7 On Your Side: Protecting your diamond ring

YORKTOWN HEIGHTS, NY (WABC) -- From the moment it was slipped on her finger, the symbol of Mario and Stephanie Consolo's love had never been removed. That is until one day, the Yorktown Heights newlywed made a startling discovery while driving.

"It was like oh my God, what am I going to do?" she said.

Stephanie noticed the stone in the middle of her engagement ring was gone. It somehow had fallen out.

But her heavy metal rocker husband didn't panic. He had already sweated through too many gigs with his band "Reaper," saving up for the 1-carat diamond. So when he bought it, he protected his investment.

"You never know if one of the diamonds would fall out," he said.

Mario paid more than $200 extra to jewelry giant Kay Jewelers for a lifetime guarantee on the diamond. According to Kay Jewelers, if the stone chips, breaks or is lost during normal wear, they'll replace it as long as Kay inspects it every six months.

Stephanie said she last had the ring inspected in May. The diamond fell out a month later on June 12. When the couple took the ring back to their local Kay Jewelers at the Jefferson Valley Mall in Westchester County, they were promised it would be fixed within a month.

But four weeks later, Stephanie says a Kay rep told her it wasn't in the system and they couldn't find it.

So we called Kay Jewelers on her behalf. And just days later, Stephanie was sent her old ring with a new rock. But she wasn't happy.

"It's had two really bad imperfections within it," she said.

So Kay stepped up again, summoning her back to their store to pick out a brand new ring.

Next up, Mario got on one knee and proposed all over again. She got a shiny new diamond like the original, plus $700 in gift cards from Kay Jewelers as a bonus for their trouble.

That made Stephanie very grateful.

"They wouldn't have done anything for us," she said. "Thank you so much, 7 On Your Side. I'm so happy with my new ring."

A rep from Kay Jewelers told us, "We take all consumer concerns very seriously and ensure that each is handled in a manner that is in line with our diligent processes and reflective of our dedication to every customer."

The big takeaway here is that even if you buy a guarantee, you may want to insure your ring. If you have a renter's or homeowner's policy, you can buy an extension to your policy called a rider. You'll need an appraisal from a certified gemologist. The cost of a rider? For a $5,000 ring, it'll run anywhere from $50 to $100 a year.