Re-Setting a Chipped Diamond: Can It Be Done?

Question
Hi Les,
I have a diamond which is approx 1 carat in weight. It belonged to my Husband's great grandmother and is in its original 4-prong, platinum setting. It's quite beautiful and larger/more brilliant than my .75 carat engagement ring.
I'd like to have this diamond re-set in a bezel setting (similar to the Tiffany Etoile setting) and wear it as my engagement ring. The trouble is that it's visibly chipped on three of the four exposed sides.

I had read that a bezel setting is a good way of salvaging a chipped stone, but then a local jeweler told me that I'd have a hard time getting someone to set this stone in a bezel setting for me.

I'd really like to wear the diamond but don't much care for the setting. Can you tell me anything about bezel settings and whether or not they might be appropriate in this circumstance. If they're not - is there anything that can be done with this diamond?

Thanks in advance!
Kate

Answer
Kate-
The diamond you have is a Old Mine cut diamond which has different proportions and table percentages than the diamonds which are cut today. The reason for the sparkle of the old mine cut is because it more resembles the cut of an American Ideal Cut diamond first introduced by Tolkowsky a mathematician who worked out the exact table percentages ( top section of the diamond) and depth percentages to maximize light reflecting within the diamond and back to the eye. There were some modifications which enhance the diamond more today than from years ago as well.
Getting to your situation: it would be appropriate to set the diamond due to the chipping along the girdle into a bezel setting for more protection as you wear the diamond on a daily basis, it is dangerous to set a chipped diamond for 2 reasons, the diamond setter may chip the diamond even more when setting the stone, so you will need an experienced craftsman to do this job, someone with at least 20 years experience, and second, as you wear the diamond exposed you may accidently hit the chip and crack the diamond even more......
we dont want this to happen. You should have the diamond appraised and insured with your insurance co. just in case anyway.
The third alternative is to send the diamond to a diamond cutter and have the entire diamond recut and repaired of all the chips and damage around the girdle, this could cost upwards of 250.00 US dollars per carat   shipping and insurance and you will loose a certain percentage of weight. If it is under 1.00cts now it may loose as much as .25cts (1/4 carats) in recutting depending on the depth of chipping and proportions needed to be recut, this should be examined by a GIA Graduate and give you options.
If you could take a picture of the diamond with a Macro lens and send it to me, I can comment further with better advice.
All the best
Les