Reversing the Trend: Partnering to Prevent Jewelry Losses
PURE Staff
PURE’s Collections policy covers jewelry, fine art, wine and other collectibles, but 91% of collections claims among the PURE membership are related to jewelry losses. And of those claims, 70% are the result of mysterious or accidental disappearances.
In 2023, we saw a spike in the overall cost of large loss jewelry claims over $500,000, up more than 300%, compared to the year before. In addition, there are many smaller-scale jewelry claims that happen much more frequently due to mysterious or accidental disappearances; it is here that we have the greatest opportunity to reduce losses.
Unsurprisingly, many of these disappearances happen when members travel. We have seen countless instances of missing jewelry from hotels and airports as well as when members are doing more leisurely activities: a ring worth hundreds of thousands of dollars left on a plane, a pair of five carat diamond earrings lost on the beach, a $100,000 watch gone missing during a scuba diving excursion.
Reminders to help reduce the risk of jewelry loss and damage
Pack thoughtfully
When packing for a trip, be thoughtful about the jewelry you select to take along. Are you traveling to an unfamiliar city? Do you have outdoor activities, like hiking, swimming or snorkeling planned? If so, consider bringing less expensive pieces or replicas (if you have them) so that you can enjoy your trip with greater peace of mind.
Wear jewelry with care
If you do decide to travel with higher value jewelry, avoid wearing those pieces when at the beach or pool and when out in public or in unfamiliar areas. Keep these pieces locked in the hotel safe when you are not wearing them.
Keep jewelry in sight
When traveling by air, always keep jewelry on you or in your line of sight. If you are not wearing it, store it in a purse or carry-on bag that can fit under the seat in front of you—where it is less accessible to others and less likely to be accidentally taken by someone else.
Have settings checked annually
Regardless of travel, another common loss we see is missing stones from rings or earrings. Have the setting of your jewelry checked annually to identify and correct any issues that could cause your diamonds and other stones to become loose and fall out.
Comprehensive collections management services
For members who collect, we offer PURE Art Services to help preserve and enhance their collection so they can enjoy it to the fullest. We can help with valuations to protect collections against volatility in the market; assist with regular maintenance to enhance value and ensure legacy; provide inventory services to help manage it; and give expert guidance and personalized assistance in the unfortunate event of a claim. Members can contact PURE Art Services at [email protected] or 312.376.8115.
