UPS Jewellers Elite Program Extending to Three More US Cities
UPS Capital Corporation, has announced the expansion of its Jeweller’s Elite Program to San Francisco, Philadelphia, and Providence.
The business unit of global packages and freight transporters UPS, which is headquartered in Atlanta and helps customers achieve smarter trade with financing and insurance solutions, will protect against damage to goods in transit up to the sale price, limited to a $150,000 maximum.
Designed specifically to help jewelers protect their high-value shipments, the service delivers time and cost savings by combining UPS shipping with insurance offered through UPS Capital Insurance Agency, Inc.
Dave Zamsky, Vice President of Marketing at UPS Capital, said: “After launching successful programs in Los Angeles and New York, these cities seemed a natural stepping stones for our next expansion. With its Jewelry Center, JewelleryMart and Diamond Exchange, San Francisco is in the top ten US jewellery markets.”
“Philadelphia’s Jewelers' Row is located in the Centre City section and has more than 300 jewellery retailers, wholesalers, and craftsmen; and Providence has been a major center for jewellery manufacturing since the founding of the American Jewellery industry in Providence back in 1798.”
The UPS Capital Jeweler’s Elite Program offers several advantages, including: One-stop claims processing and fast payment; Availability across all UPS service levels, including ground shipments; Streamlined billing on the customer’s UPS invoice with no extra invoices; and coverage for loose stones.
The protection is designed for international shipments destined for more than 60 countries. Adam Krief, a UPS Capital Jeweller’s Elite Program customer and president of Accuratime, a Los Angeles international watch seller and manufacturer, said: “We’ve worked with other shipping companies that provided insurance solutions, but because of their limitations, we had to separate shipments into smaller value amounts leading to more paperwork, logistics and overall time. This program made sense for us and for our customers, it has also reduced the amount of time filing claims.”
Another solution created to protect high value shipments includes UPS Proactive Response Secure. This unique service combines proactive monitoring of packages and if necessary, intervention and remediation plus insurance through UPS Capital Insurance Agency. According to Tarek Saab, Chief Operating Officer and co-founder of Texas Precious Metals, “this service is helping to transform the precious metals industry.”
Elon Musk's Boring Co. planning wider tunnels for freight
Elon Musk’s drilling outfit The Boring Company could be shifting its focus towards subterranean freight and logistics solutions, according to reports.
A Boring Co. pitch deck seen and shared by Bloomberg depicts plans to construct wider tunnels designed to accommodate shipping containers.
Founded by Tesla CEO Musk in 2016, the company initially stated its mission was to offer safer, faster point-to-point transport for people, particularly in cities plagued by traffic congestion. It also planned longer tunnels to ferry passengers between popular destinations across the US.
The Boring Co. completed its first commercial project earlier this year in April. The 1.7m tunnel system is designed to move professionals between convention centres in Las Vegas using Tesla EVs. It says the Las Vegas Convention Centre Loop can cut travel time between venues from 45 minutes to just two.
Boring Co.'s new freight tunnels
The Boring Co.'s new tunnel designs would allow freight to be transported on purpose built platforms, labelled as “battery-powered freight carriers”. The document shows that, though the containers could technically fit within its current 12-foot tunnels, wider tunnels would be more efficient. Designs for a new tunnel, 21 feet in diameter, show that they can comfortably accommodate two containers side-by-side, with a one-foot gap between them.
The Boring Co.’s new drilling machine, dubbed Prufrock, can tunnel at a rate of one mile per week, which is six times faster than its previous machine, and is designed to ‘porpoise’ - mimicking the marine animal by ‘diving’ below ground and reemerging once the tunnel is complete.
Tesla’s supply chain woes
Tesla is facing its own supply chain and logistic issues. The EV manufacturer has raised the price of its vehicles, with CEO Musk confirming the incremental hike was a result of “major supply chain pressure”. Musk replied to a disgruntled Twitter user, confused as to why prices were rising while features were being removed from the cars, saying the “raw materials especially” were a big issue.
Car manufacturing continues to be one of the industries hit hardest by a global shortage in semiconductor chips. While China’s chip manufacturing levels hit an all-time high in May, and the US is proposing a 25% tax credit for chip manufacturers, demand still outstrips supply. Automakers including Volkswagen and Audi have again said they expect reduced vehicle output in the next quarter due to a lack of semiconductors, with more factory downtime likely.
Top Image credit: The Boring Company / @boringcompany