Chipped Diamond Ring Repair: Understanding Damage & Restoration

Question
I inherited a large diamond ring that belonged to my grandmother. It was given to my mother and then passed down to me. Somewhere down the line, it got chipped. It looks more like a chip than a crack to me.  It's a round cut stone and currently in a 4 prong basket type setting and is damaged between 2 of the prongs along the top edge and slightly under the edge.  I apologize as I am not familiar with diamond terminology. It's a fairly large stone - my grandmother can't remember exactly how large it is and doesn't remember where any of the paperwork is - but says that it's between 2.5 and 3 carats.  I would guesstimate it's closer to 2.5.  We haven't told her that it's chipped so I didn't want to press her for too much information and risk upsetting her.  Is this something that can be repaired?  Would a jeweler be able to have a diamond cutter scale the entire ring down to eliminate the damaged area?  Since the diamond isn't tiny, I wouldn't be opposed to losing some of the weight if it would improve the stone, but at the same time, I wouldn't want it to look lopsided or misshaped.  I'm also not interested in haveing it reshaped as I love the round cut shape.  As it is now, I'd like to have it reset, but don't want to risk wearing a damaged stone and making it worse.  Would it be worth bringing to a jeweler to look at, and if so, how do I know where to go or who to trust?

Answer
Hi Leeshie,

Diamonds can be recut and polished to eliminate chips. Most jewelers can have stones recut, they will lose weight when recut but they will be done proportionaly and look just fine. After recutting the stone can be reset in any appropriate mounting. Where to go and who to trust is up to you. I don't know where you are or where to go. Talk to your family and friends and ask around. Take it to a reutable jeweler and go from there.You have to start somewhere. Good Luck.

Peter