Stay smart and protect your gold
as jewellery prices rise, don’t give burglars an easy ride
Spring is in the air – or at least it is providing we don’t get a sudden blast of freezing weather from somewhere in the neighbourhood of Siberia. Flowers are popping up, birds are starting to sing and the minds of the young (and not so young) are turning to romance. But there’s a black cloud over your home – and buying a raincoat and umbrella won’t help. Thieves often target properties in the spring when they know many “pop the question”, spending big money on jewellery for their beloved. Jewellers say that a combination of Valentine’s Day and the coming of spring can result in a big increase in the romantically inclined buying rings and other expensive items. And that can mean easy pickings for criminals. And insurers warn that those who are already happily settled with a partner have little idea what the jewellery they already have is worth. The value of gold, measured in dollars, went up substantially following the pound’s fall after the Brexit vote. Burglars are brighter these days. They target homes where they think they’ll find rings and other jewellery. These items are simple to pocket – no big swag bag – and easy to sell. The gold or platinum can be swiftly melted down and jewels removed and re-cut. The message from insurers such as Halifax Home Insurance is to “protect your bling”, whether it was bought as a Valentine’s Day promise of eternal love or purchased years ago. Over the past year, Halifax has received a massive 18% increase in claims for lost and stolen jewellery, way ahead of any rise in house-breaking crime incidents. Many fail to realise today’s value of items that may have been bought years ago or inherited. The average cost of an engagement ring is now £1,500. Since 2016, gold has risen 30% and diamonds have increased by 10%, making a successful jewellery robbery much more lucrative. Registered jewellery valuer Lynn Tones, of Aurum Jewellers, warns: “Precious metals and stones fluctuate so it’s important to have jewellery in your home valued every two to three years by an accredited valuer.” Halifax’s David Rochester says: “For newly-engaged couples, engagement rings have both emotional and financial value. It is important you have the right home insurance so you can enjoy wearing them.”