Extended Service Plan (ESP)

An Extended Service Plan (ESP) provides additional protection for jewelry pieces beyond the basic warranty.

Part of speech: noun
Definition: In the jewelry industry, an Extended Service Plan (ESP) refers to an optional agreement purchased by a consumer that extends the maintenance, service, and repair options for a piece of jewelry beyond the standard warranty period. Such plans often cover repairs, replacements, or maintenance tasks that are not included in the manufacturer's warranty, such as resizing, polishing, and prong tightening. ESPs are particularly appealing for items expected to endure regular wear and tear, safeguarding the wearer's investment over a longer term. Opting for an ESP can offer peace of mind by minimizing future out-of-pocket expenses for the upkeep of cherished jewelry pieces, ensuring they remain in pristine condition for years to come.