UPDATE FOR JAA MEMBERS & TRADE
The jewellery industry has always been synonymous with luxury, beauty, and intricate craftsmanship. However, the industry can also grapple with security challenges, given the high value and small size of its products. Businesses are no doubt in the mist of Christmas trading, and it is certainly not a time to let your guard down.
We are all aware of the rising costs of living due to inflation and with that comes some desperate measures by those that feel this pressure. The NSW Bureau of Crime Statistics and Research has reported that a sharp rise in retail theft, with similar rises across Australia, which has brought it back to pre-pandemic levels.
Recently published, the 2022 Australia and New Zealand Retail Crime Study is an indispensable resource for retailers and loss prevention experts. This comprehensive study offers academic and statistical insights into the latest crime trends affecting the industry, thereby providing valuable guidance.
Some valuable insights from the study serve as a reminder to check how your business is responding to the following. We provide examples of how you may reduce these risks.
One of the foremost steps towards enhancing security in the jewellery industry is the implementation of robust surveillance systems. High-definition cameras, strategically placed throughout the premises, serve as a crucial deterrent against potential theft. Furthermore, the integration of advanced alarm systems, coupled with motion sensors and access control technologies, fortifies the security framework, ensuring swift detection and response to any unauthorised access or suspicious activity.
In addition to physical security, the jewellery industry is increasingly leveraging cutting-edge technological advancements to safeguard its products. For instance, radio frequency identification (RFID) and barcode systems enable meticulous tracking of inventory, offering real-time insights into the movement of each piece of jewellery. Such systems not only aid in preventing theft but also streamline inventory management, reducing the likelihood of internal discrepancies and losses.
Training and education also play a pivotal role in fortifying security measures within the jewellery industry. Educating employees about the significance of security protocols and cultivating a culture of vigilance and responsibility can significantly mitigate the risk of theft and fraudulent activities. Regular workshops and seminars, conducted in collaboration with security experts, can empower employees to identify potential threats and adhere to best practices, fostering a secure and vigilant workforce.
We thank you for your support in 2023, wish you a Merry Christmas and prosperous 2024. Happy trading!
JAA Directors - Joshua Sharp (President), Jo Tory, Ronnie Bauer (VP) and Dr Meredith Doig at the JIF Soiree x Awards (August 2023)