Securing Your Jewelry Today May Save A Heartache Tomorrow
The National Jewelry Security Association (NJSA) has provided the information below to help consumers in the simple but important process of protecting and preserving jewelry assets. By making jewelry inspection a regular habit, much like changing the batteries in your smoke detector, consumers can enjoy peace of mind that their valuable personal assets are protected.
NJSA 2011 Security Campaign
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NJSA Special Consumer Report January 2011
6 Big Reasons Why Security of Your Jewelry
Should be Your Top Priority Now
The National Jewelry Security Association (NJSA) has prepared this Special Report for Consumers who own fine jewelry. By “fine jewelry” we mean, jewelry that is manufactured with precious metals and generally, natural gemstones. There are a number of factors that are driving the need for consumers to take precautions to secure their jewelry now. This Report, briefly outlines the principle concerns and offers suggestions of actions that should be taken by jewelry owners.
Reason #1
The Precious Metals Markets are at Record Levels
When this Report was written, Gold was over $1,400.00 per ounce and Platinum was over $1,600.00 per ounce. These are record levels for precious metals and I don’t think that we have seen the top yet.
What this means to you is that jewelry you own has substantially increased in value over the last year. Most of the appraisals that you have previously obtained are now under-valued. It is suggested that you take a close look at the paperwork that you have pertaining to your jewelry and take the needed action to update your documentation to reflect these increases.
What this means to you is that jewelry you own has substantially increased in value over the last year. Most of the appraisals that you have previously obtained are now under-valued. It is suggested that you take a close look at the paperwork that you have pertaining to your jewelry and take the needed action to update your documentation to reflect these increases.
Reason #2
Your Jewelry is an Asset
Most people don’t view their jewelry as an asset because of its sentimental nature. Like many investments, the value of your jewelry fluctuates over time. However, because jewelry is such a personal item, many people don’t look at their jewelry as a tangible asset. Even though you may not have any intention of disposing of your jewelry, the value can be greatly affected by the age and condition of your pieces.
It is advisable to take every precaution to safeguard your jewelry and understand the current market value for the pieces that you own. Often, circumstances can change that may require you to know how best to handle your jewelry assets.
It is advisable to take every precaution to safeguard your jewelry and understand the current market value for the pieces that you own. Often, circumstances can change that may require you to know how best to handle your jewelry assets.
Reason #3
Crime Stats Show Rise in Crimes Involving Jewelry
In 2009, burglary to residential properties accounted for 72.6% of all burglaries committed. And, the average loss per offense was $2,096.00 for a total of 4.6 billion in losses. The current trend is upwards of that due to the poor economic conditions around the country.
If you add to that other personal crimes; purse snatchings, car break-ins, jewelry stolen while travelling and jewelry just reported “missing”, that number substantially rises. It makes a great case for jewelry security in all forms. This would include; a safe and security system at your home, insurance on your most valuable items, personal safety devices and reviewing how you personally showcase your jewelry to the world.
If you add to that other personal crimes; purse snatchings, car break-ins, jewelry stolen while travelling and jewelry just reported “missing”, that number substantially rises. It makes a great case for jewelry security in all forms. This would include; a safe and security system at your home, insurance on your most valuable items, personal safety devices and reviewing how you personally showcase your jewelry to the world.
Reason #4
Jewelry as a Target
Jewelry is second in line only to cash when it comes to items that are stolen. Especially these days, it is very easy to dispose of jewelry because of the “cash for gold” buyers that have popped up all over the country. The lack of regulations for these businesses has made it very simple to sell and mail off stolen merchandise without question of the origin of the items. And, the rise in precious metals has made it profitable to do so.
Your best protection is to wear your jewelry sensibly and, again, take precautions to secure the items that you own. For instance, never store your jewelry in a jewelry box that is left in plain sight on a dresser or counter. Or, leave jewelry in a “dish” next to a sink. These are the first places that an intruder will look for your items and you will make it very easy for them to make off with something you truly value.
Your best protection is to wear your jewelry sensibly and, again, take precautions to secure the items that you own. For instance, never store your jewelry in a jewelry box that is left in plain sight on a dresser or counter. Or, leave jewelry in a “dish” next to a sink. These are the first places that an intruder will look for your items and you will make it very easy for them to make off with something you truly value.
Reason #5
Jewelry Loss is Often an “Inside Job”
Jewelry loss happens in many different ways. The most obvious and reported being burglaries, purse snatchings, etc. But, did you know that jewelry loss attributed to “mysterious disappearance” or theft by an acquaintance totals millions of dollars in annual losses. This loss often occurs secretively and may not be discovered right away – making it even more difficult to file a report or substantiate a claim.
There are numerous situations that put you at risk. Be sure to take extra precautions in these situations; workers of any type in or around your home, relatives that are in financial/other distress, guests that are in your home for a gathering, confusing or misleading people coming to your door for information/advice/sales.
Also, be very conscious of a change in your personal situation or health and how that can make you a target. For instance; if you are suddenly taken to the hospital or put in a rehab center/assisted living facility, if you require medical assistance in your home, if you have a death in the family or now need help with cleaning your home. All of these situations put you in a vulnerable state. It is sad to think that anyone would take advantage or someone in distress, but it happens all of the time.
There are numerous situations that put you at risk. Be sure to take extra precautions in these situations; workers of any type in or around your home, relatives that are in financial/other distress, guests that are in your home for a gathering, confusing or misleading people coming to your door for information/advice/sales.
Also, be very conscious of a change in your personal situation or health and how that can make you a target. For instance; if you are suddenly taken to the hospital or put in a rehab center/assisted living facility, if you require medical assistance in your home, if you have a death in the family or now need help with cleaning your home. All of these situations put you in a vulnerable state. It is sad to think that anyone would take advantage or someone in distress, but it happens all of the time.
Reason #6
No Recourse Without Records
Unfortunately, all of the above scenarios are true and repeatedly happen, even when best efforts are made to protect yourself. You can have the best security at your home, homeowner’s insurance protections, conscientious jewelry wearing practices – and a big dog(!) – but, none of that matters if you don’t have documentation for the jewelry that you own.
Proof of ownership and value is the number one problem that we see when it comes to jewelry loss. This does not mean that every item you own needs to be insured. That is a discussion you need to have with your insurance agent to determine your level of risk and how best to protect yourself. However, you do need to have an inventory with descriptions and photos of any piece of fine jewelry that you own (and possibly other collectible pieces if they are sentimental to you).
Without records, your chances of filing a police report, insurance claim or recovering stolen jewelry are nearly impossible. After all, you do have to prove that you owned the piece in the first place. If you have your documentation in order, everyone involved can act rapidly on your behalf and a stressful situation will not be made worse by disorganization or lack of records, all together. Even in the case of a loss that happens while you are wearing a piece (stone falling out/bracelet or chain breaking), you will need these records to secure a replacement.
Look to local professionals to help you get your documentation in order and provide the security that you need. Your local jeweler, insurance agent, safe/security company, financial advisor or estate attorney can all be great resources for you dependent on your personal situation and stage of life.
The most important thing is to take action now, before a problem occurs. It is easy to believe that nothing of this sort will happen to you, but I’m sure the individuals that comprise the 2009 crime stats – totaling in the millions of occurrences – didn’t believe they would be a target either.
Proof of ownership and value is the number one problem that we see when it comes to jewelry loss. This does not mean that every item you own needs to be insured. That is a discussion you need to have with your insurance agent to determine your level of risk and how best to protect yourself. However, you do need to have an inventory with descriptions and photos of any piece of fine jewelry that you own (and possibly other collectible pieces if they are sentimental to you).
Without records, your chances of filing a police report, insurance claim or recovering stolen jewelry are nearly impossible. After all, you do have to prove that you owned the piece in the first place. If you have your documentation in order, everyone involved can act rapidly on your behalf and a stressful situation will not be made worse by disorganization or lack of records, all together. Even in the case of a loss that happens while you are wearing a piece (stone falling out/bracelet or chain breaking), you will need these records to secure a replacement.
Look to local professionals to help you get your documentation in order and provide the security that you need. Your local jeweler, insurance agent, safe/security company, financial advisor or estate attorney can all be great resources for you dependent on your personal situation and stage of life.
The most important thing is to take action now, before a problem occurs. It is easy to believe that nothing of this sort will happen to you, but I’m sure the individuals that comprise the 2009 crime stats – totaling in the millions of occurrences – didn’t believe they would be a target either.
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This report was written by the National Jewelry Security Association (NJSA) regarding jewelry security measures that should be taken now. This report is available to reprint with permission of the NJSA, contact us for a copy. The NJSA is an organization that promotes jewelry security through education and partners with many businesses to spread the word. If you are a professional business who is interested in partnering to spread the jewelry security message, go to: www.NJSAonline.com. The NJSA has materials, programs and products to support this message and provide actionable means for consumers to protect themselves.
This report was written by the National Jewelry Security Association (NJSA) regarding jewelry security measures that should be taken now. This report is available to reprint with permission of the NJSA, contact us for a copy. The NJSA is an organization that promotes jewelry security through education and partners with many businesses to spread the word. If you are a professional business who is interested in partnering to spread the jewelry security message, go to: www.NJSAonline.com. The NJSA has materials, programs and products to support this message and provide actionable means for consumers to protect themselves.