First Things First
Insure Your Ring
You may never want to take off your priceless new treasure, but realistically, you'll have to at times. It's a good idea to talk to an insurance agent about coverage in case the stones or the ring itself ever need to be repaired or replaced.
You will first need an appraisal by a certified independent gemologist; most jewelers will provide this service upon purchase. And make sure you understand all the terms of the policy. Find out whether you are covered if the ring is lost, stolen, or damaged, and what stipulations there are, if any. If the ring is damaged, does the company give you a check so you can have it repaired by the jeweler of your choice, or do you have to use one of their jewelers? You'll also want to know how long the claims process takes.
You might be able to add a jewelry rider to your existing homeowner's or renter's policy; if not, set up a separate policy. And, most important, take very good care of your ring -- when you're wearing it and when you're not -- because that's the best insurance of all.