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1990: Diamond Safety in Deposit Boxes Include Jewelers’ Insurance

June 1997

Concerns about the safety of safe deposit boxes are on the rise, according to a recent report by the Associated Press which quotes a security expert who said he was aware of numerous break-ins into safe deposit boxes over the last decade.

AP estimates some 30 million safe-deposit boxes are currently in use in banks, savings and loans and other financial institutions nationwide. Many jewelers place inventory in safe deposit boxes as do individuals

Possible reasons for the heightened incidence of safe deposit thefts range from fall out from bank mergers and downsizing resulting in fewer staff people on hand to monitor security to new locksmith devices which make the break-ins easier, according to experts cited.

The report notes that a Houston man successfully sued the First National Bank of Pearlan following the disappearance of belongings valued at $4,000 which he had place in a safe deposit box at the bank.

With news of such safe deposit thefts fresh in the public eye, jewelers may wish to reassure skittish customers and provide a further incentive to close a jewelry sale; jewelers can offer to pay for safe deposit insurance – which can be obtained at a nominal price.

As part of our Diamond Dividend® program, we offer coupons which include such insurance for jewelers who wish to participate in the program.

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