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Other News

Crime against U.S. jewelers increases for first year since 2012

Crime against U.S. jewelers increases for first year since 2012

(NEW YORK) - Jewelers’ Security Alliance (JSA) has released its 2016 Annual Crime Report covering crime against the jewelry industry in the United States. The total number of crimes against the industry increased from 1,117 in 2015 to 1,245 in 2016, a...

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Industry Events

Stuller hosts mini conference for jewelry group

Stuller hosts mini conference for jewelry group

Leading Jewelers Guild visits global headquarters

(LAFAYETTE, La.) - Stuller recently partnered with the Leading Jewelers Guild (LJG) to host a one-day conference at its global headquarters in Lafayette, Louisiana, giving members of the guild an entire...

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On The Move

Jane Kirk appointed Executive Director of NC Jewelers Association

Jane Kirk appointed Executive Director of NC Jewelers Association

(RALEIGH, N.C.) - The North Carolina Jewelers Association (NCJA) is pleased to announce the appointment of Jane Kirk as Executive Director, effective immediately. The Board’s action comes with the fullest confidence that Kirk will be an excellent stew...

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What's New

ASHI launches 2017 Lovebright Collection Book

ASHI launches 2017 Lovebright Collection Book

ASHI is excited to launch the 2017 Lovebright Collection Book for all of their retail partners to share with their customers. ASHI reports the positive feedback they have received from their retailers, and the overwhelming desire to ignite and promot...

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Featured Articles

Bill Spencer talks jewelry, family and the secret to a successful 3rd generation family business

Bill Spencer talks jewelry, family and the secret to a successful 3rd generation family business

Seventy three years and three generations is a long time to operate a jewelry store. Especially when, according to a Jewelers Board of Trade statistic, over 1,500 jewelry business owners ceased operating in 2016. Yes, that includes wholesalers, manuf...

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Latest News

Crime against U.S. jewelers increases for first year since 2012

2 DAYS AGO
Crime against U.S. jewelers increases for first year since 2012

(NEW YORK) - Jewelers’ Security Alliance (JSA) has released its 2016 Annual Crime Report covering crime against the jewelry industry in the United States. The total number of crimes against the industry increased from 1,117 in 2015 to 1,245 in 2016, an increase of 5.8%. Total dollar losses also incre...

Readmore

JA examines pending legislative issues most important to jewelry industry

2 DAYS AGO
JA examines pending legislative issues most important to jewelry industry

Jewelers of America’s (JA) latest Legislative Update covers some of the big policy initiatives - including comprehensive tax reform, a potential import tax and the FTC’s “Cultured Diamond” terminology - that are in play for 2017 and their impact on jewelry businesses.

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Stuller hosts mini conference for jewelry group

2 DAYS AGO
Stuller hosts mini conference for jewelry group

Leading Jewelers Guild visits global headquarters

(LAFAYETTE, La.) - Stuller recently partnered with the Leading Jewelers Guild (LJG) to host a one-day conference at its global headquarters in Lafayette, Louisiana, giving members of the guild an entire day of education and networking.

Readmore

GJA, AJA announce 2017 Convention dates

24 DAYS AGO
GJA, AJA announce 2017 Convention dates

The Georgia Jewelers Association (GJA) and Alabama Jewelers Association (AJA) have announced they will cohost their annual Convention on March 31- April 2. Now in its 9th year, the two state organizations will join forces at the Marriott Grand National Resort & Robert Trent Jones Golf Trail in O...

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Jane Kirk appointed Executive Director of NC Jewelers Association

24 DAYS AGO
Jane Kirk appointed Executive Director of NC Jewelers Association

(RALEIGH, N.C.) - The North Carolina Jewelers Association (NCJA) is pleased to announce the appointment of Jane Kirk as Executive Director, effective immediately. The Board’s action comes with the fullest confidence that Kirk will be an excellent steward of NCJA’s goals and an advocate for North Caro...

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Belair Time Corp. names Chuck Goedtke Southeastern Sales Manager

24 DAYS AGO

Belair Time Corporation has announced the appointment of long-time watch industry veteran Chuck Goedtke to Southeastern Regional Sales Manager. Chuck will be covering Florida, Georgia, Tennessee, Alabama, Mississippi and Kentucky for Belair.

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ASHI launches 2017 Lovebright Collection Book

10 DAYS AGO
ASHI launches 2017 Lovebright Collection Book

ASHI is excited to launch the 2017 Lovebright Collection Book for all of their retail partners to share with their customers. ASHI reports the positive feedback they have received from their retailers, and the overwhelming desire to ignite and promote their store’s diamond sales, has been extremely ...

Readmore

ASHI launches the I DO Bridal Sweepstakes

16 DAYS AGO
ASHI launches the I DO Bridal Sweepstakes

Announces winner of #LovebrightValentine Sweepstakes

(NEW YORK) - ASHI is excited to launch the I DO Bridal Sweepstakes, to kickoff the wedding season for its retail partners. Retailers will be able to attract bridal shoppers to their stores, through various social media platforms, and let every bride...

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JA welcomes small business assistance in Economic Recovery Act

The bill includes tax and loan relief for jewelers, as well as tax credits to help boost consumer spending

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry retail marketplace, welcomes passage of "The American Recovery and Reinvestment Act of 2009," which includes much-needed small business provisions that will benefit the jewelry industry, as well as tax relief designed to get consumers spending again.

"The economic stimulus measure is a step in the right direction and will provide essential relief to jewelers during this challenging period," says JA President and CEO Matthew A. Runci. "However, Jewelers of America will continue to pressure Congress on other issues that affect our members' economic viability, such as assistance with business health care costs and passage of a Sales Tax Fairness & Simplification Act, to level the playing field between brick and mortar and Internet-only businesses."

Among the business provisions in the new law that could have the biggest impact on jewelers:

  • Small businesses can use losses from 2008 to offset profits in earlier years (any year more than two but less than six years ago) to obtain an immediate refund. The provision is limited to businesses with annual revenues under $15 million.
  • The Small Business Administration (SBA) will eliminate or reduce fees for participation in its flagship loan guarantee program, which insures banks against default by small business borrowers. The new law also increases to 90% the percentage of qualifying loans that the SBA can guarantee.
  • The new law will also allow "small business stabilization financing," in which the SBA will loan money to pay off existing loans. Under the program, the SBA can issue or back loans of up to $35,000. Businesses can then use the money to make up to six months of payments on previous loans. Interest on stabilization loans will be fully subsidized, and the loans won't have any payments due for the first year. Borrowers must repay them within five years.
  • Businesses restructuring their debt could delay paying taxes on the transaction for five years, and then spread the payments over an additional five years.

 

The recovery bill also includes critical tax incentives to get consumers back in stores, such as a refundable tax credit - effective in 2009 and 2010 - of up to $400 for working individuals making $75,000 and less and $800 for working families making $150,000 and less. There is also a refundable first-time home buyer credit, which could have an impact on young couples spending money in the bridal market. Overall about a third of the stimulus funds, totaling $286 billion, will be spent on tax cuts designed to jump start consumer spending.

Additional stimulus measures geared toward business include an extension of bonus depreciation on capital expenditures through 2009, allowing businesses to immediately write-off 50% of the cost of depreciable property. Businesses buying equipment can also speed up depreciation through 2009. There's also a per worker tax credit of $2,400 for companies that hire unemployed veterans and youth who have not been regularly employed or in school in the past six months; a reduction of the 2009 required estimated tax payments for certain small businesses; and a break on capital gains taxes for small business investors.

Where To Go For Further Information
To take advantage of the various business tax relief measures in the stimulus act, jewelers should check with their local tax consultants. For more information on the Small Business Administration provisions in the act, go to www.sba.gov. SBA announced that it plans to release more details on implementation of the stimulus act provisions soon.

 


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