Fall in Losses Suffered by US Jewelry Firms in 2004

Financial losses as a result of crimes against U.S. jewelry firms fell substantially last year from 2003 while the number of homicides in the industry was the lowest for more than a quarter of a century, according to statistics from the Jewelers Security Alliance (JSA).

Total losses decreased by 16.4 percent to $109.2 million from $130.6 million in 2003. On-premises losses fell 11.4 percent to $76.3 million from $86.1 million, while off-premises losses totaled $109.2 million from $130.6 million in 2003, a 16.4 percent fall.

Meanwhile, one criminal and two people in the retailer/relatives category were killed last year – the lowest figure for more than 25 years and significantly down on 11 deaths in 2003 and 16 in 2002.

Within the thefts category, the largest average loss was in the cut/lift glass section (display cases) $62,048, followed by internal theft with an average $58,469 and distraction thefts with an average of $42,075.

The largest sum reported lost in a theft last year was $1 million in a Fort Lauderdale, Florida, grab and run, followed by $500,000 in a New York City internal theft.