As chain-snatchings rise, experts urge consumers to insure their gold

Hyderabad: At a time when the city is cowering under the fear of chain-snatching or theft of precious ornaments, city-based jewellers are exhorting people to insure their jewellery.
“Everyday, we read or hear about a chain-snatching incident in the city. While there are several insurance policies meant for jewellery shops, it is best advised that people who buy gold or tend to wear a lot of gold insure the precious metal,“ Mohanlal Jain, president, Pot Market Jewellery Association, told TOI.
“We have noticed that even the police, whose First Information Report (FIR) is required for claiming insurance, is being issued at a faster pace, for such cases,“ Jain said at a workshop on `Jewellery Block Insurance' organsied by Kadel Insurance Brokers. The recent crime report released by the Cyberabad Police says that in 2014, 793 chain-snatching cases were registered. Till date this year, 372 offences have been reported, underscoring the situation Jitender Raj Ranka, president of the Telangana Pawn Brokers and Jewellery Association, said: “It is very important for both retail jewellers and customers to insure their goods. Because, we have been observing a rise in the number of thefts pertaining to gold, which is why it is best for people to be warned and aware.“
Experts from the Insurance Regulatory and Development Authority said that peo ple, who buy gold need to make sure that they fill out the forms clearly and concisely to avoid any kind of confusion while filing their claims.
“Till a decade-and-a-half ago, the financial literacy in the country was extremely poor. Now, people have become extremely smart about where and how they want to invest their money, especially when it comes to insurance. What we are doing is selling peaceof-mind,“ said Rahul Duggal DGM, Oriental Insurance.
A few experts also opined that the new scheme called the Prime Ministers' Gold Monetisation Scheme has begun gain ing steam in the city.