If you’re shopping for an engagement ring you’ve probably already realized there are two components that must be evaluated before you sign on the dotted line; the diamond and the setting that holds it. The funny thing is more and more people are buying the setting from one place and the diamond at another. Which leaves us with some serious questions:
1. Who should set it?
2. Who should be responsible for the diamond during the setting?
3. Who will service the ring after it is set? i.e. who will size it if it needs sizing, who will repair it if it gets damaged, who will do the annual check up and if you were lucky enough to buy a bonded diamond, is the bonding still in force if the seller doesn’t do the setting.
Who should set it?
The seller of the setting may or may not agree to set the diamond. Many jewelers won’t set someone else’s diamond because they don’t want to be responsible for any chipping or nicks that my result in the setting process. In fact, many jewelers will only set the diamond if you sign a “hold harmless” agreement. The rest of the jewelers in order to pressure you to also buy the diamond from them, won’t agree to set someone else’s diamond under any circumstances.
• Jewelers carry exclusive lines of designer jewelry no one else in their region can carry to lure you into the store. Their hope is to hook you with the setting and reel you into a diamond.
• The reasons the settings are so expensive is because even through the jeweler hopes to sell you their diamond they are well aware of the commoditization of diamonds and the difficulty of competing against wholesalers that are now selling direct. With the loss of the “rock” profit they must compensate with an over-priced semi-mount.
• I don’t blame the jeweler, I wouldn’t want to set someone else’s diamond unless I had insurance to protect me plus even if I am covered, where is the incentive for me to service some guy who blatantly didn’t consider me for the major purchase, had insurance to protect me plus even if I am covered, where is the incentive for me to service some guy who blatantly didn’t consider me for the major purchase,- the diamond.
• As the customer I wouldn’t even ask the jeweler who sold me the setting to set the diamond for one very good reason, he’s probably upset with me for not buying my diamond from him; and his setter may take it out on my beautiful new diamond with “torquing” (Torquing is the over application of pressure to a prong in order to cause permanent damage to the girdle of the diamond).
So the answer to who should set it is easy; it’s the seller of the diamond. And not just for the setting, but all servicing as well. Furthermore, if the diamond is bonded the diamond seller’s insurance company requires him to set it or it voids the warranty. If the diamond seller refuses responsibility then buy your diamond somewhere else.
The Diamond Guy®
by Fred Cuellar, author of the best-selling book “How to Buy a Diamond.” More questions? Ask the Diamond Guy®