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How do jewellery shops recover their losses after a robbery?

How do jewellery shops recover their losses after a robbery?

A jewellery store in Ghansoli Mumbai was robbed on Nov 14, when three masked men entered the shop and stole ₹ 85 Lakhs worth of gold, silver and cash.

According to the police, the robbers entered the store as regular customers. They then proceeded to threaten the jeweller and his staff, eventually managing to take away around 1.7 kg of gold ornaments, 20 kg of silver items and ₹ 1.5 Lakhs in cash. They even stole the DVR of the CCTV surveillance system to avoid identification!

Incidents of jewellery shops getting robbed are quite common in India. Days before this robbery, a jewellery shop in Muzaffarnagar, Uttar Pradesh was also robbed of gold chains worth ₹ 75 Lakhs.

In both cases the perpetrators were arrested and the loot was returned. But not all robbery cases have a favorable outcome such as this.

So, how do jewellery shops ensure financial security in the event of theft or robbery?

Through a Jewellers Block Policy!

Jewellers Block Insurance is a package policy particularly designed for jewellers and diamond shops. It covers loss or damage to jewellery, gold and silver ornaments, precious stones, cash and currency notes, and even shop furniture against unexpected perils like fire, explosion, burglary, theft, hold-up, riots, terrorism, among several others.

These assets are covered whether they are:

  • Inside the shop premises
  • In the custody of the insured or their representative
  • In transit.

This kind of Insurance is ideal for jewellery shops.

For all other establishments like electronic shops, watch stores, general stores, etc., Burglary and Theft Insurance is the way to go! This is a very popular insurance policy among businesses to cover against loss by theft, burglary, or hold-up. On account of its extremely affordable premium, it is usually clubbed with a Fire and Allied Perils Insurance policy.

Burglary and Theft Insurance may protect your store from robberies but what happens if your shop burns down?

Further Reading

Learn about: What does Burglary and Theft Insurance cover?