But wait, there’s more…
Big corporate jewelry stores are known for their big warranties, guarantees and service plans.
These can be great when they work properly. They can cover your stone if it’s damaged, broken, or lost (under certain guidelines), and some do cover it for a lifetime…
That’s the key… YOUR lifetime… NOT the lifetime of the ring.
That’s the big difference.
What does this all mean?
The diamond warranty, or guarantee, is issued to the buyer of the ring and only that buyer (or whose ever name is actually on the warranty slip – usually the gents or the fiancees). So only that person can get the diamond replaced in case of a missing or broken stone.
This comes up every now and then when a customer goes to sell their diamond rings on Craig’s List, Ebay, the newspaper, or to a friend. They show the diamond warranty with it, or say “It comes with a lifetime diamond warranty“…
It all looks good
It makes it sound like a really great deal. Who wouldn’t want their new diamond to be covered for a lifetime?
But most people are not aware that these warranties are not transferable.
You can’t pass them on to someone else. Regardless if they bought your ring or not. The jewelry store, company or independent jeweler won’t cover it.
Why is this?
I don’t really know for sure. I don’t see any good reason why they wouldn’t cover a diamond for life. They could make a whole new customer after all. But I’m sure it all boils down to money.
By limiting the warranty to only the original owner, they won’t have to replace the stone if the second owner loses it.
Simple as that!
So if you’re buying a diamond ring, especially a diamond engagement ring from someone, a friend, a co-worker, a neighbor… And they are giving you the “lifetime warranty“… It’s useless!
Get your diamond insured instead.
Get it insured just make sure you get the diamond and ring is fully covered. Insurance will cover your ring and diamond, and you won’t have to take it in for a 6 month checkup (even though I still highly recommend it – Good preventive medicine). Plus, if you miss one of the so-called routine scheduled check ups, it voids the warranty anyway (so many small details).
I do agree that these plans sound good and can be great… I’ve seen them work flawlessly, but I’ve also seen them fall apart.
I’m not a huge fan.
They work more smoothly as selling tools (and the store’s bottom line), and they do help close a deal… But if you’re trying to sell your ring yourself, then that paperwork is just a bunch of, well, paper that will end up in the trash.
If any jewelry store out there does provide a diamond warranty that is transferable from owner to owner, let me know and I will append this article.
But for now, keep your warranty…
It means nothing to me.
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