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Best practices for inventory record keeping

Get everyone on the same page

If your inventory control system does not manage merchandise by stock keeping units (SKUs), assign a unique inventory number to each item. For example, if you have two identical watches, they should each have different tracking numbers.
If your inventory control system does not manage merchandise by stock keeping units (SKUs), assign a unique inventory number to each item. For example, if you have two identical watches, they should each have different tracking numbers.

It’s essential all members of your staff follow the same disciplined methodology when it comes to managing your inventory control. To help jewellers improve the efficiency of their inventory control, Jewelers Mutual has created videos for retailers, designers, manufacturers, and wholesalers to help education their associates. By visiting www.jewelersmutual.ca/records, you can share this valuable information on inventory record keeping and enhance the operation of your business in less than four minutes. For other tips on enhancing and protecting your business, visit www.jewelersmutual.ca.

David J. Sexton, CPCU, is vice-president of loss prevention consulting at Jewelers Mutual Insurance Co., in the United States. A graduate of the University of Wisconsin, Sexton serves on the Underwriters’ Laboratories’ (UL) Security Systems Council, where he is a corporate member of the insurance category. He also sits on the board of directors for Jewellers Vigilance Canada (JVC), and worked on the Central Station Alarm Association’s (CSAA’s) Insurance Liaison Committee that assisted in the development of the UL burglar alarm modular certificate program and revised UL standard. Comments and questions can be sent to lossprevention@jminsure.com.

For training resources regarding safety and security when carrying or working with jewellery, visit JM University at JewelersMutual.com. Jewelers Mutual Insurance Company is the only company specializing exclusively in jewellery insurance in the United States and Canada. It is licensed in all 50 U.S. states and Canada.

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