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JBT Releases Redesigned Credit Report Making Financing Decisions Easier

It’s redesigned from scratch, and completely reorganized.

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(PRESS RELEASE) WARWICK, RI — In an effort to deliver additional credit information in a user-friendly format to its membership, The Jewelers Board of Trade (JBT) is announcing the availability of its newly redesigned Credit Report.

Redesigned from scratch, and completely reorganized, the new credit report includes (shown in the image below):

Mike Kaplan, president, Rocket Jewelry Box and JBT chairman, stated, “JBT is the only association providing credit, collection and marketing services intended solely for the jewelry industry. It is JBT’s job to provide our members with insightful and accurate credit information – that is why we’ve invested in new technology and a redesigned credit report.”

  • A new front-page overview section, placing the most critical business credit information up front in an organized and easy-to-review format.
  • Clear presentation of both current and historical credit rating, and what the credit rating means.
  • New Payment Pattern charts clearly showing trends in trade payments based on agreed terms.
  • New Trade Performance charts showing the degree to which payments are slow or prompt.
  • Completely redesigned Principals, Operations, Business Relationships, and Legal sections making it easy to find this critical information.
  • Live linking of summary information to its source, making it easy to find supporting details. Number of claims placed against listing, number of trades and amounts and branch locations.

Although completely redesigned, the new Credit Report retains the level of detail and analysis which has made JBT the benchmark for credit information in the jewelry industry for over 135 years, including:

  • Business History and Principal/Owner antecedent details including prior business histories of the owners as well as current affiliations and business failures that are tracked on a daily basis by a dedicated group of analysts in our Credit Reporting department.
  • Operational details including type of business, square footage and number of employees. Nonfinancial information which is helpful in arriving at credit decisions.
  • Trade payment information provided directly by our members.
  • Claims information from JBT’s collection services.

“We spent many months working closely with our members developing a report that better serves their needs to make real time credit decisions in today’s rapidly changing jewelry industry. Our objective was to provide additional information in a format that’s now easier to read and understand,” said Rich Weisenfeld, JBT’s president. “We couldn’t be happier with the results.”

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Mike Kaplan stated, “JBT is the only association providing credit, collection and marketing services intended solely for the jewelry industry. It is JBT’s job to provide our members with insightful and accurate credit information – that is why we’ve invested in new technology and a redesigned credit report.”

The report will be rolled out to JBT’s current membership over the next month. Members wishing to gain access to the new report ahead of the rollout should contact their member representative, or email jbtinfo@jewelersboard.com.

For more information on JBT’s new credit reports and other services, visit www.jewelersboard.com, email jbtinfo@jewelersboard.com or call 401-467-0055.

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CIBJO Releases Responsible Sourcing Report

It describes principles applicable to all members of industry.

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(PRESS RELEASE) MILAN, ITALY — With fewer than nine weeks to go to the opening of the 2019 CIBJO Congress in Manama, Bahrain, on November 18, 2019, the second of the CIBJO commissions’ special reports has been released. Prepared by the CIBJO Responsible Sourcing Commission, headed by Philip Olden, the report provides an overview of the first Responsible Sourcing Blue Book, which was approved in January of this year. It defines a universally agreed-to set of recommended responsible sourcing principles, which can be applied by all members of the greater jewelry industry.

“CIBJO has steadfastly stated that no ethical member or company in the jewelry business should be denied the opportunity to participate because, at any particular point in time, it lacks the financial capacity to meet the demands of a compliance system. At the same time, CIBJO does not accept the contention that a company with limited financial resources should be exempt from conducting any form of responsible sourcing due diligence,” writes Mr. Olden.

“The Responsible Sourcing Blue Book indicates what initial steps can be taken at minimal expense and effort, and proposes a program of continual improvement, which companies can apply at their own pace,” Mr. Olden adds. The system suggested is based on the OECD’s Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.

The special report also outlines a program that CIBJO’ Responsible Sourcing Commission has initiated with the Colored Gemstone Working Group, facilitated by The Dragonfly Initiative, involving the creation of an online toolkit that will provide supporting documentation to help companies address the Responsible Sourcing Blue Book guidance. It will be presented at the upcoming CIBJO Congress in Bahrain, and subsequently will be made available to the industry at no cost.

To download a full copy of the report, click here.

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Press Releases

Gemfind Digital Solutions Announces Launch of DiamondLink App E-Commerce Edition

It lets jewelers sell diamonds directly online from curated vendors.

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(PRESS RELEASE) DiamondLink, GemFind’s well-known retail diamond sourcing app that allows retailers to curate a list of diamond suppliers for shopping on their website, has announced the launch of its E-Commerce edition for WordPress, Magento 2.0 and Shopify platforms.

The E-Commerce Edition brings GemFind to a new level, enabling jewelers to sell diamonds from their vendors directly on their website. By using this new edition of GemFind, independent retailers can not only sell diamonds online, but also select diamond qualities they wish to put for sale on their website — fully utilizing search engine optimization (SEO) in the process. With Click reports jewelers have access to data analytics on who was looking at their diamond list and when. Multicurrency – enables jewelers to open their websites to international customers with automatic currency conversion.

“The DiamondLink E-Commerce Edition is something I have long been waiting for,” said Greg Dolkarian from Derco Diamonds in San Francisco. “Not only can I access diamonds from my own customized list of diamond companies, I can go head-to-head with web-based diamond companies in the online space and enhance the ease of purchase of diamonds for engagement rings for my customers.”

The E-Commerce edition of DiamondLink also allows retailers to sell diamonds in real time without owning them and includes availability for dropship options directly from several diamond companies to the consumer. “The DiamondLink E-Commerce edition enables retailers to compete at the same level with major diamond selling websites, while taking advantage of the unique customization of their diamond inventory, noted Alex Fetanat, founder and Chief Executive Officer of GemFind. “Jeweler-curated virtual diamond inventory, coupled with critical online tools, will develop significant traffic and sales.”

While retail jewelers have used DiamondLink for over 15 years, the E-Commerce edition brings a level of functionality and ease-of-use apps that will be available on Magento, WordPress and Shopify stores. This function, combined with GemFind’s other digital marketing tools that include RingBuilder, web development, social media, geofencing, and pay per click (PPC) management, provides jewelers what is essentially a virtual salesman added to their sales team.

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Press Releases

Plumb Club to Require Members to Join RJC

It’s the first organization of its kind with such a policy.

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(Press Release) NEW YORK – The Plumb Club announced that its members voted to require all new and existing Plumb Club members to become Certified Members of the Responsible Jewellery Council. The Plumb Club, a current RJC association member, is the first organization of its kind to require its members to follow the RJC Code of Practices.

The new requirement underscores The Plumb Club’s purpose to “connect its members and their customers and help shape the future of the jewelry industry.”

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The RJC will collaborate with current and future Plumb Club members to ensure they adopt the RJC Code of Practices and effectively communicate their RJC membership status to their customers and business partners.

“Our new By-Law confirms The Plumb Club’s vision of being a responsible supply side organization recognized for leadership, adding value, and positively impacting the jewelry industry,” said Michael Lerche, Plumb Club president. “We strongly believe that any jewelry retailer who buys product from a non-RJC member is taking a very serious and unnecessary risk. Buying product from a Plumb Club member will greatly mitigate that risk.”

“The Plumb Club’s actions set a clear leadership example for other trade associations and member organizations within the jewelry industry. The Plumb Club’s model of cascading RJC membership through its members is a model for other associations to confidently follow,” said David Bouffard, chair of the Responsible Jewellery Council. “At the RJC, we believe that building consumer confidence is not only important for the future of our industry, but is also an imperative that can be acted on today by joining the RJC.”

Both Lerche and Bouffard called for all current and perspective RJC association members to cascade RJC membership throughout their organizations.

“Having a standardized universal code of practices throughout our industry that the retailer, consumer and even our government, can rely upon to guarantee that these products are the most responsibly sourced and ethically produced in the marketplace is critical. Today, we call on the entire jewelry industry to support the Responsible Jewellery Council and work with us in finding a way for every supplier and retailer in our industry to become a member,” said Lerche.

“As Chair of the RJC, I ask other trade associations within our industry to follow the leadership of The Plumb Club: require your members to join the RJC,” exclaimed Bouffard. “The RJC has a team ready and willing to help your organization develop its own model of cascading RJC membership.”

All certified members of the RJC are able to point their customers and business partners to the RJC’s publicly available Code of Practices to validate how the products they buy and sell are responsibly sourced. The RJC verifies its Code of Practices through full membership of the ISEAL Alliance. RJC members must become certified against the Code of Practices through a third party, independent, certification process. The RJC Code is aligned with international standards from the Organisation of Economic Co-Operation and Development and the United Nations Sustainable Development Goals.

For more information about The Plumb Club, visit https://plumbclub.com/. For more information about the Responsible Jewelry Council, visit https://www.responsiblejewellery.com/.

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