Messika Reimbursed in Full for $10M Basel Theft

(IDEX Online News) - Insurers on Friday reimbursed Andre Messika in full after diamonds worth some $10 million were stolen from his booth at the BaselWorld trade fair in early March. The diamonds were stolen from a showcase by what authorities believe to be professional criminals, during show hours.

Just minutes after the Messika reported the crime, representatives of Malca-Amit and its subsidiary insurance broker MIRA, were on-site to help him deal with the aftermath of the theft. Within a week, a full investigation into the incident had been completed and MIRA had obtained underwriters approval for payment of the insurance claim in full.

The thieves have loosened the display’s window after hours, when diamonds are stored in safes and security is low. During the morning hours, and after the diamonds were placed in the display case, the window was apparently removed and the diamonds stolen.

Malca-Amit provided Messika and other exhibitors with its Comprehensive Full Service Package, providing logistic and insurance service, covering valuables during transits to and from a show.

“Never before in the diamond and jewelry industry has there been such a quick settlement of a claim of this magnitude,” said Nigel Paxman, CEO Malca-Amit Global Ltd.

Malca-Amit said that the increase in professional criminal groups targeting jewelry trade shows is on the rise in recent years. “Malca-Amit is taking extraordinary steps to help their clients protect themselves against the rise in trade-show thefts,” says Aaron Hochberg, Managing Director Malca-Amit Israel.

Messika told IDEX Online that the company’s representatives reacted within minutes to the incidents. “I am very appreciative of their quick help and response,” Messika said.