Articles and News
Industry News: Retailers Like JBT’s New Credit Watch Tool; Indians Renew Focus On U.S. Market June 04, 2014 (0 comments)
New JBT Rating Watch Service Welcomed By Retailers
Warwick, RI—The Jewelers Board of Trade's (JBT) new service, JBT RatingWatch, which alerts retailers to monitor their credit rating, has already found fans among retailers in the industry. "We've seen a healthy initial response," says Dione Kenyon, JBT president. "Credit ratings are on everyone's mind today and jewelry business owners reap benefits with good credit." Retailers with better credit have an easier time getting inventory that's not prepaid, and often are offered better payment terms.
Sam Edwards, of Sam Edwards Jewelers in Chattanooga, TN, knows firsthand how a credit rating can change a business and how paying attention to it is vital. "I've worked hard, with JBT's help, to get my rating back up," said Edwards. He used both JBT’s RatingWatch and its credit counseling services to bring his rating up over a seven-month period.
"JBT RatingWatch is a tool on my side. It allows me to be up-to-date with my credit rating and stay informed. My main focus now is to maintain our great rating at all costs. We retailers need to keep an eye on our business credit rating," he said.
Many jewelers ended up with a poor credit rating after the 2008 marketplace dip, says JBT. Certainly not paying bills as agreed is one reason that happens, but it’s not the only reason. A difference in verbal vs. written terms, or a renegotiation of the original terms, also may unknowingly impact a payment score. RatingWatch service allows retailers to know their credit rating, their JBT ID, how many times their report is being ordered, and key business data on file with JBT. It also protects the confidential nature of JBT members’ exchange of credit information.
The service is $199 annually, payable by credit card. JBT also is offering a first-year partner discount for verified members of the American Gem Society. For more information call JBT (401) 467-0055, or email JBTRatingWatch@jewelersboard.com.
GJEPC India Launches New Business Development and Marketing Campaign in The Americas
Las Vegas, NV—The Gem & Jewellery Export Promotion Council (GJEPC) of India has announced a major new three-year multi-level business development campaign focused on the United States, Canada, and South America. The purpose of the campaign is to reinvigorate, strengthen, and expand GJEPC’s business development efforts and build relationships between India’s key jewelry industry companies and customers in these markets.
The Council first is setting up a series of in-depth business development conferences (BDCs) for GJEPC India and its colleagues in the Americas to meet, discuss issues, find solutions, and develop best practices to meet today’s rapidly changing business landscape. The first of several of these meetings will be a four-day event called the 2014 Indo/U.S. Business Development Conference (BDC), set for September 5-8 in Chicago, IL. Participants will hammer out new and better ways to work together in all aspects of the gem and jewelry trade, including manufacturing, design, production, materials acquisition, and retail marketing.
At a news conference in Las Vegas, the GJEPC of India announced plans to reinvigorate its focus on the Americas. From left: Rick Bannerot, U.S. liaison; Colin Shah, chair Vipal Shah, vice chair Pakaj Parekh, and Sabyasachi Ray.
GJEPC India chairman Vipul Shah said, “We know that the U.S., Canadian and South American markets are uniquely important to our Indian gem and jewelry industry. India is one of the leading and preferred importing and sourcing destinations for these regions when it comes to gems and jewelry. We look forward to meeting our colleagues from the Americas face-to-face to talk about all aspects of the gem and jewelry trade and how we can better work together to the greater success of all.
“This September BDC is the first such event held in the U.S. For us, this is a significant outreach program to the western hemisphere, not only looking at our important markets, but also including our colleagues’, clients’ and competitors’. In today’s world, change is constant, and we hope the BDCs, such as the one upcoming in Chicago, and the many supporting activities we have planned, will make sure India’s gem and jewelry industry is tied firmly into the world’s trends, technologies and capabilities.”
GJEPC’s Vice Chairman Pankaj Parekh said Council expects to see 15 manufacturer/exporters from India with 15 to 20 companies from North America participating at the Chicago event. Among many topics to be presented is GJEPC’s “buyer-seller matching” initiative. Another is to highlight ethical business practices.
“Our Indian business community is one of the frontrunners in following ethical business practices through various CSR activities carried out to support social causes including adopting ‘No Child Labour’ policy. GJEPC through its strong nework and being a responsible KP member has propogated and ensured that the diamonds engaged in the trade are conflict free,” Shah stated.