I dont realy think thats true, I was bord awile back and desided to make a SC pally, I saw a +6 stone bukler for sale quite cheap but I remebered the debate on anima about the refined damage, so I just made a wole bunch of over upped shield[0]'s if I remeber correctly I made from +4 to +9 and used a 99 pally with 99 dex and 99 str as the control and damaged porings with no gear. The results where minimal increases from +4 - +6 and not seeing any differance after +6 - +9, well after all that I desided not to buy the +6 stone bukler and got a +6 termaran carded shield[1] just for fun.
Just tested +4, +6 and +8 Guards.
The Shield Chain damage range increased every time with upgrade, regardless of being past +6 upgrade or not. The numbers on GR, 70+16 Defense and 20% ranged reduction were:
+4: 36
+6: 39-43
+8: 40-50
This was after numerous trials of each when I ran 99 total Strength, while being naked otherwise.