Deposit Policy
For the purpose of this policy, the terms “we”, “us”, and “our” refer to Prestigious Jewellers Ltd.
The terms “you” and “your” refer to the client. A “deposit” is defined as a partial payment made to secure a product or service prior to the full balance being paid.
1. Deposits for In-Stock Items
Customers may place a deposit to reserve any watch currently available in-store or online.
Minimum Deposit:
A minimum deposit of 10% of the item’s retail price is required.
Holding Period:
When a deposit is received, the item will be removed from sale and held for 14 days at the price agreed on the date of payment.
If the item has not been fully purchased within 14 days, the price may be adjusted to reflect current market conditions. Prices in the pre-owned watch market may fluctuate.
Refunds:
You may request a refund of your deposit within 14 days of payment. Refunds are issued to the original payment method.
After 14 days, the deposit becomes non-refundable, but may still be used as credit towards another product or service with us.
2. Deposits for Repairs & Servicing
Some repair and servicing work requires an upfront deposit before your item is submitted to our watchmaker.
Estimates:
An estimate will be provided once your watch has been inspected. No work will begin without written approval from you.
Approval or Rejection:
If you decide not to proceed with the repair, the initial deposit (typically £50) is retained to cover assessment costs.
If we receive no response within 14 days of providing the estimate, your item will be returned un-repaired and the deposit will be forfeited.
3. Deposits for Watch Sourcing
When requesting us to source a watch, a deposit is required before the search begins.
Initial Consultation:
We will discuss the model(s) you are interested in, your budget, market expectations, timeframe, and any specific requirements.
Please note: prices within the pre-owned luxury watch market can fluctuate. Initial quotes are indicative only.
Once the Watch Is Sourced:
When we take delivery of the requested watch, we will notify you immediately.
At this stage, the deposit becomes non-refundable.
If you choose not to proceed, the watch will be added to general stock, and your deposit may still be used as credit towards other goods or services.
Completing the Purchase:
The remaining balance must be paid in full before the watch can be released.
If the balance is not paid within 14 days of us receiving the watch, the price may be updated to reflect current market value.
If the watch is not purchased within 3 months, it will be placed into general sale. The deposit will remain as store credit only.
If We Cannot Source the Watch:
If sourcing is unsuccessful, we will refund your deposit to the original payment method.
Contact Us
If you require further information regarding deposits or wish to discuss a specific case, please contact our team directly.