costs you $50. That’s ignoring the fact that in 98% of the cases of breakage you don’t have a total loss. You buy the client a new stone, you have the old one recut and you sell it to someone else or you give back to the client a payment for the loss in value. You’re not taking a $5000 loss, you’re taking a $500 loss. This means your insurance component is worth $5, not $50 as mentioned above. Instead of charging $50 to set a stone and refusing to take the risk, charge $100 and proudly tell them you take responsibility for your work. In special risk situations you can always decline the job. You’re getting a 10x markup on the ‘insurance’, you get a $50 labor sale that was about to walk out the door, you get to sell the mounting and you have a decent stab at selling the gents wedding band that goes with the set. This is a several hundred to several thousand dollar deal that you’re turning down over a $5 risk! All that and the customer goes away thinking good things about you instead of thinking you’re a schmo who’s upset about losing a diamond sale to a lower cost competitor.

#2. Jewelers Mutual will buy this risk for about 1% of the value and will give them a full year of full coverage as part of the deal. The customer can buy it directly or you can walk them through the process. The customer is covered, you’re jeweler is covered (assuming you’re a JM commerical policyholder) and you still get to land a sale of a mounting and some labor that otherwise is going to some out-of-town jeweler with enough sense to accept the money.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[tdiggity]

try talking to some local places vs. the big jewelers. I have found them to be much more friendly and willing to make the money where they can. They are MUCH more interested in earning your respect and repeat business.

 

[Eva17]

#1 Charge enough. Only you can correctly estimate your risks of breakage but for most capable bench people it’s pretty low. A 1% breakage risk (which is really really high) on a $5000 stone means that your insurance component to self-insure costs you $50. That’s ignoring the fact that in 98% of the cases of breakage you don’t have a total loss. You buy the client a new stone, you have the old one recut and you sell it to someone else or you give back to the client a payment for the loss in value. You’re not taking a $5000 loss, you’re taking a $500 loss. This means your insurance component is worth $5, not $50 as mentioned above. Instead of charging $50 to set a stone and refusing to take the risk, charge $100 and proudly tell them you take responsibility for your work. In special risk situations you can always decline the job. You’re getting a 10x markup on the ‘insurance’, you get a $50 labor sale that was about to walk out the door, you get to sell the mounting and you have a decent stab at selling the gents wedding band that goes with the set. This is a several hundred to several thousand dollar deal that you’re turning down over a $5 risk! All that and the customer goes away thinking good things about you instead of thinking you’re a schmo who’s upset about losing a diamond sale to a lower cost competitor.

I like this idea. I find it very discouraging when we are constantly being told, "We are not responsible for damage", it reduces your confidence in the jeweler. I often wonder when I hear this, don''t they have insurance to cover themselves for this stuff. I would rather pay a higher premium for the job, and know they stand behind their work and covered for a loss!!!!