Loxa has been appointed as point of sale protection partner to Howden’s Jewellers’ Block team, giving retailers a way to offer their customers cover the moment they purchase a piece.

The two businesses protect different ends of the same shop: Howden looks after jewellers’ own business, covering stock, premises and the risks of the trade; whereas Loxa covers what the customer carries out of the door. Now, they are bringing this together.

The timing reflects a demanding period for the trade. Precious metal prices have risen sharply, leaving retailers holding stock bought at very different values. Margins on high value watches have tightened as the pre-owned market corrected.

Theft has risen, particularly in London, to the point where customers are changing what they buy and where they wear it. And customers increasingly treat aftercare as part of the purchase decision rather than something to consider afterwards.

When a customer damages or loses a piece to theft, the claim is usually settled elsewhere and the replacement bought elsewhere.

The jeweller loses the customer at the moment the relationship should count for most. In a trade that runs on recommendation and repeat custom, that is an expensive way to lose someone.

Loxa’s cover is built so that approved claims return to the retailer who made the original sale, as a repair at their own bench or a replacement from their own counter.

Barry Vickery, global practice leader for jewellery, fine art and specie at Howden, explains that the way people buy jewellery is evolving, and insurance has an opportunity to evolve with it.

“Loxa brings cover directly into the purchase journey, whether a customer is buying in-store or online,” he continues.

“When insurance is simple, relevant and offered at the right moment, customers respond – across Loxa’s retail partners, around 15% of customers buying high-value items choose to take out cover.

“Jewellery is built on trust. Customers choose a jeweller because they trust them with an important purchase, and that relationship shouldn’t disappear if something goes wrong.

“Giving the retailer the opportunity to replace the item keeps that customer relationship intact. In a sector this personal, that matters.”

Loxa’s co-founder, Jamie Hamer, adds: “Jewellers have spent decades building relationships most retailers would envy, and then losing customers at the one moment those relationships should count for the most.

“Howden’s clients asked for a way to offer protection at the counter. We have built one that keeps the replacement, and the customer, with the shop that made the sale.”