B&M stores versus buying online

[Jenga019]

I think I have finally figured out the reason why diamonds are so expensive in the stores than online. You are buying for the guarantee. We went to two mall stores last night and they have a lifetime guarantee on their diamonds, if the thing breaks out of the ring, they replace it, no problem.

How does all the people here on pricescope feel confident buying online and not being able to have that guarantee?? Is there some kind of insurance that puts your mind to ease?? I was so sure that I would be buying our diamond online and now I am starting to wonder if this is really the way to go. Any advice?

 

[PhillipSchmidt]

Hi,

I would have thought shops were offering these assurances because they can''t compete on price. I don''t see why online shops can''t offer as much as normal jewellery stores in that area.

Online shops are so cheap because they turn-over a lot of diamonds and have great buying power.

I don''t think it is impossable for them to guarantee their work, though a lifetime guarantee is pretty amazing. I did a lot of work for an online shop and they often had jobs back to remake, or loose diamonds to tighten etc. There are a lot of shops who struggle to offer as much, because they don''t make as much and don''t have the routes into the trade that large online shops often do.

I can''t see them going away Jenga, because they are cheap, but they often lack the personal touch.

Intersting topic

 

[denverappraiser]

Jenga019,

There are actually quite a few reasons to buy from storefront jewelers and many of us here are strong supporters of local jewelers. They offer personal service, they offer selection, they offer financing, they offer business with a smile and they offer the opportunity to support your neighbors and your community. I know, this isn’t what you asked so let’s talk about guarantees.

The guarantee issse is covered pretty well by the internet firms.

Most people end up buying an insurance policy associated with a major jewelry item from their homeowners insurance company, or one of the specialty companies in this business. These policies costs 1-2% per year in premiums and covers both loss and damage to the piece. People normally buy this policy anyway because the jewelers guarantee program doesn’t cover theft, fire, and an assortment of other potential problems. You are effectively getting double coverage with the jewelers policy. Not that this is a particularly a problem, it’s just that the insurance through the jeweler is not as important as it at first appears. Even if you decide to go without an insurance policy, this is useful for deciding how much the jewelers program is worth.

It’s also worth noting that many, if not most, of the manufacturers have warranties on their products. These warranties are not a function of where the store is located. Anything that could be described as a ‘manufacturing defect’ will probably be handled by the manufacturer.

Many of the internet firms are actually no more or less than jewelry stores that have expanded through the internet to have a national reach. The differerence can actually be pretty subtle.

Neil Beaty, GG ISA
Independent Appraisals in Denver

 

[pricescope]

check out Oldminer'' opinion on insurance: https://www.pricescope.com/community/threads/insurance.12227/

There were many discussions about insurance, just make a search on the board.

 

[perry]

The lifetime warranties are really just a sales tactic - to make you think they are offering you something of value. In reality, the fine print contains many terms and conditions that make the chance that the store will have to pay very very rare (be it must be inspected by the store every 6 months - and don''t be a day over, or not responsible for "rough handling", etc). As mentioned above many stores find a way not to honor them even if you have done everything in the fine print.

The US if full of people with amazing life time guarantees for siding and windows - that in almost every case has turned out to be worthless (or almost worthless). By the way, just what does "lifetime" mean anyway- there is actually no legal standard here. Is it the lifetime of the diamond, the lifetime of the original purchaser, the lifetime of the store under one owner, etc. Believe it or not - a 5, 10, or 50 year guarantee is much more legally solid and enforcable.

My suggestion is to buy a good quality diamond from someone who is not trying to trick you, and then get independent insurance. Quality problems are usually covered by everyone.

 

[Jenga019]

Thank you!!!! That was what my assumption was about this "lifetime guarantee" was that it was just a sales tactic! It really appealed to my boyfriend to the point that he wanted to spend 500-1000 more just for that "guarantee"

Thanks again for all your advice

 

[solange]

I have rings that are 50 to 100 years old (inherited) that have never needed repairs or prongs tightened. I am sure a if I had loose prongs and brought it to a jeweler, they would do it for a very modest charge. I certainly would not want to make an unnecessary trip every 6 months to keep the guarantee in effect or pay the extra money for a ring just to have this service. I''d rather just pay when needed and if it is anything major, my insurance would cover it.

I check with a loupe every so often and it is not difficult to see if the prongs are loose.