UPS Capital buys jewellery logistics specialist
16 / 06 / 2015
The financial arm of US parcel giant UPS has bought Parcel Pro, a US-based independent logistics provider to the jewellery, wristwatch and collectibles industries.
UPS Capital, which provides supply chain financial, insurance and payment services, said that the deal will benefit customers shipping high-value products.
Ronald Chang, president of UPS Capital, said: “Many jewellery retailers have insurance policies that cover their inventory, but shipping losses are not always covered by these policies.”
According to UPS Capital, the market for luxury items has flourished, while most shipping insurance is limited to $50,000 in the US and $500 internationally in value per package. This means that companies have to split up shipments, “leading to increased transportation and labour costs”.
In a joint statement, the two companies said: “UPS Capital and Parcel Pro recognise customers need better solutions, and because of their technology and security, together they are able to insure shipping within the US for up to $150,000 in value per package and internationally to selected countries for up to $100,000 per package.
“The increased maximums allow companies to ship more items in one package, which is logistically easier and more cost effective.”
Many high-value jewellers and watch retailers, especially international companies, organise shipping, insurance and logistics on their own, said UPS Capital.
Parcel Pro has locations in the major jewellery districts of New York, Los Angeles, San Francisco, Miami, Hong Kong, Tokyo and Singapore, and provides local customer service, as well as armed guard pick-ups and deliveries in New York, Los Angeles and Beverly Hills, California.
