Warranties, Service and Insurance

The ninth installment of my “Top Ten Tips” to buying jewelry is Warranties, Service and Insurance.
Like returns, all three are issues of importance that are often overlooked. I like to tell my clients that jewelry is the world’s most complicated simple thing. There really is a lot more to jewelry than meets the eye. That is why it is important to know a company's warranty and service policy before making a purchase. 

Warranties
Many jewelry retailers will have some sort of warranty policy should your jewelry suffer from manufactures defects. The time limit on these warranties varies from store to store, so it is important not only to ask how long the warranty period is but also what are its limitations.

Some stores will offer “lifetime” warranties as a tactic to help close the sale. Many customers find these types of warranties comforting. Lifetime warranties are fine as long as it is understood that for the warranty to remain in effect the jewelry must be cleaned and checked, by the store that sold it, usually every 6 months (which is a good idea anyway). There are retailers that charge extra for extended warranties, but as far as I am concerned you should never pay for any warranty coverage.

If you are contemplating a jewelry purchase while on vacation or over the internet, with a company that has no physical location near your home, keep in mind that ANY work done on the jewelry by someone other than the original seller WILL VOID any warranties or recourse you may have should any problems arise.  This brings me to my next point.

Service
It is becoming increasingly common for people to buy jewelry from one company and bring it to another for service. Usually this is jewelry that has been purchased over the internet, on TV, by mail order, or from out of town. Many people assume (and that assumption is encouraged) that any jeweler will be willing to do service work and repairs on jewelery that did not come from their store. Often internet companies do not offer service on the jewelry they sell, other times they do, but the customer feels that it is quicker and more convenient to have the work preformed locally. Either way, an increasing number of jewelers are refusing to, or at the least being very selective about, servicing recently purchased jewelry they did not sell. The reason is simple; the jeweler has no control over the quality of the jewelry to be worked on, but is often expected to be the de facto warrantor.

When making a substantial investment in fine jewelry, it is always best to purchase from a jeweler who will not only provide you with a reasonable warranty against manufactures defects, but also be able to provide quality service, such as sizing or shortening, on the jewelry sold. If you are not comfortable with the warranty, are concerned with shipping jewelry back and forth, or just are not sure about the quality of service a store can provide, it is best to shop elsewhere.

Insurance
I have noticed some confusion over warranties and insurance especially when it’s a lifetime warranty. Warranties cover manufactures defects only; they do not cover loss, abuse or normal wear and tear. Like electronics, if a piece of jewelry has quality problems it usually becomes apparent soon after its purchase. The vast majority of diamond or gemstone loss that I see is due to age and customer inattention. Even if one has a lifetime warranty this is more often than not an insurance issue not a warranty issue.

If you are making a major investment in fine jewelry I strongly recommend that you have it insured. Insurance on your jewelry will cover loss and damage along with theft, which are not covered in any warranty. There are two ways to ensure your jewelry. You can purchase a rider on your homeowners or renters policy or you can buy a separate policy from a company like Jewelers Mutual. The cost is very reasonable and any better jeweler will be able to provide you with the proper insurance replacement documents you will need with your purchase.

My finial “Top Ten Tips” to buying jewelry will be on choosing a jeweler. Till then, that is how I see the world of jewelry from Rochester, NY.

David West Nytch CGA  www.westandcompany.com          

Comments

[Jason]

Thanks for the great post. It was so good I had to point my readers to it. Keep up the good work!

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