Finding the perfect jewelry piece can be difficult, especially with expensive stones like diamonds. Unfortunately, it’s all too easy to damage your jewelry or lose a diamond. So, are diamond warranties ever worth buying, or are you better off purchasing insurance instead?
Diamond warranties are generally worth buying since they typically include services that will maintain and protect your jewelry, as well as replacement if the diamond ends up lost. However, it is important to determine beforehand whether the warranty includes strict clauses or expensive fees.
In this article, I’ll examine the pros and cons of diamond warranties so you can make the best decision for protecting your brand-new jewelry piece. I’ll also give some insights on what you should look for when choosing a diamond warranty.
Pros and Cons of Diamond Warranties
Purchasing a diamond warranty can help protect your new piece of jewelry if it eventually requires repair or replacement. These warranties offer some protection if you lose or damage the diamond or the jewelry itself.
Essentially, diamond warranties are a type of protective plan generally sold as an add-on for jewelry purchases or included within the cost of the jewelry itself. Some warranties come with conditions like requiring regular inspections or cleanings, while others have fairly relaxed policies.
Here are some of the best pros of diamond warranties.
- Some diamond warranties include services like cleaning and repair up to a certain dollar value or amount of time after purchase. You can save a ton of money by using these services, not to mention keep your diamond jewelry in great condition.
- Diamond warranties are perfect for anyone with an active lifestyle. If you’re frequently on the go and don’t mind keeping your jewelry on you, it’s easy to lose your new diamond.
- Frequent warranty-covered diamond inspections can help you identify issues before they happen. If there’s an issue with the structure of your diamond jewelry, for example, the jeweler will be able to fix it before it worsens into an unsalvageable problem.
- If your diamond warranty includes a service plan, you can save money on maintenance. These plans usually include services like resizing, replacing the diamond head on a ring, tightening the diamond, adding rhodium plating, and re-tipping the diamond head prongs.
There are a few drawbacks to purchasing diamond warranties, however. While the warranties do offer incredible value, the limitations on services provided may make the warranty not worth the price.
Here are some of the worst cons of diamond warranties you should keep in mind before purchasing.
- Some jewelers require that you bring your diamond jewelry in for inspection and repair at regular intervals, such as every 6 months. This requirement can quickly feel like a hassle, especially if cleaning and repairs aren’t covered under your diamond warranty. You’ll probably want to read the fine print of the consequences of not following such a strict schedule.
- Some jewelry protection plans have limitations. For example, many plans include mounting guarantees that protect the jewelry mounting — but this guarantee often expires in 12 months, ending much sooner than the warranty itself.
- Some diamond warranties don’t include services, requiring you to purchase a separate extended service plan. This can make the warranty not worthwhile since it’s somewhat uncommon to lose or damage a diamond. In this case, you should probably purchase insurance instead.
- Diamond warranties typically offer less protection than diamond insurance. Many diamond warranties don’t provide protection against issues like theft or severe damage. Again, you’re probably better off with insurance if the terms and conditions don’t specify the abovementioned protections.
What To Consider When Purchasing a Diamond Warranty
- Does the warranty protect you from loss, damage, theft, and even force majeure? Before you purchase a diamond warranty, you should consider whether it offers the value you want. Does the warranty last as long as you want it to? Does the warranty include care services like cleanings and inspections?
- Finding a plan that covers prong repair is generally a good idea since loose prongs are the leading cause of lost and damaged diamonds. Otherwise, you may be paying for extra services you don’t need.
- Many diamond warranties have stringent requirements for continuing coverage. If you purchase a diamond warranty, it’s important to consider beforehand whether you’ll be able to keep up with the required cleanings and inspections and whether the cost is covered.
- It’s also worth considering if there are any limitations to the plan. Many diamond warranties end after a certain amount of years or impose a lifetime limit on the value of services covered. In some cases, this can make the diamond warranties more expensive than out-of-pocket care or insurance.
- Some diamond warranties also tack on costly fees to their “free” diamond repair. For these reasons, it’s important to ask beforehand what kind of labor and setting fees you can expect. Asking the right questions will save you a significant amount of money in the long run.
- It’s important to note that diamond warranties and diamond guarantees are essentially the same thing. Rather than focusing on the term used, it’s important to look at what services and limitations come with the warranty policy to find the best fit for your new diamond jewelry.
- Before you purchase a diamond warranty, you should read the terms and conditions of the warranty in its entirety. Don’t be afraid to ask questions and compare the warranty with competing diamond warranties. When you take the time to consider the warranty carefully, you’ll be able to rest assured your diamond jewelry is fully protected.
Final Thoughts
Finding the right coverage plan to protect your new diamond jewelry can be extremely difficult. Diamond warranties are a good option since they typically include some protection if your jewelry is lost or damaged — and sometimes include free services as well.
However, it’s important to know the downsides of this type of protection plan, too. Diamond warranties often have strict terms, high fees, and limited coverage. In some cases, you may find that insurance is a better fit.
