As gold prices surge past $2,500 an ounce, nearing $3,000, criminals are increasingly targeting gold jewelry retailers, according to Scott Guginsky, executive vice president of the Jewelers’ Security Alliance (JSA). The high value and untraceability of gold make it an appealing target, surpassing even engagement rings and luxury watches in desirability.
The Rising Risk of Gold Theft
Guginsky explains why gold is the prime target for criminals:
- Untraceable nature: Gold can be melted down in minutes, making it almost impossible to trace. Criminals often get 90%–95% of its value when selling to the right fences.
- Specific targeting: Asian, Middle Eastern, and Indian retailers, who often specialize in gold, have been hit particularly hard. Recent robberies in New York City highlight this alarming trend.
Expert Tips for Protecting Your Store
Guginsky and Carrie Volp, vice president at Jewelers Mutual, offer these actionable steps for jewelers to enhance security:
- Control Your Store Environment
Install buzzers on doors and laminated glass on windows to make break-ins more difficult. - Limit Inventory Displays
Avoid displaying excessive gold during the day, even during busy seasons like the holidays. Always lock inventory in safes overnight. - Maintain Good Relations With Local Police
Proactively educate law enforcement about the risks jewelers face and engage with them regularly. - Train Employees on Security Protocols
Ensure staff can recognize suspicious behaviors and respond effectively during incidents. Use code words for emergencies and reinforce protocols during the holiday rush. - Hire Security Guards
Employ retired or off-duty police officers to deter criminal activities. - Never Resist During a Robbery
Guginsky emphasizes: “Gold can be replaced, but your well-being and safety cannot.” - Review Your Insurance Policies
Consult with your insurance representative about policy valuations and required inventory records in case of a claim.
Staying Prepared Amid Rising Threats
With the value of gold soaring and theft risks increasing, taking proactive measures to safeguard inventory and employees is more critical than ever. Jewelers must balance showcasing their merchandise with implementing robust security strategies to protect their livelihoods.