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JA and JBT Launch the Retail Jewelers Benchmarking Study

Participating jewelers will receive a free customized benchmarking analysis report.

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(PRESS RELEASE) NEW YORK – Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, and Jewelers Board of Trade (JBT), the member-owned association that delivers commercial credit information and unbiased data on thousands of jewelers, have partnered to launch the Retail Jewelers Benchmarking Study. The Retail Jewelers Benchmarking Study, formerly known as the Cost of Doing Business Survey, is a financial benchmarking tool that allows retail jewelers to easily input their key data and run dynamic reports in an online platform powered by Dynamic Benchmarking.

This comprehensive study is designed to bring retail jewelers the information they need to make informed decisions about their businesses that can improve profitability. The Retail Jewelers Benchmarking Report will provide comparative information an organization can use to assist in making crucial business decisions.

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“Benchmarking shows not only what we’re really good at, but also where there’s room for improvement to help the bottom line. I’m thrilled that JBT has partnered with JA to produce this valuable tool and encourage all retailers to participate,” says Day’s Jewelers Owner and JBT Board Member Jeff Corey.

JA and JBT are asking retailers to complete the survey by October 1, 2019. Retailers who complete the survey by September 17, 2019, will be entered to win one of five $100 gift cards.

Once the data collection period ends, participants who complete all of the required questions will not only have access to aggregated data, but will have the ability to compare their financials and key performance indicators (KPIs) using dynamic filters based on demographics of their choice (location, store size, etc.). Some of the KPIs include: merchandise units sold, inventory turn, net sales per square foot, employee expenses, cost of goods sold, gross profit and gross profit margin. Questions about lab-grown diamond sales have also been added to the survey for the first time.

Jewelers of America previously published the Cost of Doing Business Report – the last year the report was published was 2015 based on 2014 data. “We are thrilled to be working with JBT to bring back a benchmarking study. We know it will be a valuable tool for participants and the industry at large,” says JA President & CEO David J. Bonaparte

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Retailers can complete the Retail Jewelers Benchmarking Study here: http://benchmarking.jewelers.org. Only companies that complete the survey will have access to the valuable interactive and customizable comparative data tables, charts and reports that will assist them in having a clear picture of their organization’s operational and financial performance. All participant information is confidential; reporting is only presented as aggregated results with a minimum of ten respondents. Following the data collection period, non-participants can purchase access to the aggregated industry data for $295.

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Press Releases

NAJA Offers Scholarship for Gemology Students

Deadline for submission is November 1, 2019.

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The National Association of Jewelry Appraisers (NAJA) announces that it will award an ACE It Appraisal Conference Scholarship to a deserving gemology student. NAJA invites GIA, FGA, FGAA, FGG, FCGmA, RGA students to apply for this scholarship for the 53rd Annual ACE It Winter Educational Conference scheduled on February 2 – 3, 2020 in Tucson AZ.

This opportunity gives the gemology student a first hand experience of networking with appraisal professionals by attending the highly regarded NAJA educational experience during a time when Tucson devotes itself to gems, jewelry, and minerals. The scholarship, which covers the conference fee only, requires a resume, photo and an essay explaining the reason why the gemology student would choose to become a gems and jewelry appraiser. NAJA believes that becoming a gems and jewelry professional appraiser is a viable career option for gemological students.

Applications can be obtained at http://najaappraisers.com/ScholarshipApp2019.pdf. Deadline for submission is November 1, 2019 and the final selection by the NAJA Scholarship Advisory Board will be announced December 1, 2019.

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Press Releases

CIBJO Releases Marketing and Education Special Report, Analyzes ‘Next Great Jewelry-Buying Generation’

Generation Z ‘is coming to our markets very soon if it has not already arrived in reality.’

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(PRESS RELEASE) MILAN, ITALY — With fewer than 10 weeks to go until the opening of the 2019 CIBJO Congress in Manama, Bahrain, on Nov. 18, the first of the CIBJO commissions’ Special Reports has been released. Prepared by the CIBJO Marketing & Education Commission, headed by Jonathan Kendall, the report returns to what has been defined as the next great jewelry-consuming group, Generation Z, providing a breakdown of what the industry needs to consider if it is to ensure that jewelry remains a favored purchase.

Generation Z refers to consumers who currently are 15 to 25 years of age.

“Gen Z is coming to our markets very soon if it has not already arrived in reality,” writes Kendall. “Its members are forecast to spend a whopping $143 billion this year alone. So we better get them on our side if we want to enjoy a rosy future. In fact, the future success of the jewelry industry will depend on our understanding the needs and wants of Generation Z. Get this right and we can all look forward to strong profitable years moving forward. Get it wrong and we could be destined for the scrap heap – not overnight maybe, but ultimately.”

Communicating largely via social media, Generation Z is more environmentally conscious and gender neutral than any generation that preceded it, studies show. It celebrates authenticity, diversity and human imperfection. It is more likely to heed the advice of a friend rather than a celebrity.

“Gen Z is prepared to splurge, but it must be worth it. The more added value the better, and that can come from its environmental credentials or its social value,” says Kendall.

To download a copy of the CIBJO Market & Education Commission’s special report, click here.

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Press Releases

Gem Legacy Celebrates 1 Year Anniversary

It launched in September 2018.

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(PRESS RELEASE) ROYAL OAK, MI – Gem Legacy is celebrating the successes of its 1 year anniversary after launching in September 2018 by founder Roger Dery. Gem Legacy is a 501(c)3 nonprofit supporting education, vocational training, and local economies in East African colored gemstone mining communities.

The first year has boasted many successes, thanks to industry partners and donors. Roger Dery, founder and executive director of Gem Legacy looks back on the first year: “Lives are deeply affected because we’re ensuring that a group of widowed miners will find Tsavorite Garnet, 28 orphans will get a full education, kids are getting full nights of sleep on new mattresses, and young adults are entering the gem industry with knowledge in gemology and gem faceting. They have hope because we, the jewelry industry, are saying ‘we see you and we believe in you.’”

Other highlights from Gem Legacy’s first year include the formation of its advisory board (Christina Clover-Field, Ben Smithee, and Monica Stephenson) and its Leadership Council (Omi Gems and Parle Jewelry Designs). The leadership council is growing to be a consortium of the industry’s top leaders dedicated to sharing Gem Legacy’s mission and activating a united industry-wide effort to support the mining communities in Africa.

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