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TJB Summer 18 Look book

Prestige Promenade pearls and sweets

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54 www.thejewelrybook.com 54 J E W E L E R S U N B L O C K E D I N S U R A N C E Jewelers have an opportunity to boost revenue by developing a rental program in the Shared Economy space. Sustainability and collaboration are important drivers for the demand access economy—the success of Rent the Runway, Style Lend, and other online and click-and-brick busi- nesses are proof. Villageluxe.com, "The Airbnb of luxury fashion" allows members to rent various types of luxury items from other members. Villageluxe boasts over $10 million worth of inventory, spanning vintage pieces couture and ready-to-wear from luxury brands including Balenciaga, Gucci, Chanel and Hermès. But can the model work for the jewelry industry? After all, is renting a $10,000 handbag or dress any different than renting out a pair of $10,000 dia- mond earrings? Jewelers unBLOCKed™, specializes in under- writing policies for jewelry fi rms and other profes- sionals in the luxury space. The program is designed to provide insurance coverage for the rental of fi ne jewelry, whether that rental period is a single night or several weeks. Jewelers unBLOCKed™ President and CEO Patricia Low said that while the policy will be specifi c to each situation, generally the rental insurance will cover loss, theft, damage and "mys- terious disappearance." "We're starting to see interest from many jewelers often for larger pieces," Low said, noting that a handful of the companies are currently involved in broader jewelry rental. "Our thought was this is something that would help the jewelry industry. It's an area where jewel- ers are trying to move forward." The insurance is designed to help the jewelers grow and respond to current trends. "In the past decade we've seen success for compa- nies who rent items from surfboards to couture," says Patricia K. Low, president and CEO. "We are now seeing this phenomenon extend lucratively into the jewelry category. We developed our pro- gram to assist jewelers in meeting the needs and desires of their clients. Some of our clients had requested the coverage. Most carriers are very rule- oriented, and we try to be the opposite—we try to be innovative and fl exible. The thought was, let's fi nd a way to provide coverage, it's happening. The jewelry rental program can be a draw to a store's physical location or website. And while the client might not buy that $50,000 necklace they rented for an event today, perhaps they will in the future, or maybe they will decide on a smaller, less expensive version now. Low acknowledges that renting out jewelry is not for every jeweler; some might already have a system in place for loaning out pieces to VIP clients, while others would rather exclusively sell their inventory. "Everyone will run their own business in the man- ner that's appropriate to them," she said. "But what we are seeing is an interest (in jewelry rental insur- ance) in the industry at large, and we're responding to that. For more information on the jewelry rental insur- ance, contact Jennifer Galluccio, info@jewelers- unblocked.com or call 201-794-7705 x 103. About Jewelers unBLOCKed™ Jewelers unBLOCKed™, offered by CED 1976 LLC, is the national exclusive Managing General Underwriter for multinational A++ rated insurance companies in the jewelers block and luxury space. JUB provides proprietary customized insurance cover- age to meet the challenges of the jewelry industry. Solu- tions are developed for retailers, designers, wholesalers, manufacturers and refiners. Our services include the underwriting and issuance of industry leading jewelers block policies. In addition Jewelers unBLOCKed™ also pro- vides bespoke insurance programs for the pri- vate client and collector. For more information, please visit www.jewelers-unblocked.com. Insuring Innovation By Patricia K. Low President/CEO Jewelers unBLOCKed TM Jewelry Rental Coverage

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