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Warranty On Diamond - How Important Is It?


Gladius
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I am debating buying diamond from local (Shane/ Jared) or Online Retailers.

 

The only benefit that local shops have is that they provide full warranty and back their diamonds for full life time. Also provide trade-ins and upgrades.

 

While with online retailers; you only have 30 days max to return your diamond. And there is no warranty or maintenance plan.

 

How much necessary it is to have warranty on diamond?

 

Could somebody please advise me on this topic.

 

Thanks and Appreciate your responses!

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Those aren’t the only benefits but they are certainly popular. In my mind, the biggest is that you can actually see and touch the merchandise and can easily compare one with another, at least within the confines of whatever that particular store has to offer. As I’m sure you know, the usual downside is price.

 

Different people will evaluate these things differently. The warranty in particular is tough. For people who buy insurance, which is most, loss or damage to the diamond is covered better under that anyway and manufacturing defects will be covered pretty much no matter where you buy it if you get it from a decent store so the real warranty question boils down to things like sizings, rhodium plating and the occasional repair from ordinary wear and tear. Most people only size the ring once or twice in a lifetime so that leaves rhodium and ongoing repairs.

 

Rhodium is a plating that’s put on white gold to make it whiter and it wears off over time. How fast? For some people it takes decades while others can do it fairly fast. I would guess that ‘average’ is something like once every few years. Obviously this only applies with white gold items.

 

The amount of wear and tear that people encounter varies quite a bit with your lifestyle and with the design of the piece. If you buy your maintenance ala-carte, few people spend more than $50/year even on high maintenance items although the pattern may be zero for several years and then a hundred. On low maintenance designs in the hands of reasonably careful customers I would budget less than $20/year for this.

 

It’s worth noting that the fine print on the warranty can hide some real zingers. You may be required to go back to that same store for an inspection as often as once every 6 months to keep it in force and repairs caused by ‘customer abuse’ are often excluded. This sort of exclusion reduces steeply the value of a prepaid maintenance program.

 

The value of a tradeup program depends on your plans. The program locks you into shopping next time at the same store, which is the point, but it makes the ‘resale’ of your old diamond a whole lot less trouble. As with the warranty, the devil is in the details. Some are far better than others. Quite a few of the online dealers have tradeup programs by the way.

 

Neil

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  • 5 months later...
I am debating buying diamond from local (Shane/ Jared) or Online Retailers.

 

The only benefit that local shops have is that they provide full warranty and back their diamonds for full life time. Also provide trade-ins and upgrades.

 

While with online retailers; you only have 30 days max to return your diamond. And there is no warranty or maintenance plan.

 

How much necessary it is to have warranty on diamond?

 

Could somebody please advise me on this topic.

 

Thanks and Appreciate your responses!

 

Online retailers who have nothing to hide, will always offer lifetime warrenties for ring repairs.

Obviously the diamond itself needs to be insured by the consumer.

My company offers lifetime guarantees on the enhancement itself, as well as ring repairs of any kind.

We also will always accept trade-ins for future purchases.

Good luck to you,

Abe

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  • 4 weeks later...

A warranty is only as good as the company being around when you need them. And even then there are many obstacles or contingencies to the warranty that they can slide out of fullfulling their warranty obligation.

 

Bottom line is get the best price for the best stone and save yourself from paying all the additional markup that goes along with some of these supposedely important paperwork issues. If you get a diamond for $4k, or $3k, that you could have gotten online for $2k then you should spend the $2k and invest the rest of the money in YOURSELF instead of paying for parking lots, payroll, insurances, infrastructure, etc.

 

Get an appraisal done on your purchase and put it on your homeowner's policy. Understand your coverage, make sure the value on the appraisal is more than what replacement cost is and check it every year or so while the diamond market is so volatile.

 

If you are not a homeowner then you can check on a personal property insurance policy and add to that, if not that then try a company like Jewelers Mutual.

 

Anything beyond this I've always found as hokie. I managed retail for 13 years before staring my business online in Feb 1999 so I've seen it from all angles. I have no dog in the race on this, just the facts.

 

Marty

CEO/Pres

DBS Diamonds

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  • 4 months later...

Another question is what exactly does a 'Warranty' cover?

 

For obvious reasons it is difficult for any company to cover loss of the actual center stone in say an engagement ring setting. Doing so puts a company at risk of easy fraud by con-artists. Most jewelers would like to see your purchase to inspect the setting, prong mounts, etc. every 6 mos to a year. GIA says every six mos is a good policy, but even then, a severe enough shock at the right angles can loosen up a stone which can then be lost if not immediately re-secured.

 

Going with a reputable jeweler who you can visit, face-to-face and in whom you have established a relationship with - knowing his/her name, is still a better warranty than any you can have on paper.

 

Terry

AJP (GIA)

Edited by J'taimeCartier
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