Connect with us

Press Releases

Jewelers unBLOCKed Launches Insurance for Jewelry Rental

mm

Published

on

Jewelers can join the sharing economy.

(Press Release) MAHWAH, NJ – Jewelers unBLOCKed, a proprietary insurance portfolio developed to provide solutions for the jewelry industry, is rolling out the newest of its programs targeted at helping the jewelry industry grow business and service the consumer in the new shared economy. The program is designed to provide their qualified jewelry clients the ability to offer a new option to consumers other than sole purchase, by providing insurance coverage for the rental of fine jewelry.

According to “Investopedia” in an article by Brent Radcliffe, a “Sharing Economy” is defined as “an economic model in which individuals are able to borrow or rent assets owned by someone else. The sharing economy model is most likely to be used when the price of a particular asset is high and the asset is not fully utilized all the time.” AirBnb and Uber are two examples of the many companies using the sharing economy businesses model.

According to Patricia K. Low, president/CEO, “In the past decade we’ve seen huge success for companies such as Rent The Runway, Style Lend and Le Tote, who rent high-end fashion items to consumers. We are now seeing this phenomenon extend lucratively into the jewelry category. Therefore, we developed our program as a way to provide another valuable tool to assist the industry in meeting the needs and desires of the new consumer while minimizing the risk involved.”

Timing for the introduction of this program is perfect for the jewelry industry to benefit from the new consumer mentality. According to a recent PricewaterhouseCoopers survey, 86 percent of respondents agree that the sharing economy makes their lives more affordable. Further the company predicts that the sharing economy will grow to a $335 billion industry by 2025. Additionally, Time Magazine states that 44 percent of U.S. adults have already participated in the sharing economy in some fashion.

Although the basic characteristics of the program are set across the board, Jewelers unBLOCKed will work with each client individually to tailor parameters that will best fit specific needs, as the logistics of implementation may vary depending upon the jewelers products and values.

Jewelers wishing to expand their consumer offerings to meet the needs of the changing consumer can contact Laurette Merusi at [email protected] or 201-794-7705 Ext. 122.

Advertisement

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular