Posts in category: Crime News

By Rob Bates | December 13, 2024

As the price of gold has soared past $2,500 an ounce (and continues to hover around $2,700), criminals are increasingly targeting stores that sell gold jewelry, says Scott Guginsky, executive vice president of the Jewelers’ Security Alliance (JSA).

“Gold is the most desirable thing to steal right now,” Guginsky tells JCK. “It’s more desirable than engagement rings. Sometimes it’s even more desirable than watches. Criminals pay attention to the fact that it’s approaching $3,000 an ounce.”

Gold is also appealing to criminals because its origin can be difficult to determine, says Guginsky.

“It’s untraceable, even more than diamonds or watches,” he says. “You steal it, and within minutes you can melt it down in the Diamond District. When it’s fenced to the right people, it disappears, and they sometimes get 90%-95% of its value.”

Asian, Middle Eastern, and Indian retailers that specialize in gold are getting hit in particular, Guginsky says, pointing to two robberies in New York City last weekend.

Here are tips for jewelers from Guginsky and from Carrie Volp, vice president for commercial lines operations at industry insurer Jewelers Mutual, on protecting stores and inventory:

Control your environment.

“Put buzzers on your doors,” he says. “Put laminated glass out on your front windows. You want to make it harder for the crooks to get in.”

Don’t display too much merchandise.

While all inventory should be put away every night, Guginsky says to be careful during the day, too.

“Try to limit the amount of gold you have outside of your safe,” he says. “Jewelers get a lot of extra inventory for the holidays—you don’t have to show it all.”

Maintain good relations with local police.

“It’s better to be proactive than reactive,” says Guginsky. “Educate law enforcement about what’s going on. A lot of times these local police departments have no idea about what’s happening nationwide.”

Train employees on what to watch for and do.

“Make sure that your staff is trained on casing behaviors, store security protocols, and that they have a code word in the event of an incident at the store,” says Volp. “The rush of the holidays can cause security to take a backseat. Now more than ever is when it is needed.”

Hire security guards.

“Security is a deterrent,” he says. “Retired police or off-duty police are the best for security.”

Never resist during a robbery.

“Gold can be replaced, but your well-being and your store’s well-being can’t,” Guginsky says.

Consult your insurance provider.

Volp recommends: “Consider a conversation with your insurance representative regarding the valuation provisions in your policy. Your insurance representative can also provide advice about required inventory records should a claim arise.”

For additional tips as well as crime bulletins, see the JSA website.

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