Insurance premiums jump for robbed Victorian jewellery stores

JEWELLERY traders face huge financial repercussions as violent gangs continue to smash-and-grab stores across Melbourne.

JEWELLERY traders face huge financial repercussions as violent gangs continue to smash-and-grab stores across Melbourne.

Many are bracing for higher insurance premiums, while others have had to fork out thousands to beef up shop security.

Tony Fialides, whose IMP Jewellery store in Toorak has twice been targeted by crims, said the costs associated with repairs and security upgrades would be enough to close some stores.

“I think it’s going to have a very detrimental effect on the jewellery trade,” he said.

Mr Fialides feared insurance premiums would rise as more claims are filed across the board.

The unprecedented wave of jewellery stores heists has been enough to shut at least two Melbourne stores in recent months.

Others have spent big bucks on hi-tech security upgrades including smoke screens, bulletproof windows and steel security doors.

The precautions come after five masked thieves wielding hammers struck Elsternwick jewellery store H & H for the second time in three months on Tuesday, smashing counters and stealing jewellery.

Tony Fialides, Part owner of IMP Jewellery in Toorak. Picture: Alex Coppel.

Holloway Diamonds in Canterbury has undergone a $50,000 security upgrade since it was raided by thugs armed with machetes and hammers a fortnight ago.

“All my staff are being counselled. If a car backfires five suburbs away, it’ll wake them in the middle of the night. It’s horrible,” said owner Garry Holloway.

Leading jewellery store insurer, Arthur J Gallagher, said any industry experiencing higher claims due to crime “will be subject to close scrutiny” in relation to future insurance premiums.

It said stores may mitigate premium rises by upgrading security and training staff.

“As a minimum, insurers would need to see evidence of video surveillance technology having been installed on premises, as this can act as a deterrent to criminals, and also provide assistance to police in apprehending offenders,” a spokesman said.

CCTV captures five masked thugs robbing an Elsternwick jewellery store. Picture: Channel 9.

CCTV captures five masked thugs robbing an Elsternwick jewellery store. Picture: Channel 9.

CCTV captures five masked thugs robbing an Elsternwick jewellery store. Picture: Channel 9.

Teens are suspects in most of the past year’s jewellery store hold-ups in suburbs including South Yarra, Lalor, Epping, Elsternwick and Melbourne CBD.

It is feared that organised crime figures, who have the networks to dispose of such valuable booty, are commissioning some of the raids and using teens because they will receive more lenient penalties if caught.

Police charged five teenagers aged 16 to 17 over the raid at IMP Jewellery in January where a shop worker was allegedly beaten with a gun.

Months earlier, the same worker faced down a gang of bandits when another gun was pointed at his head in a $200,000 heist.

Victoria is the only state under siege by violent gang robbers, according to The Jewellers Association of Australia.

“We have not had violent robberies reported to us in other states anywhere near the extent of volume as has occurred in Victoria,” it said in a statement.

The crime wave reached crisis point in January, with terrified jewellers meeting with Victoria Police for security talks.

Mr Fialides accused the State Government of being soft on youth crime.

“If you’ve got someone repeatedly being let out on bail and doing the same thing ... it means the punishment isn’t working,” he said.

Attorney-General Martin Pakula said the government has taken “major steps” to strengthen its bail laws in recent years including harsher sentences for people who fail to appear on bail.

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