B&M stores versus buying online

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

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