Wednesday, February 12, 2014

How Key Control Can Help Jewelry Stores Have a Successful Valentine's Day

This Valentine's Day, love is in the air — but so is theft. Americans will spend more than $4 billion on jewelry alone for Valentine's Day, making February lucrative for jewelry stores across the United States. However, the loss from jewelry store theft can cut a large chunk out of those profits (almost $48 million per year).

That's about $4 million per month!

While daytime thefts are most common, 24 percent of crimes against jewelers happen after hours. This means jewelers must have tight security around the clock, so we've come up with a few tips to help you protect your valuable merchandise.

Heavily Secure Most Valuable Items

Jewelry can cost $50,000 or more. With items this precious, your average lockbox may not be secure enough. Some key control systems feature tamper-proof lockers, which can require up to three different modes of authorization and varying levels of access. For instance, to provide the utmost security for expensive pieces, you can require users to obtain both a manager and owner's approval to open a locker containing a high-value item.

Secure Keys That Allow Access to Jewelry

Once you've locked up your jewelry for the night, you need a safe place to keep keys. Electronic key control systems will secure keys behind varying levels of access and will only open after verifying a fingerprint, passcode or key fob. The system will create a record of each person who removes a key, along with the date and time, ultimately protecting your store from both outsider and insider theft.

Create Varying Levels of Access

Unfortunately theft isn't always committed by burglars, which we saw at Tiffany & Co. last year. To protect your jewelry from insider theft, give employees, assistant managers and managers each different levels of access. Here are some examples:

  • An employee's passcode only allows them to access keys during business hours.
  • Require an assistant manager to enter their system credentials for special access to higher-end items or to retrieve jewelry after hours.
  • For the most expensive items, consider requiring a manager or owner's fingerprint to gain entry to the system.

Enforcing authorization that can't be replicated is the safest way to secure your jewelry. This way you will not only lessen the chances of internal theft, but you will also have a record of the last person to access an item. You can also choose to be notified if someone tries to access an item they aren't permitted to access.

By following these tips, you can help your business have a successful Valentine's Day.