When you purchase a diamond engagement ring, you are connecting
with the company that you’re buying from for life. I say this because an
engagement ring requires cleaning and inspections every so often to keep your
diamond safe and your ring looking its best.
So you want to be sure that the company you buy from is
going to be there for you down the line. Unfortunately, there are a few misleading
practices in the jewelry industry that are fairly commonplace, so you’ll need
to be careful when you purchase from many jewelry companies. The following are
a few tips to keep you safe.
First off, it is really important that you have complete protection
for your purchase. You likely have spent thousands of dollars or more on the
ring(s) so it is very important that you have adequate insurance coverage from
a respected and well rated insurance company.
Many jewelry companies including most regional and national
chains will offer an enticing free lifetime diamond and/or jewelry guarantee.
Some companies even try to sell you their Warranty for several hundred dollars
or more. However, the problem with
these warranties is that they lead you to the false impression that you are
fully covered. The reality is that the number one most likely issue you will
face in the future is the loss of the ring. Loss accounts for the vast majority
of all jewelry insurance claims. Diamonds can crack and they can fall out of
the mounting. However, these are not common occurrences. Much more common is
mysterious disappearance where he or she simply misplaces the ring. And I doubt
you’ll find any jewelry company warranty that will replace a lost ring for
The next most likely occurrence and reason for a jewelry
insurance claim is that of burglary or theft. These are also not covered by any
free warranties given out by jewelry companies. Thus, it is vital that you
obtain an insurance policy for your cherished diamonds and jewelry. Chances are
that you might not be covered under your basic homeowner’s policy. I thought
the same thing until I found out last year, that for the past ten years or more,
my wife’s diamond engagement ring was not covered under our homeowners and it
turns out that her diamond engagement ring has been at risk all this time. When
you have the proper jewelry specific insurance policy, you’ll not only be fully
covered, but you’ll also have little need for one of these misleading lifetime warranties.
They may sound great, but may have you believing that you don’t need to have
insurance for your ring and/or diamond. These insurance premiums for jewelry
are usually quite affordable and give you excellent protection for loss, for
damage to your ring or diamond and most other possible. Where your jewelry
company’s warranty can come in handy is with the free cleanings and
inspections. Some company’s warranties will cover minor repairs and maintenance
at no cost, which can save you money over the life of your ring.
Another very important point to consider, especially in
today’s challenging times, is how long your jewelry company will be around. You
may want to make sure that they are not already in Chapter Eleven or some other
form of impending bankruptcy. This is unfortunately becoming quite common in
the jewelry industry just as it is in many other industries. One major jewelry
company with multiple locations here in the greater Seattle area just went out
of business and another well known company is in Chapter Eleven as you read
this, with more on the brink. The bottom line is that you want to think about
the company you’re buying your diamond jewelry from. Are they going to be there
for you after the sale? Do they stand behind their products? Is theirs a solid
business that will still be around in the years to come? One thing I’ve learned,
is that you find out what kind of company you are doing business with, not when
you are buying the product, but when you have a problem.
Hopefully, wherever you decide to spend your hard-earned
money, you’ll choose wisely.