Democratic Republic Insurance Jewellery Basic Need 46

Democratic Republic Insurance Jewellery Basic Need.

BY Aamir Mannan.

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Jewellery store insurance critical during festive season

Risk prevention strategies vital as mall robberies increase

As the festive season approaches, many retailers across the country increase their stock levels in order

to meet consumers’ demands. With this comes a seasonal spike in mall and jewellery store robberies,

as seen during recent incidents at Cresta Shopping Centre in Johannesburg, Menlyn Shopping Centre

in Pretoria and Cavendish Square in Cape Town.

This is according to Natasha Maroun, Managing Director of Gem and Jewel Acceptances, a specialist

insurance underwriter, writing on behalf of Compass Insurance – who says businesses need to take

adequate measures to ensure they are protected against the increased security risks associated with the busy

holiday period.

Maroun says, “Malls have far more people in them over the busy festive season and criminals tend to expect less

resistance for fear of people being hurt. It is vital that jewellery store owners train their employees to be on high alert

and aware of unusual circumstances, or people acting suspiciously during this period. It is easier to distract sales

people when a shop is full of customers than when there is only one customer in the store. Jewellers should also

ensure they are adequately staffed for the increase in customers over the festive season.”

She adds, “Most malls have a linked panic button alarm to jewellers. This enables mall security to react timeously in

the event of an incident. This, like any other linked alarm, has to be tested from time to time and especially tested

when alterations have been undertaken by the store or the mall.”

In addition to an alarm, there are various other measures that jewellery store owners can take in order to prevent

robberies and minimise damage and loss. These include:

Ensuring that your insurance policy is up to date.

Making sure you have a seasonal increase on your insurance to cover the high levels of stock during the festive

season.

Training temporary staff properly to spot anyone acting suspiciously.

Making sure operational procedures in terms of opening and closing times and actions are not known, and

never repeated in the same order or at the same time.

Always having more than one person attending to your store, no matter how small it is, as it is very easy to

distract one person.

Maroun continues, “We also offer cover for lay-by items for jewellery that has been put aside or reserved ahead of time

for a special occasion. Stone breakage cover is offered for the goldsmith setting the stone, who does not necessarily

have to be an employee of the jeweller, as long as the stone set is the property of the jeweller or their customer. The

insured can also choose a basis of valuation within certain perimeters, which helps to negate the effect of fluctuations

in the gold and diamond prices.”

Jewellery store owners can choose from various insurance options, for example choosing to insure on a first

loss