Valentine’s Day is a tradition going back to 496 A.D, with its actual origins tracing back to St. Valentine’s execution 269 AD for marrying couples against the mandate of the Roman Emperor. Since then, Valentine’s Day has become a gold mine for retailers. According to the US Census Bureau, jewelry stores sold $2.27 billion in merchandise in February 2011. While that number might seem staggering, the National Retail Federation is expecting jewelry sales to hit $4.1 billion this year. Their survey results show that over eight in ten men are expected to buy jewelry for their significant other this year, the highest amount their survey has ever reported, leading to the purchase of lots of expensive jewelry that could easily become lost or stolen.
Contributing to “the big spend” is the fact that Valentine’s Day is the third most popular time for couples to get engaged, lagging behind only Christmas and New Years. According to a survey conducted by Bride’s Magazine last year, the average cost of a wedding ring is $4,647. In today’s tough economic times that would not be easy to replace, nor would any of the other lavish gifts couples buy this time of year.
Jewelry is popular with thieves
If you do splurge for the holiday, or have a lot of expensive jewelry lying around already, it might not be a bad idea to investigate your insurance options. Most burglars are looking for accessible items of value that can be easily transported, making jewelry a prime target since items are often left out or kept in easy-to-grab jewelry boxes. The Insurance Information Institute offers the warning that jewelry and other expensive gifts may only have minimal coverage under standard homeowners insurance policies and offers tips for how to properly insure your valuables.