A Financial Drain

Mailing and insuring can be a financial drain on a jewelry store. Words of wisdom from one of my friends, “Don't try to make money on your shipping and handling, just try to break even. In addition, try not to lose money.”

What cost effective options are out there for shipping and insuring jewelry packages and/or diamonds?

1. Shop around. Different carriers have various pricing schemes; therefore, it might be beneficial to use more than one carrier. Some options for overnight delivery are FedEx, DHL, the U.S. Postal Service, Airborne Express and UPS. If you ship directly through the carrier, you may be able to purchase insurance for your packages through that specific carrier.
   • Another option is to work with a company such as Parcel Pro or One Service that offers both shipping (next day and/or second day deliver) and insurance coverage through a carrier.
2. Remember your insurance company. You also can purchase insurance coverage through your insurance company for packages shipped with a particular carrier. For example, Jewelers Mutual Insurance Company can save 5 to 20 percent when sending insured shipments through Parcel Pro. Make sure your shipping carriers and limits of insurance are specified on your policy. This may be initially affordable and easy, but make certain shipment losses don’t adversely affect your policy.
3. Don’t be afraid to “strike a deal.” Shipping carriers often reward regular customers with lower rates, but they won’t offer if you don’t ask. Let the shipper know that you’re shopping around for the best price, and they will fight to keep your business.