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January 2018


Steven Rostovsky – on Safely Storing Expensive Watches and Jewelry on Vacation


By Steven Rostovsky

BEVERLY HILLS, CA / ACCESSWIRE / January 6, 2018 / During a brazen daytime robbery in Cannes, France on July 28, 2013, $136 million in diamonds and other jewels were stolen from the famous InterContinental Carlton Hotel on the French Riviera. Four years later, that remains the largest heist in Europe in decades, but smaller incidents continue to occur on a regular basis in tourist destinations around the world. While these stories allow for fascinating intrigue, they also make clear the danger of traveling with expensive watches and jewelry. Steven Rostovsky, North America’s exclusive Greubel Forsey watch distributor, multi brand pre-owned wholesale dealer and an avid timepiece collector, discusses the steps that should be taken to protect valuable personal items when away from home.

”Most wealthy tourist destinations attract criminals, petty or otherwise, so the first consideration must be whether to even travel with items of importance,” said Rostovsky. If one must, when booking a hotel ensure that it provides a highly secure safe deposit box. Never leave valuables unattended in a room or rental car, and don’t wear it in public places where it is first visible and then you may be inclined to take it off, such as the pool or spa. In most states and countries the hotel’s liability is limited, meaning they will not be held responsible for any goods lost or stolen on their property. Steven Rostovsky continued to note that theft is not the only threat to jewelry when on vacation. Fine pieces can be subject to damage, especially in transit. If packed improperly, wristwatches, diamonds, pearls or other gems can become scratched and bracelets and necklaces can get caught on one another. Travel cases, made from hard leather to silk, have various pouches designed to keep pieces separate and in their place. A jewelry roll, essentially a soft cloth with compartments that is folded over and tied up with a ribbon, is also commonly used to transport valuables.

If traveling with expensive pieces is a necessity, the best idea is often to have it insured separately from a homeowner’s policy. The International Gemological Institute (IGI) works with GemShield, a provider of specialized personal jewelry insurance, to offer reasonable policies. When buying IGI-graded gemstones or other products, consumers can now obtain a plan protecting them against ”all risks” of loss, including theft and damage. Chubb also offers competitive rates for insuring collectible wristwatches. For large collections, you can distinguish between items kept in a bank vault versus those ”out” for use. This significantly lowers the rate for the entire collection. Remember however to notify your insurance provider that you have removed items for use while on vacation. Rostovsky reminded that not all policies provide coverage outside of the United States, so ensure that international travel is included if needed.

Steven Rostovsky is the owner and operator of Rostovsky Watches in Beverly Hills, California. Along with his wife, Janine, and three children – Jason, Taryn and Alexa – Rostovsky is committed to positively impacting greater Los Angeles. The philanthropic family donates regularly to various Jewish and secular groups, and they give their time generously to organizations that help the needy throughout their community.

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SOURCE: Steven Rostovsky

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