Another question about buying from B&M

[mdmc]

Hi Everyone. I have been lurking here for a while. Hoping to up grade my engagement ring soon. Many here insure their engagement rings from an independent insurer. Some of the B&M stores I have gone to guarantee replacement of the diamond if I buy from them at no added charge to me. Chipping, breakage or loss as long as I have it looked at every 6 months by them. Now I know I will pay more for the ring up front but as long as the specs on the diamond are what I want (comparable to Whiteflash etc) doesn't the cost even out in the long range? I am not sure how much it would cost to insure a diamond but if you multiply that by 10, 15 or even 20 years..................Just wondering what you all think?

 

[Lula]

Insuring a ring through Jeweler's Mutual or Chubb (two companies commonly used by folks on this site) is not outrageously expensive, but, of course, the more expensive the ring is, the higher your premiums will be. I think my policy is 50 or 100 bucks per year. Those store "guarantees" don't cover every type of "loss" either. For example, I'm pretty sure when they say "loss," they are talking about the stone falling out of your setting not "loss" in a fire or due to theft. And if you miss a six-month inspection, the store's guarantee is void. What if you move to another city or simply forget a six-month inspection? If it were me, I'd see what I could negotiate off the price to forgo the guarantee, and get my ring insured through an insurance company -- and start with your homeowner's or renter's insurance carrier; often they can add a rider to your existing insurance policy to cover the ring.

 

[diamondringlover]

I actually have that type of "warranty" for my husbands diamond wedding band, you have to take the ring in every 6 months to have it inspected, if you dont then it voids the "warranty" I have not had to file a claim and I do take the ring in every 6 months, but I have to tell you its not as easy as you think, I tend to forget about it quite a bit and as Lula stated it only covers the diamond if it should happen to fall out, your regular homeowners will cover the ring for fire or theft, but only up to your policy maxium, which I think is normally a $1000 unless you have increased limits. I do have my rings insured on a seperate ride thru my homeowners policy, I dont want to take chances with my rings, they are worth considerable more then my hubbys

 

[denverappraiser]

As mentioned above, warranties are very limited in scope and usually have significant restrictions. Mind you, insurance contracts are also often limited in scope but theft, fire, loss and 'misterious disapperance' are NOT usually covered by a warranty. As these are the most likely perils associated with owning jewelry, you may find you want an insurance policy anyway. IF you decide to insure the piece, your insurance policy is likely to cover all of the items mentioned in the warranty so it's really double coverage. It's nice to have sellers who stand behind their products and workmanship, and it's hard to beat 'free' as a price point, but I wouldn't put a big weight on the warranty beyond standing behind their grading claims and manufacturing defects.

 

[Cozystitches]

Thank you for asking this question. Hubby and I went into a mall store last night and I found a ring that I love! Price was crazy, hubby said if it were 1/2 price he'd have thought about it (which puts me in a NICE place for a WF/BGD ring). He liked the "guarantee" with the mall store. He's still not sold on the whole buying online issue...sigh...still trying to figure out how to get around that.

 

[denverappraiser]

Try asking your favorite jeweler directly for better prices, and show them the advertisement that you are considering from their competition. The online-only folks ARE pretty aggressive pricewise but they aren't charities either. There's money to be made in competing with them and if your favorite jeweler is unable to match the price, he/she may be able to come close if they want to preserve a sale. I agree with your husband that there is value in buying from a trusted local source so what's being debated is how much that value is.

 

[swingirl]

Thank you for asking this question. Hubby and I went into a mall store last night and I found a ring that I love! Price was crazy, hubby said if it were 1/2 price he'd have thought about it (which puts me in a NICE place for a WF/BGD ring). He liked the "guarantee" with the mall store. He's still not sold on the whole buying online issue...sigh...still trying to figure out how to get around that.

Many of the internet vendors actually have a store front or office location where they meet with regular customers. So it's not like a guy with diamonds and a computer working out of his bedroom (some may be, tho). But many you see on PS have real office locations with a full staff, they just happen to be in a different city or state, and communicate with their customers over the phone and through email.

 

[MissGotRocks]

You will pay very high prices to get that 'insurance' from a mall store. They cover nothing that your homeowner's insurance with a rider won't cover and your own insurance will cover most any kind of loss. These stores will not cover total loss like theft and lost items. If the stone falls out, they will challenge you with how it happened. If a prong breaks off and the stone falls out, they may cover it. If two prongs are twisted around, they will say it was customer misuse or abuse. They lure you in with that type of thing, charge you triple for poorer quality goods, and offer free cleaning for life. It's all bunk - any reputable jeweler will clean and inspect your ring free of charge.

There are many, many people here that have bought fine quality diamonds online at wonderful prices with no regret. We all understand the apprehension of buying online and the false assurance these mall stores offer. Do yourself a favor and read the many stories of satisfied customers here. Call some of the vendors and talk with them -then the process doesn't seem so foreign.

If you actually were buying the same quality at the same dollar for dollar value, it would be a no-brainer. However, you won't find the same quality at the same price. You're losing money and they are gaining it.

The other thing they waive in front of you is lifetime upgrades. They don't tell you upfront that you have to buy twice the dollar amount for the upgrade policy to be in effect. If you buy a $6000 diamond and want to upgrade a few years from now, you must spend $12,000 in order to do that. Many of the online vendors and some B&M stores have very generous upgrade policies WITHOUT those types of dollar restrictions. It is an important consideration as most folks don't buy a stone thinking they will upgrade it but after a few years, who knows? Nice to have that option.

Having said all of that, there are many quality B&M stores out there to do business with but they're not found at the mall - they are stand alone jewelry stores that don't need to lure you with those kinds of promises. They lure you with quality merchandise at a good price.

 

[MichelleCarmen]

Hi,
Many years back I purchased a diamond from a B&M. They do the every-six-month check and clean it and everything...the deal is I DO forget to take it in every six months and my warranty is long voided. FWIW, a few weeks back I took my WF earrings in and they checked those and then AFTER cleaning them asked if I had purchased the earrings at their store. My thought is buy from an online store for a great price and then get the diamond insured. You can go to Ben Bridge and have the diamond checked and cleaned there FOR FREE!

 

[MichelleCarmen]

Try asking your favorite jeweler directly for better prices, and show them the advertisement that you are considering from their competition. The online-only folks ARE pretty aggressive pricewise but they aren't charities either. There's money to be made in competing with them and if your favorite jeweler is unable to match the price, he/she may be able to come close if they want to preserve a sale. I agree with your husband that there is value in buying from a trusted local source so what's being debated is how much that value is.

Yeah, you can ask for price matching. I've tried this at two stores and one considered it. The other was NO way... the sales associate tried to say an ideal cut SI1 is the same as very good cut I1 (which was MORE than the ideal cut one) so I politely pretended to go along with the nonsense.