Internet purchase and stone loss warranties

[SLICK300]

Hello all PSers....

I am currently working with a jeweler from a distance via the internet. This particular vendor has a stone loss warranty which requires that the ring is examined by THEM once every six months. Does anyone else own a piece that falls within such a warranty? Do you follow it and send the ring out twice a year? Is it as much of a hassle (and expense, with insuring the package and all) as it seems it would be?

Thank you all in advance for your input!

Slick

 

[Skippy123]

Hi and welcome to Pricescope.

What kind of warranty is it? I have not heard of that. I use insurance to help protect my jewelry for loss, theft, etc. Does it protect again actually losing the ring? I take my ring into a jeweler and they check it for free.

 

[SLICK300]

Hi Skippy--

The ring will most certainly be insured as well, though I must admit I do not yet know the ins and outs of that type of coverage. From the vendor''s website:

Stone Loss Warranty
Should your stone fall out of your ring we will pay the insurance deductible up to $500.00 as long as the piece is insured under a homeowners, renters or individual jewelry insurance policy. You must have jewelry insured. The mounting must also be approved by us. For example, most tall 4-prong mountings and any mounting with thin yellow gold prongs would not be approved for our warranty. If we feel the mounting is not secure; there is no stone loss warranty.

In order to qualify for the stone loss warranty, you agree to have your stone checked by us, for tightness and wear, at least once every 6 months. You must also have any needed maintenance done at that time. You will be responsible for retipping and metal build-up after the first year. We will tighten any stone set by us at no charge for the life of the ring. We warranty all of our workmanship and will repair any defect caused by us at no charge indefinitely. We will not, however, be responsible for any amount, in any case, unless the mounting has been inspected and signed off in the last 6 months and the warranty form has been filled out. We do not pay for shipping of items to be checked and worked on. This fee is to be taken care of by the owner of the jewelry.

If you miss an inspection, the warranty will be reinstated after the next inspection.

We will “sign off” on your warranty if the mounting and stones are in good shape, or after any needed repairs are done. If you have work done elsewhere, and it is not done correctly, we will not be liable for stone loss.

We promise to always make a good faith effort to fairly and honestly deal with all of our customers in every way. Our stone loss warranty can be an important part of your satisfaction and trust in our shop, so feel free to ask any questions about our policy.

If I will be insuring this piece otherwise, is this sort of thing unnecessary to worry about then?

 

[Skippy123]

Well, it sounds like they will pay up to $500 if lost but it sounds like a pain shipping back and forth. Also, it sounds like if the ring needs work after 1 year you have to pay for that. I would just buy insurance so if there is any loss you are covered and don't have to worry about shipping back and forth which can start to add up and then the ring is gone for a bit while they check it.

 

[SLICK300]

Yes, I would have to pay the shipping as well...which at $60 or so each way on the low end would be unpleasant as well.

So it sounds like the insurance would cover anything that their warranty would. That''s actually what I was hoping to hear.

I thank you.

 

[denverappraiser]

If you have homeowners insurance with a deductible, you will be required to report any supplemental insurance that applies (which is what we’re talking about) and this may or may not affect your policy. If you lose a stone, your company pays for replacement or cash minus your deductible, and then you get a 3rd party partial reimbursement, you may very well be required to pay it to your insurance company as part of your contract. Read your policy. At best this warranty is of pretty limited value and possibly none at all.

By the way, Jewelers Mutual policies have no deductible.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver