Insurance specialist TH March is urging jewellers to constantly monitor and record the value of their stock as soaring raw material prices drive up the value of inventory in a typical store.
It is also a lucrative opportunity for customers to be sold appropriate insurance for the jewellery they buy.
Neil McFarlane, sales director for TH March, said that stock management has to be accurate and up-to-date. “They have to keep comprehensive stock records. That cannot be over-emphasised. A claim is only as good as the records you keep.
“A jeweller that just wants a new policy each year based on nothing much changing is probably going to find that its stock value has increased considerably,” he advised.