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Stay insured whatever the weather

Retail jewellers are arguably the businesses most vulnerable to break-ins and theft anywhere on the high street. Few if any other retailers have such a high-value collection of stock sitting in a room for all to see. Could there be anything more appealing for a burglar than a cabinet containing thousands of pounds worth of small items that can be stuffed into a pocket? You have to work much harder to make off with a few grand worth of loot if it’s a Dixons and you’ve got a 42-inch TV under your arm.

Am I stating the obvious? For most jewellers, thankfully yes. But every so often a story breaks that an unfortunate jeweller has fallen prey to a smash-and-grab and is not insured for what was taken. If the thieves are caught, there is a possibility of some of the jewellery being returned, but really if they’re pros, a good deal of it will have been sold on before the police make any arrests.

I raise the issue because we reported on several break-ins this month, one of which targeted a jeweller who claims up to £250,000 worth of goods were taken and he has no cover. For many, such a disaster could sink their business. I implore anyone jeweller out there who is not insured to get on the phone today and sort out a policy – I would like to see a time when there are no ‘jobs’ for us to report on.

The post-Brexit mood waxes and wanes. Hallmarking was down this month, but then spending by foreigners on British high streets has soared as a consequence of sterling being low. Jewellery demand is set to rise thanks to the first gold price fall since Brexit, but retailers are sitting on non-resalable stock because of abused returns policies.

There is so much movement in the economic metrics these days that it hardly seems sensible to spend any time second-guessing what the future holds. Good promo, regularly refreshed product lines and an upbeat attitude at the most powerful tools in the arsenal.

About Michael Northcott

Michael Northcott
Michael is the editor of Jewellery Focus magazine. He draws from experience at a wide range of B2B magazines, including Management Today, Legal Business, Retail Week and Hotel Owner. Feel free to drop him a line with any stories or feature ideas.

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