Jewelry is a timeless, sentimental investment many make to commemorate special occasions, express their love and affection or treat themselves. But the quality and durability of some jewelry pieces can deteriorate over time.
High-impact pieces like rings and bracelets can sustain damage from everyday wear. Many jewelry pieces are small and easily lost or stolen. The FBI reports that $100 million worth of jewelry is stolen annually.
To protect your investment, you may rely on your jewelry warranty, which provides coverage for repairs or replacements if the jewelry fails because of manufacturing defects. While a jewelry warranty may seem like an obvious choice to preserve your high-value pieces, warranties have several limitations regarding the type and extent of protection they provide.
Understanding the top three reasons your jewelry warranty may not be enough can help you make an informed decision and give you peace of mind when shopping for a jewelry protection plan.
1. A Jewelry Warranty Offers Limited Coverage
While a jewelry warranty may seem like a comprehensive protection plan, most warranties come with limited coverage. Your warranty may not cover certain types of damage or failure, such as the following:
- Accidental or intentional damage
- Jewelry loss, theft or mysterious disappearance
- Damage caused by exposure to harsh chemicals or extreme temperatures
- Normal wear and tear
- Repairs or modifications performed by someone other than an authorized repair specialist
- Jewelry that is damaged or tarnished because it’s not kept in a safe storage area
For example, if a diamond falls out of your ring because of a manufacturing defect, the warranty may cover the cost of repairing or replacing the diamond. But it may not offer coverage if the diamond falls out because of normal wear and tear.
2. Jewelry Warranty Has a Time Constraint
Most jewelry warranties come with time constraints, which limit the period within which you can make a claim. For example, the warranty may only be valid for a certain number of years after the date of purchase, or it may only cover manufacturing defects that occur within a specific time frame.
The length of time a warranty covers can vary depending on the manufacturer and the type of jewelry. The standard time frame for warranty coverage is between a few months to several years from the date of purchase.
Some jewelers may offer an extended warranty for an additional fee, while others only allow a certain number of claims during a specific time.
Some high-end jewelers offer lifetime warranties on their jewelry. For example, Tiffany & Co. offers a lifetime warranty on its diamonds and diamond jewelry only. This excludes plain gold, rose gold, platinum and sterling silver pieces without diamonds.
3. Jewelry Warranty Cannot Be Transferred
A warranty is a legal contract between a manufacturer and a consumer that promises to repair or replace a product if it fails within a specific period. Many jewelry warranties are not transferable from one owner to another, which means that the protection offered may not be available if the jewelry is sold or passed down to another person.
This can be a significant issue if the jewelry is a family heirloom or a valuable item intended to be passed down to future generations. It can also be an issue if you buy the jewelry as an investment and sell it later. If a warranty is not transferable or has significant restrictions on transferability, it may make the jewelry less appealing to potential buyers and negatively impact its resale value.
Some common restrictions on transferring a warranty include:
- A limited number of transfers of the warranty
- Restrictions on who can transfer the warranty, such as only allowing the original owner to transfer it
- Conditions that must be met for the warranty to be transferable, such as the jewelry must be in good condition and free from damage
- Additional fees for transferring the warranty, which can be significant and may deter potential buyers from purchasing the jewelry
Jewelry Warranty FAQs
Here's what you need to know about the ins and outs of jewelry insurance.
What Does a Jewelry Warranty Cover?
Unlike jewelry insurance, the warranty does not offer comprehensive coverage. Your jewelry warranty typically only covers manufacturing defects, design, materials or workmanship imperfections, resizing (usually for engagement rings and wedding bands) and cleanings. Issues or incidents considered normal wear and tear, like bent or missing prongs or discoloration, are not covered.
How Long is a Warranty on Jewelry?
Warranties vary in length, depending on the manufacturer or jewelry. Most range from one to five years, but some companies offer a lifetime or limited lifetime warranty on their pieces.
How Does the Warranty Process Work?
The warranty process for jewelry involves submitting a claim to the warranty provider when an issue arises with your jewelry. The claim should include detailed information about the issue, proof of purchase and other relevant documentation such as photos.
After the claim is submitted, the warranty provider reviews the information and determines whether the warranty covers the issue. They then arrange for the jewelry to be repaired or replaced at an authorized repair center or through the original seller.
Is it Worth Getting a Jewelry Protection Plan?
Jewelry insurance offers complete worldwide coverage at a range of affordable yearly and monthly premium options. Jewelry insurance typically costs 0.5% to 1.5% of the piece’s appraised value annually. For example, if you insure your $5,000 engagement ring, you would only pay $75 per year, which equals $6.25 per month. This premium costs significantly less than paying for the replacement cost out of pocket.
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Does Jewelry Insurance Cover if You Lose it?
Jewelry insurance offers coverage equal to or above the appraised value for loss, theft, damage and mysterious disappearance. Your provider will still cover the replacement even if you do not know when or where you lost your jewelry.
Protect Your Pieces with Dedicated Jewelry Insurance
With a bit of research, it is easy to find affordable jewelry insurance online through companies such as BriteCo. BriteCo offers affordable jewelry insurance that will give you comprehensive coverage and peace of mind. Policies can be purchased within minutes online, and claims can be easily submitted on the website. Policies offer worldwide coverage for loss, theft, damage and mysterious disappearance. Policies also offer monthly premium options and cover up to 125% of your item’s appraised value.