Cost of Crime to US Jewelers Hits Record $129m High
June 13, 23
(IDEX Online) - The cost of crime to US jewelers almost doubled last year, says the Jewelers' Security Alliance (JSA).
Losses soared to a record high of $129.4m up 84.6 per cent on$70.1m in 2021, according to its 2022 Annual Crime Report.
Almost one in five the burglaries recorded were Three Minute Burglaries, so named because that's the time it takes to smash a door or window at night, empty the display cases and disappear with out-of-safe merchandise.
The total number of crimes committed was a record 2,211, an increase of 31.1 per cent on 2021.
The JSA said two people died - a retail jeweler and a guard - and three robbers were killed during or after their crime.
There were five non-fatal shootings (compared with one in 2021) and 11 incidents in which a shot was fired but nobody was hit (eight in 2021).
John Kennedy, President of the non-profit JSA, urged jewelers to remain vigilant and minimize risk.
He said thefts happen everywhere, in small towns, big cities, malls, strip centers and free-standing stores coast to coast, and that every jewelry business is at risk.
"Soaring crime needs to be a concern for the entire diamond, jewelry and watch industry," he said.
"This report can help jewelers become better prepared for the dangerous crime risks they face every day, and can alert law enforcement agencies to the serious crime risks of the jewelry industry."