Jewellery theft warning as pandemic pushes up price of gold
An insurance expert has warned home owners who own expensive jewellery that they risk losing thousands of pounds if they fall victim to burglars.
Account executive Rob Matthews, of high net worth insurance broker Lycetts’ office in Shrewsbury, fears owners may face significant shortfalls in the event of claims, due to them underestimating their jewellery valuations, with the pandemic pushing up the price of gold.
The sharp rise in the price of gold – which topped £1,527 an ounce for the first time during the pandemic – means that many homeowners may be unaware of the true value of their collections.
The warning comes after latest crime figures revealed jewellery was the second most targeted item in household burglaries in England and Wales in the last recorded year, stolen in almost one third of crimes.
Of the 248,633 residential burglaries recorded by police, 28,500 took place in the West Midlands, with 18,326 break-ins in West Midlands, 4,488 in West Mercia, 3,129 in Staffordshire, and 2,557 in Warwickshire.
Mr Matthews said: “The price of gold has been steadily rising in recent years and its value spiked significantly during the coronavirus pandemic, with an all-time price high being reached in the summer.
“Prices of other precious metals, including silver, have also risen sharply since the start of this year.
“Homeowners may be blissfully unaware that the value of their jewellery has increased over recent months – but they could suffer significant financial loss, or even a rejected claim, if these items are stolen.
"In today’s volatile markets, it is more imperative than ever that homeowners ensure they regularly review the value of their jewellery.”
