Make smarter decisions when buying jewelry.
Buying jewelry can be both a rewarding and an expensive experience. Any jewelry purchase should be entered into with both seriousness regarding the purchase itself and in the method used to make such a purchase.
To many of us, credit is scary. We’re raised to believe you can’t have too much of it, that credit is something you need but shouldn’t get too much of. Even as adults, some of us still don’t understand how to make the most of our credit, and we feel like we never know enough about our options when it comes to purchasing things on credit.
But if you are considering making a jewelry purchase using credit, it is essential to remember that there are many drawbacks as well as benefits to that decision. Here are some tips before you start purchasing jewelry on credit:
#1 Beware of financing plans!
Financing plans for jewelry can be a really tricky thing. Sometimes jewelers offer what look like amazing deals, but if you take them, you have to open up a store credit card—and those cards charge sky-high interest rates after their promotional period ends.
So, if you’re going to go with financing, read the fine print *carefully* before you sign anything.
#2 Protect your investment!
Before making a big jewelry purchase, call your insurance company and ask about getting extra coverage for the new piece. You may do this with a standard homeowner or renter policy, or you may have an option to get a specialized policy for just your jewelry. It’s a great idea to keep an inventory of your valuables and update it as you add pieces. That makes it easier to get full value if something is damaged, stolen, or lost.
#3 Make sure you understand the return policy.
Most jewelers have their own rules for returns and exchanges, and some won’t accept the return of customized pieces, including those engraved or designed specifically for you. For example, some stores don’t accept returns on any personalized jewelry, while others won’t take back pieces that have been engraved. And some stores will accept returns on rings that have been engraved, but they won’t reimburse you for the engraving cost.
#4 Ask if they accept trade-ins.
Do you have jewelry that you’re no longer wearing? Ask your jeweler if they accept trade-ins, and if so, you can trade-in your old piece for a new one. Some jewelers will take jewelry from other stores or jewelers; others only accept jewelry previously bought at their store.
#5 Negotiate the price of an item.
It helps to have done your homework to know what the item usually sells for so that you have a target price in mind. In today’s world of online shopping, there are so many price-comparison sites available that there’s no reason not to be an informed consumer.
Again, buying jewelry on credit is not bad since jewelry is no longer considered a luxury item alone. Jewelry, especially gold, is regarded as an investment, as discussed in our previous blog.
So, if you are considering making your major jewelry purchase but aren’t sure where to start, better book an appointment with one of our consultants today!