Yes...this is fairly standard policy. I know intact and td both do this.
You get acv unless you actually repalce the items. Not sure what the big deal is. You have a year to replace the items.
Another idea would be to buy jewlery that you know someone else wants and then sell them the jewelry afterwards. For example, i might be tempted to go buy 10000 of jewelry i have no immediate need for if you wanted to give me 15% off
.
Theres a lot of ways to make the world go round.