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Industry News: Rolex Smash-And-Grabs On The Rise; JA Releases New Cost of Doing Business Study; More September 03, 2014 (0 comments)

Spike Seen in Rolex Smash-And-Grab Crimes

Merrick, NY—Everybody wants a Rolex, it seems. Especially thieves. The popularity of the brand is an almost-guaranteed traffic builder for its jeweler dealers, but it also greatly increases the likelihood that thieves are going to come visit as well.

In the past two years, both Jewelers Mutual Insurance and the Jewelers Security Alliance have identified a trend of increased smash-and-grab crimes involving Rolex watches. Other high-end watches are also of interest to thieves, but Rolex is the number-one brand they steal and the first showcases they target. Figures from the JSA show jewelry store crimes overall declined 8.1% from 2012 to 2013, but smash-and-grab crimes increased in the same period. Reported crimes this year show an ongoing pattern of smash-and-grabs targeting Rolex.

Jewelers Mutual says there is no evident geographic pattern to the Rolex smash-and-grabs. Even international stores are experiencing them. Stores that specialize in high-end watches, such as Tourneau or PA-based Govberg Jewelers, are obvious targets for watch thieves, but JM advises all jewelers who carry high-end watches to consider themselves a target.

Since June 2014, at least 10 Rolex-centered crimes against jewelers have been reported. Robberies were reported in Virginia, both northern and southern California, New York, Maryland, Massachusetts, Texas, Oklahoma, and Mississippi.

Jewelers Mutual recommends jewelers follow these safety and security tips to help deter crime:

1. Identify when you are being cased. Refresh your staff on casing behaviors, and document any suspicious activity in a suspicious-incident logbook. Review the logbook on a regular basis and make sure all staff has access to it. Report any and all suspicious behaviors to the police and mall security, especially if you see a pattern in individuals at the location. Click here to access previous recordings of Jewelers Mutual webinars about what to do if you’re being cased.
2. Confirm your surveillance system is operating and recording. Review your surveillance footage in the Rolex display areas of your store to detect any casing activity. Retain the footage for a minimum of four weeks, as recommended by Jewelers’ Security Alliance.
3. Consider a hiring a guard (preferably an off-duty armed police officer). Use an unpredictable schedule to deter criminal activity. Also, station extra staff near the Rolex display at your location.
4. Use burglary resistant glazing material for your high-end showcases. The material should be applied on the tops and sides of the cases. According to the Jewelers Security Alliance, an attempted smash-and-grab of watch showcases at a jewelry store in Huntsville, AL in May was successfully thwarted by laminated security glass.
5. Lock showcases when not in use. Make it a habit to lock the showcase after removing or returning items, even if you are walking away for a short time. When handling merchandise, replace an item and lock the showcase before going to a second showcase for an item. Unlocked showcases make it easy for thieves to grab items and run out the door.
6. Display high-value merchandise away from the exit. Luxury watches, large-carat jewelry items, and other high-value pieces should be distributed among several cases located as far as possible from any means of egress. As an additional precaution, arrange obstacles such as other showcases or furniture between your high-value merchandise and the exits.
7. Serve one customer at a time. Give each customer your full attention. When you can focus on one customer at a time, you not only deliver exceptional customer service, you also deter thieves from targeting your store.
8. The layout of your store is important. Jewelers Mutual recommends that storeowners consider designing the store so that customers must walk around showcases to reach the door rather than have a straight path to the exit. This simple measure helps customers view even more jewelry as they walk around the showcases and improves store security.
9. Become a member of any local crime prevention network. Stay out ahead of crime by sharing crime alerts with other jewelry businesses in your area.
10. Use a private showing room. When possible, consider showing high value, high target merchandise in a private showing room. These rooms should have excellent surveillance coverage. Consider involving a manager or another sales associate when showing items over a certain value.

 

Jewelers of America Releases 2014 Cost of Doing Business Report

New York, NY—Jewelers of America has released the 2014 Jewelers of America Cost of Doing Business Report, an invaluable benchmarking tool for retail jewelers. The report compiles 2013 financial data from a cross section of jewelers, revealing sales, product distribution, and operating trends of retail jewelers along with high-profit performance indicators. Owners and managers can compare their figures and learn how to become more profitable. 

“The Jewelers of America Cost of Doing Business Report is designed to make it easy for jewelers to take a closer look at their balance sheets to benchmark their business operations. Our goal is to help retail jewelers see where opportunities lie and become more profitable,” says JA president and CEO David J. Bonaparte.   

Jewelers of America will host a free webinar on Wednesday, September 10, at 2:00 p.m. EDT to reveal even more results and show retailers how they can reach realistic profit goals. Jewelry owners and managers are encouraged to register here.

The Report provides detailed financial results for participating firms based on income statement, balance sheet and operating data for fiscal 2013. It has detailed data tables organized by jeweler category (high-end, mid-range, chains, designer), annual sales (under $0.8 million; $0.8 - $1.6 million; $1.6 - $3.5 million; over $3.5 million) and high-profit firms. The tables have more than 200 key performance measures, including:

• How your store’s financial performance compares to that of industry averages and high-profit jewelers
• Sales volumes within store types
• Productivity ratios
• Inventory turnover
• Operating expenses
• Balance-sheet data
• Product distribution, including bridal jewelry sales

For example, the report shows how high-profit jewelers manage their profit margins and operating expenses more effectively than low-profit jewelers. In 2013 high-profit jewelers had an 11.9% profit margin, three times more than the median of 3.6% for all jewelry firms. High-profit jewelers managed their operating expenses better, keeping them at 33.1% of their total expenses, vs. 42.6% of expenses for all firms. The Report also demonstrates that greater net sales do not necessarily equal high-profit (high-profit firms actually had $1,170,512 net sales compared to $1,771,773 for all firms) and that high-profit firms may not always perform better in all critical profit variables. But their combined critical profit variables performance produces better overall results. 

To order the report, click here or contact JA’s member services department at (800) 223-0673 or info@jewelers.org. Cost is $49.95 for Jewelers of America members and $199.95 for non-members.

 

NAJA Offers Scholarship For Gemology Students

Rego Park, NY—The National Association of Jewelry Appraisers (NAJA) is pleased to announce that it will award an ACE It Appraisal Conference scholarship to a deserving gemology student.  NAJA invites GIA, FGA, FGAA, FGG, FCGmA, RGA students to apply for this scholarship for the 43rd Annual ACE It Winter Educational Conference, scheduled on February 1 – 2, 2015 in Tucson AZ.

The scholarship, which covers the conference fee only, requires a resume, photo and an essay explaining the reason why the gemology student would choose to become a gems and jewelry appraiser.  NAJA believes that becoming a professional appraiser is a viable career option for gemological students, and the winner will have opportunity to network with appraisal professionals at the conference.                       

Applications can be obtained through the NAJA website, or by a faxed request to NAJA headquarters at 718.997.9057.  Deadline for submission is November 1, 2014, and the final selection by the NAJA Scholarship Advisory Board will be announced December 1, 2014. For more information, contact executive director Gail Brett Levine, GG, at naja.appraisers@netzero.net.

Top image: Aftermath of a Rolex smash-and-grab at Selfridge’s in London, United Kingdom. Photo: London24.com.