A diamond is indeed a woman’s best friend and undeniably, symbolizes love, union, affection, and care. But when one buys jewelry, there’s much at stake- the prices, the choices, and of course, the extended warranties. An extended service warranty often comes with a high cost and is considered an investment with no financial returns. However, this is not always true.
Extended Service Plans (ESPs) on jewelry can be beneficial to the jewelry owner, owing to the heavy maintenance of jewels required. These are especially beneficial for jewelry items that are more prone to damage. E.g., an everyday wear ring may be more prone to damage than a necklace. For such items, extended warranties make sense. Additionally, if you also have insured your piece against theft and damage, an extended warranty may not make sense.
Deciding whether you should opt for extended warranty or not may be tricky. This article will delve into the pros and cons of ESPs on jewelry, with the aim of helping you make the right choice.
What is a jewelry warranty policy?
As we all know that dirt, dings, and other damage can happen to your precious jewelry. Getting it repaired from time to time can be a costly affair. There may be scenarios where the jewelry you purchased had a manufacturing defect which you notices after a few weeks. Here, jewelry warranty can help. It may or may not involve cost depending on where you buy your jewelry from. Even if you have to pay, it may lead to saved money in the long run.
- A simple resizing for a ring can cost up to 50$ in common jewelry stores which is normally covered by warranty.
- Cleaning, polishing, and repairing prongs could add up to a 100$.
- Now, with a warranty, you pay, let’s say, 150$ in the beginning, and that’s it.
Basically, the warranty will help you effectively reduce the cost of extra repairs, throughout its duration.
Jewelry warranty policies usually contain clauses that state how long a product is up for warranty, the maintenance being offered by the jeweler, and other related conditions. Some of them are as follows-
- The jewelry warranty and service policy will remain available to each customer for an item purchased from the store
- It applies from the date the customer receives the goods for the first time.
- The warranty does not cover loss or theft of the jewelry in part or its entirety.
- Warranty would not be applicable to any jewelry re-sized or altered in any way by a 3rd party, not under the ownership of the original jewelry store. In this case, the original store may also forfeit the warranty.
- The dealer will report to the customer any necessary repair required, prior to implementing the repairs.
Can you buy a jewelry warranty?
Yes, you can buy jewelry warranty. While a lot of jewelers offer warranty within the cost of jewelry, some jewelers offer it at an additional cost. It may also depend on the item you are buying. some jewelry items may come with a warranty while others from the same jeweler may not. You need to check with your jeweler if a warranty is included in the cost or not for the item you are buying. If not, you may buy warranty at a separate cost. Such a warranty would normally cover manufacturing defects or damage caused to the jewelry due to normal wear and tear. This warranty usually have a time duration known as the warranty period. You need to report any defects or observations within this time frame.
Most of the jewelers that offer warranty require you to get your jewelry inspected within certain timeframes which is normally 6 months. You warranty only remains active if you get it done. Only a few jewelers would not review your item periodically.
When can I buy jewelry warranty?
You can not only buy warranty when you buy the jewelry, but later as well.
- At the time of purchase: Like I just said, most jewelers offer warranty to their pieces within the price. If not, you may buy warranty at an additional cost at the time of jewelry purchase.
- Within 30-60 days of the purchase: If for some reason, you did not opt for a warranty at the time of purchase, check with the jeweler you made the purchase from. Some jeweler offer warranty within 30-60 days of the jewelry purchase.
- Older purchases: If your jeweler does not offer warranty post you have made the purchase, or if you want to opt for warranty of an old piece, you can get it. Also, in some countries, you have the legal right to claim any manufacturing defects ( 6 years in UK and 5 years in Scotland). In such cases, you would normally buy a warranty post completion of this period. A lot of jewelers offer warranty to old pieces as well. To avail the same, you need to take your item to the jeweler. They would inspect it for any existing damages and the quality and cut of the stone. Accordingly, they will offer you a quote.
What does an extended warranty on a jewelry piece mean?
You read out the terms, inclusions and exclusions of your jewelry warranty. You feel those are not sufficient and you would require
- additional services
- or the services for a duration longer than what is already mentioned in the warranty documents.
In such a case, you may discuss with your jeweler, or the company providing warranty services. They may offer you a custom plan with extended warranty based on your preference.
The Extended Service Plans or ESPs on jewelry can be both for a lifetime as well as have a limited time period in case of warranties based on your preference.
You may opt for an extended warranty at the time of purchase, or get in touch with the provider within the time frame. E.g., some providers would require you to inform them a month prior to your warranty end date in case you would like to go for extended warranty. Normally, you can buy extended warranty right before your existing warranty runs out.
What do jewelry warranties offer?
While the coverage and inclusions vary between jewelers or warranty services provider, there are some things that are generally included. Based upon your individual preference, you may go for the default plan or ask for extended warranty.
You must always be careful before agreeing to the terms and conditions of jewelry warranty. Look for the following in the inclusions and make your decision based on what your expectations and priorities are.
- Prong repair, replacement, and mounting against damages in craftsmanship.
- Piece trade-ins, usually with diamonds
- Cracks, scratches or breakage in gemstones
- Gemstone replacements
- Cleaning and inspection of the product
- Flaws in design or workmanship
- Resizing for rings is also covered by some
- Return or exchange policies for refunds.
- Repairing chipped ends
- Restringing pearls if the underlying string loses elasticity or is worn out.
What do jewelry warranties not cover?
One must read all inclusions and also if any exclusions are specified in the document. If there is something you are looking for, and it is not mentioned in both inclusions as well as exclusions, check with the provider. The provider could be your jeweler or an external agency. You must clear all your doubts before getting into buying warranty.
Jewelry warranties may exclude:
- Damage caused due to rough usage, e.g. damage while lifting heavy weights, damage due to operating heavy machinery, or due to accidental blows to the jewelry. They have a team of experts inspecting the jewelry and trust me, they can tell one type of damage from another.
- Theft or mysterious disappearance
- Damage caused to stones due to use of harsh cleaning chemicals
- If you get your jewelry repaired or modified by another jeweler, the warranty will be voided.
- Any change in ownership
How do you claim a warranty on the jewelry?
In the case of claiming warranties, you usually need to show your warranty card or any other warranty document as proof. The receipt is also usually needed. When a warranty is issued on your jewelry product, the seller drafts a warranty certificate. This acts as a valid document in claiming your warranty and must be preserved for future use as well. There are default steps to claim a warranty, which are as follows
- Visit the jewelry store or reach out to customer support as some jeweler offer online services as well.
- File a complaint.
- At the customer help-desk, display all necessary documents- product bill, warranty certificate, and other statements.
- Submit your product. Some jewelers my offer pick and drop services as well.
Caveat: If your policy required you to get your jewelry inspected every 6 months or so, and you failed to get the same done, your warranty may stand null and void. You may not be able to avail the warranty in such a case. Therefore, you must meet all the terms and conditions that have been documented.
Why jewelers offer a warranty policy?
We may feel that we are the only ones benefiting from a warranty. However, there are benefits in store for the jewelers as well. Some of them are:
- Earning through Premium: The warranties are also beneficial for the jeweler as they get a premium for the upkeep of your jewelry.
- Lower cost of repair: Jewelers often suggest you have your jewelry inspected, thereby replacing any stones that may be damaged. Regular inspections also mean the jeweler can find a problem you might not have paid heed to. They may foresee damage while inspecting the item. This way they can nip the issue in the bud and save on higher repair cost in the future. This benefits both, the one providing warranty services as well as to the one providing insurance services if you got your jewelry insured as well.
- Clientele: Once you buy jewelry from someone, you revisit them. Giving them a chance to not only help with repairs, but also allowing them to sell you new products. By offering warranty, the customer would stick to them for any repairs or replacement in the jewelry.
LIFETIME WARRANTY ON JEWELLERY
What does a lifetime warranty on a jewelry piece mean?
A lifetime warranty on jewelry is a certification from the dealer that the company guarantees the product’s minor maintenance. If a product or service comes with a lifetime warranty, expect it to always be accessible for service. Thus, a lifetime warranty lasts longer, i.e., it does not expire and can be claimed by the owner throughout her/his lifetime. The case of change of ownership is handled differently by different providers. You need to check if your warranty is transferable in case you gift the jewelry to someone later. If you plan on gifting it immediately, buy the jewelry and warranty in their name.
It’s also imperative to read the terms. Whoever is warranting the product, must either trust it to last a very long time or be willing to repair it for you.
Do jewelry warranty plans cover theft or loss of jewelry?
As mentioned above, warranty plans do not entail protection in cases of theft, loss, or severe damage. Minor defects, such as a reduction in the shine, a worn-off appearance, a manufacturing flaw, or a chipped corner, a broken gemstone etc. can be dealt with. However, if you seek product security in case of theft or loss, you must choose jewelry insurance.
Is a lifetime warranty on jewelry really worth it?
As we have seen what lifetime warranties on jewelry entail, let’s now look at the scenarios in which your investment would actually be worth it.
- In case of minor inconveniences
It has been a long believed concept that ESPs are worthless and have no substantial return. However, would you like to keep shelling out money for trivial defects in your jewelry, or would you want to pay once and for all and relax? Since we are usually dependent on convenience, we must choose the latter.
Not only does a lifetime warranty on jewelry take care of your pocket, but it also relieves you from half the trouble. So yes, in this scenario, lifetime warranties on jewelry are indeed worth it.
- In case of theft or loss
In situations where your jewelry has been harmed due to theft, loss, or damage, jewelry warranties are not usually helpful. Jewelry insurances are much handier, for they cover clauses like protection of product in case the product is lost or stolen.
Jewelry insurance vs warranty
- Jewelry insurance is an economically effective deal, costing as low as $20 annually. This, of course, also depends on the quality of products and brands. To find out more on jewelry insurance and it’s cost, you may want to check out our article here.
- Understandably, insurance cannot fill the sentimental void of a jewel. However, if your valuables are insured, any unfortunate incidents can be covered financially.
- Jewelry insurance is also a hassle-free commitment.
- Can cover for not only a collection but also single pieces.
- Home insurance limitations are well-taken care of.
|Can be availed only in select stores
|You may be entitled to repair, replacement or cash of equal value
|You may be entitled to repair, replacement or cash of equal value
|Any type of damage can be covered financially based on the terms of agreement
|Covers manufacturing defects and normal wear and care
|Specialist supervision is guaranteed in all cases.
|Usually handled by the same jeweler and cannot guarantee expertise.
A comparison of warranty plans
Different companies/jewelry stores are known to offer different types of warranty plans. This table will display a comparison between the lifetime warranties of prominent jewelry stores, such as Gordon Meyer’s. The table also mentions what the company warranties include and exclude, along with their approximate costs.
|Up to 120$
|Prong repair or Replacement
|Tara Fine Jewelry
|Ranging from 100$- 500$, depending upon size and quality
Normal repairs and refining.
|Damage to prongs
Loss of center diamond
Loss of jewelry
|Up to 500$, in-store purchase available
Replacement of chipped gems
Chain and bracelet soldering
|Free of cost, up to purchases of 50,000$
|Repair/replace any diamonds and gemstones if they have been chipped, damaged, or lost.
Lifetime diamond trades.
Jewelry warranty may help you save on a lot of money in future. To maintain the appeal of your jewelry, you must opt for a warranty service as this ensures your jewelry is cleaned and inspected carefully periodically. Having said that, covering for any loss or accidental damage is also crucial, especially for high valued items. So do not consider jewelry warranty as a substitute to jewelry insurance. If the warranty period for your jewelry is over and you have insurance, extended warranty may not be for you. Read the terms and conditions carefully before you make your decision.
Until next time! 🙂