The importance of having the right insurance as a gem, diamond or jewellery professional at trade shows

Why insurance matters even more at trade shows

For wholesale diamond dealers, manufacturers, and retailers, trade shows like GemGenève, Vicenzaoro or Jewellery & Gem WORLD Hong Kong present a valuable opportunity to showcase and sell exquisite gems and jewellery. However, these exhibitions also come with increased risks, from theft and damage to loss in transit. To safeguard their valuables and ensure peace of mind, it’s essential for those in the diamond and jewellery business to have comprehensive insurance policies and have knowledge of the do’s and don’ts.
 

Key risks at trade shows

Gem and jewellery trade shows are bustling environments where thousands of people converge. This dynamic atmosphere increases the likelihood of incidents such as:

• Theft or robbery: High-value items attract unwanted attention. Making sure that showcases are locked by key are important at all times unless a stone or piece of jewellery is shown to a customer.
• Loss in transit: Transporting goods to and from the venue is inherently risky. Make sure to use secure methods of transport.
• Goods on consignment: Items displayed at a client’s booth also need coverage. Make sure that these are adequately covered in either your or your client’s policy!
• Personal conveyance: Some clients combine attending shows with visiting clients in town and/or carry the goods to/from the show themselves. Make sure to comply with the security requirements put in your policy when carrying goods.

The Jewellers’ Block Policy: your best protection

The most comprehensive solution for professionals in the sector is the Jewellers’ Block Policy. This all-risk insurance can cover amongst other things:

• Theft, burglary, and robbery
• Goods in transit or personally carried
• Goods on consignment at your premises or clients’ offices
• Items displayed at exhibitions, trade fairs, and private events
• Etc. 

This policy is tailor-made for wholesale diamond dealers, manufacturers, and retailers, offering protection where it’s needed most.

Case in point

Imagine you are a diamond dealer at Jewellery & Gem WORLD Hong Kong, showcasing a rare necklace. During the event, the necklace is attempted to be stolen. Whilst the attempted theft is noticed, the salesperson snatches the necklace out of the thief’s hand, causing significant damage to the necklace. Without adequate insurance, you would bear the full cost of repair. With the correct Jewellers’ Block Policy, however, you’re fully covered for the cost of repair of your precious necklace. 

Choosing the right policy

Not all Jewellers’ Block Policies are the same. It’s crucial to consider:

• Coverage limits: Make sure the policy covers the value of your goods.
• Specific inclusions: Check if the policy covers all operational risks.
• Geographical scope: Make sure the goods are covered where needed. Often this is forgotten when goods are given on consignment and this person travels with the goods.
• Additional clauses: Policies may vary on coverage. Check for any specific stipulations put in them as it’s important to comply with them.
• Exclusions: Exclusions are too easily disregarded. Make sure these are known to you and match your operational needs!

Stay protected at your next trade show

To make the most of trade show opportunities, wholesale diamond dealers, manufacturers, and retailers must prioritise insurance. At S.W.I.S. Insurance, we provide tailored solutions to meet the unique needs of the diamond, jewellery and gem trade industry. Let us help you secure your valuable assets so you can focus on showcasing your creations with confidence.

Contact us today to discuss how we can support your business with the right insurance policy.