Product Protection

Jewelry Protection Plans: What They Are and Why Shoppers Want Them

Aaron Sullivan
January 31, 2024

Every wedding ring has an origin story, but you probably won’t hear any tales of century-old heirloom jewelry being ordered online. If your grandparents didn’t inherit their wedding bands, chances are they went to their local jeweler. People used to have relationships with brick-and-mortar jewelry shops because they wanted to know they could trust a seller when it came to such big investments. 

Physical stores are becoming less and less common, but consumers today still want to feel confident in their jewelers. As an online merchant, you can build jewelry shoppers’ trust in your brand by offering comprehensive product protection plans — not just warranties. These plans give consumers peace of mind by guaranteeing coverage when accidental damage and normal wear and tear occurs. 

Not sure where to start? Here’s what you need to know when evaluating product protection providers for your jewelry business. 

Jewelry warranty vs. insurance vs. product protection: What are the differences?

You might think your brand doesn’t need to offer jewelry product protection because you already have a warranty program, and customers can purchase insurance. While both are useful to shoppers, they don’t offer the same coverage as product protection. 

Warranty — covers manufacturer defects for a set period of time.
Insurance — 
covers theft and, in some cases, damage and loss.
Product protection —
acts as an extension of manufacturer warranty coverage, damage from normal wear, restoration and maintenance services, ring resizing.

Image of a table comparing the different coverage of jewelry warranty, jewelry insurance, and jewelry product protection
Jewelry warranty, jewelry insurance, and jewelry product protection compared.

What is a jewelry warranty? 

A warranty covers manufacturer defects in jewelry, like an incorrectly placed clasp on a bracelet or a loose gem on a ring. It may also include maintenance benefits like regular resizing and cleaning. The agreement can even require this maintenance and declare shoppers’ warranties invalid if they don’t have their jewelry checked. 

What is jewelry insurance? 

Jewelry insurance policies can cover theft and, in some cases, damage and loss. The scope of coverage depends on the type of insurance you purchase. Below is some general info related to common jewelry insurance plans. 

  • Homeowners insurance typically covers theft up to a certain amount ($1,500 is common) and may include a deductible. This insurance sometimes covers damage due to natural disasters, but it doesn’t cover accidental damage and loss. 
  • An insurance rider allows customers to receive coverage for more risks — like accidentally losing jewelry — through their homeowner policy. This option, however, will raise the cost of the shopper’s entire policy, so it sometimes isn’t cost-effective depending on the jewelry’s value. 
  • A jewelry-specific insurance provider offers the most comprehensive coverage of the three options, including theft, loss, mysterious disappearances, and damage. The amount of coverage varies across insurance companies, though.

Shoppers don’t need an appraisal before purchasing jewelry insurance. However, some do get one to know what their jewelry is worth before agreeing on an insurance coverage limit. 

What is a jewelry product protection plan? 

A jewelry product protection plan not only extends the manufacturer warranty but can also protect jewelry from certain damage that can occur during normal wear. Often, additional services are offered including cleaning, refinishing, polishing, ring resizing, and more. These plans do not apply to manufacturer defects (like warranties) — unless the warranty has expired — or theft and loss (like insurance). Brands typically offer these plans through third-party providers that fully handle the claims process. 

Though jewelry protection plans don’t apply to theft and loss like insurance, they offer more protection for everyday damage. Insurance policies often won’t cover damage from normal use while some product protection plans will. 

Protection plans can also be more cost-effective for consumers than insurance policies. Consider a Jewelers Mutual policy, which usually costs 1% to 2% of the product’s value annually. A $4,000 ring would require an insurance payment of $40 to $80 per year, adding up to $400 to $800 over 10 years. 

On the other hand, a lifetime protection plan from Extend for a similarly priced Brilliant Earth diamond ring would only cost a customer a one-time fee of $699.

An Extend Product Protection offer for a Brilliant Earth diamond ring.

What types of jewelry customers want product protection?

Arguably, most jewelry shoppers have good reason to buy product protection. Jewelry is often delicate while also being valuable and personal. With that said, some consumers are especially likely to buy these plans given their lifestyle and product preferences. 

Luxury jewelry shoppers

Protection plans are a great investment for consumers buying fine jewelry. The customer pays a relatively small, one-time fee instead of needing to pay their item’s full replacement price.

Consider My Trio Rings’ Effie Engagement Ring. If a shopper accidentally chips or loses the stone on this ring due to a bent setting, for example, and they don’t have product protection, they’ll need to pay out of pocket for a replacement, which could be hundreds of dollars or more. With Extend, they can pay a one-time fee of $179 for lifetime protection — about 90% less than the product’s price. 

Custom jewelry shoppers

Customers are eager to protect their one-of-a-kind jewelry because it’s typically difficult to replace. Even if a jeweler can somehow recreate the item, many buyers still want to protect their original jewelry piece because it’s attached to a memory, like an engagement. A new ring won’t have the same sentimental value.  

Product protection offers custom jewelry shoppers peace of mind. They know they’ll be able to keep their jewelry in good condition with a protection plan’s maintenance features — like repairs, replacements, resizing, polishing, and plating — so they feel confident completing their purchase. 

Daily jewelry wearers 

Some people protect their jewelry well, always taking their gold bracelet off before washing dishes or removing their engagement ring when gardening. Others aren’t so diligent. They forget to take their jewelry off, or they’re reluctant to remove it because they’re scared of losing it. 

Product protection is perfect for both types of people, but especially those in the latter group. They’re likely to wear down their jewelry or damage it since they use it so much, and a protection plan can offer coverage in both cases. Select plans also offer refinishing, polishing, plating, and setting features to help these customers minimize everyday use damage. 

What should a jewelry product protection provider offer? 

No customer wants to feel duped about pricing or be forced to manage a slow or cumbersome claims resolution process. This type of scenario will only lead customers to blame your business, regardless of whether your company is actually to blame.

To reassure buyers about their purchase, product protection providers must have clear pricing and fast, helpful support. Plans must also be comprehensive with high-quality repairs.

Extensive protection

When customers buy product protection, they expect the plan to cover their entire piece of jewelry. However, some plan providers only protect certain jewelry parts and require shoppers to pay for repairs and replacements they don’t cover. 

“When you’re buying a lifetime plan, you expect your entire ring to be covered,” said Ally Davis, Director of Merchandise at My Trio Rings. “But if your entire ring is not covered? That’s an unpleasant surprise when something goes wrong.”

Avoid upsetting shoppers by choosing product protection plans that cover entire pieces of jewelry, not just parts. Likewise, opt for plans that cover all types of breakage that can occur during normal wear. Extend Product Protection, for example, can cover

  • Broken or bent prongs
  • Broken or damaged hinges
  • Broken clasps
  • Knotted or detached links in bracelets and necklaces
  • Lost or broken earring posts and pins
  • Lost diamonds or gemstones
  • Broken or damaged ring shanks
  • Complimentary ring sizing

Build long-term trust in your brand by offering complete protection to your jewelry customers.  

Cost-effective, transparent pricing

For a customer to add product protection to their purchase, they must be able to buy into its value. That means making sure they understand what they’re getting for the price they’re paying, and ensuring them that they’re not overpaying for protection.

Customers also don’t want to be surprised with unexpected fees after already buying their product protection plan. Look for providers with transparent pricing and no deductible so shoppers know what they’re expected to pay upfront. 

Separate coverage for individual jewelry pieces

Some product protection providers might treat jewelry sets as one item that needs coverage. However, this policy can be problematic because each product in a jewelry set has its own unique repair and replacement needs. 

To provide adequate protection for your customers, look for a provider who offers plans customized for each product. My Trio Rings chose to work with Extend for this very reason. 

“We felt more comfortable working with Extend, who adapted to our needs, than with a provider with a very regimented protection program,” said Vipul Lakhi, CEO and Founder of My Trio Rings.

Flexible in-house repair options

While product protection plans cover repairs, some providers don’t let merchants fix their own jewelry. Look for a protection plan that allows your business to complete repairs in-house, especially if that’s your current protocol. This policy will ensure your shoppers receive high-quality repairs that meet your brand’s standards and customers’ expectations. 

"People still want to feel that level of trust and know that if something happens to their jewelry, they can get it repaired or replaced,” said Daniel Stoppel, President and CEO of Safyre Labs.

Efficient, helpful support

When consumers are ready to file a protection claim, they don’t want to wait days to hear a response from the jewelry brand. 72% of consumers in Zendesk’s 2023 CX Trends Report reported they want instant service from brands.

Meet this expectation by finding a product protection provider who resolves jewelry claims efficiently, and without any fuss. Extend resolves 98% of claims in 90 seconds or less with the help of an AI assistant chatbot, Kaley. Our platform’s 4.7 rating on G2 is a testament to how much shoppers appreciate our fast, seamless claims resolution process. 

Deliver a joyful jewelry experience with Extend Product Protection

Jewelry brands that partner with Extend consistently see sales increase after adopting product protection plans. My Trio Rings’ average order value (AOV) increased by 15% YOY, and conversions increased by 10.5% YOY. Jewlr also saw a lift in revenue and AOV after offering Extend plans.

It isn’t hard to see why. Product protection gives shoppers the confidence to buy the jewelry they want, knowing that it will be covered from all types of damage. 

Wondering how Extend Product Protection works? Read on to learn more

Aaron Sullivan
Aaron Sullivan is senior content marketing manager at Extend. He specializes in writing about e-commerce, finance, entertainment, and beer.

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