FAQs3

Frequently Asked Questions (FAQs) – Issue 3

My engagement ring recently started snagging on my clothing? What’s the problem?

Run, don’t walk, to the independent jeweler you trust!  A prong on your ring has become raised or the prongs on your ring have become worn and either situation can quickly result in your diamond falling out of your ring, possibly never to be found again! Does this paragraph sound a little dramatic??? It should, because literally THOUSANDS of women a year lose their precious diamonds because they ignore this simple warning sign. Your personal jeweler can determine whether you need a prong straightened or some overall maintenance done, and you can trust their recommendations because you have a relationship with them and them with you- for a lifetime!

What’s the best way to find a reliable independent jeweler?

Yourjewelryexpert.com is in the process of compiling an area-specific list of trusted independent jewelers, but this process takes time as we carefully screen each store (pawn shops and flea market vendors are not considered and cannot be approved by our website.) In the mean time, use the old-fashioned, tried-and-true method of simply asking the people you know what independent jeweler THEY have a relationship with- co-workers, family, friends and neighbors may all have horror-stories of incompetence, indifference and disappointment with mall stores, national chains, etc. but they will give a glowing review of the local independent jeweler they feel comfortable with and know they can trust completely.

I have heard rumors about people’s diamond being switched. How can I avoid this happening to me?

This question is one of the easiest to answer- take it to a local jeweler you trust. Period.  If you don’t yet have a personal relationship with an independent jeweler in your area, ask friends, family members, neighbors and/or co-worker who they trust with their fine jewelry.

It seems that everyone know someone whose great aunt’s second cousin’s ex-girlfriend’s nephew supposedly had their diamond switched, but in reality this is incredibly, incredibly rare. Your independent jeweler has no interest in switching your diamond. They have a reputation in your community and ethics to back it up. There’s a reason they have been in business for years. And if you are still feeling a wee bit cynical, just realize that a lifetime of business with you is worth much more than such a switch would net anyone.

Why do I need an appraisal? I have my original sales receipt.

You need an appraisal to insure that, in the unfortunate event that your ring is lost or stolen, you can be reimbursed for the current value of the piece. (PLEASE check with your own insurer for specifics- this info is meant to be general.) Many insurance companies will accept your original receipt, but the fact is that the jewelry market has appreciated and so has your jewelry and you will be caught short. The diamond ring you paid $900 for in 1984 could now be worth $1800 or $2500, but the insurance company may only give you the amount on your receipt or old appraisal. That means you would not be able to replace your beautiful piece. Appraisals are a cost effective way to protect your financial interest in your jewelry pieces, and your local independent jeweler can provide you with accurate appraisals. They even keep a copy on file in case you lose the original!

In these economic times, isn’t it smarter to deal with a larger chain store because they will likely still be in business versus a local jeweler?

Well, if there is one thing we have all learned in the fall of 2008, it is that “The Bigger They Are, The Harder They Fall.” Huge banks folded- ones that we saw commercials for every night and a branch on every corner- and still your local community-owned banks are open, doing business. People who have bought jewelry at chain stores know that they have then merged, been sold, gone out of business or moved completely out of your town. 

Meanwhile, your local independent jeweler has been steadily in business through all these changes. Think about it your own town- it’s true! The reality is that smaller businesses are more fluid and can react to economic changes quickly- larger corporations can’t. And the people in your trusted local jewelry store are committed to YOU so they have built a relationship with their clients that last through good time and bad times.

Are “Cash for Gold” vendors set up in hotels a good way to sell my unwanted gold jewelry?

NO! First of all, it just makes sense that criminals will know that people going into the hotel have gold jewelry on their person that they want to sell and that people coming OUT of the hotel have cash on them from selling their gold- making you a prime candidate for crime. And as for the vendors themselves, they may advertise that they are paying “Top Dollar” when in fact that’s just a vague claim and they know that once you have made the effort to go there, most likely you will accept the amount they give you. When you ultimately find out that you were “taken,” those vendors are no where to be found. Dealing locally with an independent jewelry store will protect your interests because they are a part of the community and want to have you as a client for more than that single transaction.

A business opened up recently in a little shopping center in my town and all they do is buy gold. Is that a good place for me to sell my old gold?

No, no, and no! During a gold boom like the one we are seeing now, these fly-by-night establishments pop up. They may give you the lowest possible value on your gold (because their entire business is making money on YOUR gold, so the less they pay, the more they make.) They know that you have no idea what your jewelry is worth for cash- how would you? You’re not in the gold business! And then these vendors close up shop and move on to the next town- probably right around the time when complaints start gathering steam. Avoid getting scammed by going to your local independent jeweler who will give you your best value for your unwanted gold because they already have a relationship with you and want you to be their client for a lifetime.

 

The Benefits of using an Independent Jeweler

Having an established relationship with a quality Independent Jeweler can be an invaluable resource for you over your lifetime.  

As an informed jewelry consumer, you need to know that the jewelry industry is an “unregulated” industry, - which means, that anyone can call themselves a “jeweler” or “jewelry seller”.  In fact, many “jewelry sellers” have no experience or education at all. 

Your only protection is to establish a relationship with a quality Independent Jeweler in your local area.  Most Independent Jewelers take great pride in their professional business practices and have worked hard to obtain the knowledge that they use to operate in a trusted and ethical manner. 

Here are some of the important Benefits you will receive
when working with an Independent Jeweler…

    • Interested in having a working relationship with you
    • Will be a trusted advisor for all of your jewelry needs
    • Knowledgeable owners and employees
    • Offers expert services for repairs, appraisals, etc.
    • Invaluable resource for Consumer Education
    • Reputation and Trust are their hallmarks
    • Will take great care to resolve conflict
    • Stability – many businesses are family-owned
    • Most do not play pricing and discount games
    • Provide quality products and services for a fair price
    • Customer service oriented, not just sales oriented
    • Help insure proper care of your jewelry pieces
    • Provide maintenance programs and warranties
    • Will want to assist you with items not purchased there
    • They are involved and care about their community
    • Peace of mind in dealing with a professional, – priceless…

    You can be assured that your Independent Jeweler will always
    have YOUR best interest in mind.

     

Insuring your Jewelry Against Loss

It is a vital first step to have an inventory listing of the jewelry items that you own. This documentation will help you to determine the need you have for insurance, based on the total and individual value of the items that you own.

The best way to secure insurance for your jewelry items is through your homeowner’s or renter’s policy. Your insurance agent can advise you as to what the standard "cap" amount is on your policy for the loss of items that are not individually listed and insured. The normal cap amount is between, $1,000.00 - $1,500.00. This does not cover much if you have valuable items.

Once you have your jewelry inventory listing done (both the individual listing and the brief inventory in the next section), review your items to see what pieces fall under your insurance policy’s "cap" amount and what items are over it. Obviously, the items that are over your standard coverage amount should be individually insured, if possible. Your insurance agent can advise you of the cost to insure those items individually.

Also, there will be paperwork required to secure insurance on your items. When you purchase a new item of jewelry, ask for a written appraisal of your piece that you can use for insurance purposes. Most jewelers will provide this to you for no charge with a purchase. Sometimes, the insurance company will accept a copy of the sales receipt for a new item, but not always. You need to make sure that whatever paperwork you provide to the insurance company has sufficient details to describe your piece. Often, a sales receipt alone does not provide a good description.

To appraise older items or gifts that you were given, many independent jewelers hold gemological credentials themselves or have someone that handles appraisals for them. You will need to have this type of paperwork to secure an individual policy for your pieces. If you don’t have homeowner’s or renter’s insurance, you can purchase an independent policy from a jewelry coverage firm, such as Jewelers Mutual.

Once you review the jewelry items that you have listed, you may determine that the less expensive items, i.e. those that fall under your standard amount, will not require separate insurance. However, even though your standard amount will cover all items that fall under that value, if you were to lose many items at once, like in a fire or robbery, you may still not be covered very well. This is a decision that you need to discuss with your insurance agent.

Regardless of this, you still will need proof of the existence of your jewelry in the first place. This is why having an updated inventory listing of all of your pieces is so important. Having a listing and a photo of each piece or groupings of like pieces will provide the details that you will need in case of a loss.