When it comes to a store’s return policy, looks can be deceiving. That’s not to say a number of stores don’t offer a fair return policy, but their motive behind it is what you need to be careful of.
If a store sells you a ring and misrepresents the quality of the ring or diamond, grossly overcharges you for it, or the ring or gem has undisclosed problems, there is a way to legally remove the store from any responsibility to disclose these things to you…
Just offer a “Like It or Return It” policy.
To the consumer it sounds like the store is so confident in their price, they will challenge anyone to beat it. In reality, it puts the burden of determining if you are being given a bad deal on to the consumer and removes the store from having to keep any promise they state when giving you the sales pitch. It is called legally offering a “period of discovery,” which has a specific time frame attached to it (3-day, 30-day, etc) .
The lesson here is to pay close attention to the quality of ring, diamond, or gemstone you are being sold, and certainly don’t rely solely on what a salesperson tells you. When shopping for diamonds, ALWAYS ask to see each stone under a microscope (and don’t just believe what’s on the certification, either).
Now that you’re aware of the reason why many stores offer a return policy, make sure you read the fine print:
- What exactly can be returned. Are sale items, etc. void?
- Time Frame. What is it? Is there a shorter time period for returns versus exchanges?
- Terms and Conditions. What voids the policy (engraving, soldering, sizing)? Is the ring 100% returnable?
- Exchanges and Trade-Ins. Is there a re-stocking fee? Can you upgrade the diamond in the future?
It’s important to take your time and ask these kind of questions. We assume she says YES (and there’s no need to return it), but there are many other scenarios to consider. Just make sure you’re aware of all your options before you walk out of the store. What about In-Store Warranties and Insurance Policies?