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Will This Chip/break When Put In A Setting??


uga21
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Hey guys, I purchased a diamond this past Thursday. It is a GIA 1.34 carat F, S1 princess. I'm very happy with it! The diamond and the setting were bought at 2 different places. The place that is setting the diamond in the setting (Shane Co) is not charging me to set the diamond, however they said that they will not offer insurance so if it breaks while it is being mounted I don't get a new diamond. Here's the cert, the girdle is "thin to extremely thick." The girdle is basically medium all around but in one are it is slightly raised so GIA gave it the extremely thick rating. So I guess my question is do you think this Princess cut has a high percentage to chip/ break while Shane mounts it. I don't have insurance on it yet because i just bought it. I need this mounted ASAP because I'm hoping to give it to my girlfriend on the 4th of July. So please help me out guys, should I be worried?? Thanks.

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Yes, you should be worried. This stone doesn't look to be especially problematic but you should always be worried about setting stones with a jeweler who is unwilling to take responsibility for their own workmanship, especially with fancy shapes.

 

Here’s the solution. Take the certificate scan you have, the sales receipt from the dealer where you got it and the ‘appraisal’ document or sales receipt that Shane Co gave you for the mounting only (ask them for it if they haven’t provided it yet) and send scans of all of them to Jewelers Mutual Insurance (www.jewelersmutual.com). They’ll bind a policy on the entire thing that includes coverage if there is damage during the setting process. It’ll cost you about 1% of the value. Take it into Shane right away and tell them of your deadline. Tell them that you don't want them to actually start work until the insurance starts but that you want to be in line so that you can pick up the completed job on Thursday. It's Saturday and I'll bet the underwriting folks don't work on the weekend but you'll probably be covered by Monday. As soon as you hear form JM, ring up Shane and tell them to proceed.

 

After it’s set, get it appraised by a real appraiser to identify any damage that may have occurred as well as to document things for the rest of your policy and possibly update the value. Most can do it while you wait and while you watch. Send this to JM as an ‘update’ to the contract. This gives you full coverage for a whole year, after which, if you decide you aren’t happy with JM you can switch to some other carrier.

 

Neil

Edited by denverappraiser
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Find someone else, that is a lame deal. To set diamonds with no liability is like skydiving with no chute. Doesn`t make any sense for you .

 

Likely the jeweler has some insurance coverage for this under his policy. If they don`t want to take the responsibility when setting the diamond in the mounting they are selling, then find someone else that will.

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Yes, you should be worried. This stone doesn't look to be especially problematic but you should always be worried about setting stones with a jeweler who is unwilling to take responsibility for their own workmanship, especially with fancy shapes.

 

Here’s the solution. Take the certificate scan you have, the sales receipt from the dealer where you got it and the ‘appraisal’ document or sales receipt that Shane Co gave you for the mounting only (ask them for it if they haven’t provided it yet) and send scans of all of them to Jewelers Mutual Insurance (www.jewelersmutual.com). They’ll bind a policy on the entire thing that includes coverage if there is damage during the setting process. It’ll cost you about 1% of the value. Take it into Shane right away and tell them of your deadline. Tell them that you don't want them to actually start work until the insurance starts but that you want to be in line so that you can pick up the completed job on Thursday. It's Saturday and I'll bet the underwriting folks don't work on the weekend but you'll probably be covered by Monday. As soon as you hear form JM, ring up Shane and tell them to proceed.

 

After it’s set, get it appraised by a real appraiser to identify any damage that may have occurred as well as to document things for the rest of your policy and possibly update the value. Most can do it while you wait and while you watch. Send this to JM as an ‘update’ to the contract. This gives you full coverage for a whole year, after which, if you decide you aren’t happy with JM you can switch to some other carrier.

 

Neil

 

Does it cost anything to have it appraised?? And could I have Shane Co appraise it or do I need to go somewhere else??

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Does it cost anything to have it appraised?? And could I have Shane Co appraise it or do I need to go somewhere else??

 

I most certainly charge for my work. Don't you? :)

 

Some appraisers cost more than others and selling jewelers will routinely include insurance paperwork for the things that they sell but in this case I would be surprised if anyone would be willing to do it for 'free'. Meeting the minimum requirements of the insurance companies isn't really very difficult. It's you who should be picky. Crappy appraising benefits the insurance company, not you and a poorly done appraisal can completely undermine the value of your insurance policy. As with most things, the cheapest appraisers aren't usually the best and visa versa but most will be happy to quote you a price before they do anything as well as explain to you what their service include and why you should choose them over their various competitors.

 

ShaneCo uses their own employees to 'appraise' things that they sell and, at least around here, they contract with an outside service to appraise things that people bring into the stores. Whether this contractor is any good will depend on who the particular store you are using has hired. Ask and then research them.

 

Neil

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