08272016Sat
Last updateTue, 23 Aug 2016 8pm
24K Club SEUS honors Mark & Rhonda Jacobson with 2016 Jeweler of the Year Award

24K Club SEUS honors Mark & Rhonda Jacobson with 2016 Jeweler of the Year Award

(SMYRNA, Ga.) - Mark and Rhonda Jacobson, owners of...

Retailers “ready to buy” at the Atlanta Jewelry Show

Retailers “ready to buy” at the Atlanta Jewelry Show

The doors of the Atlanta Jewelry Show opened to mo...

Jeweler helps staff with gun safety training

Jeweler helps staff with gun safety training

Sales and support staff in jewelry stores across t...

Kentucky Jeweler identifies credit card scam

Kentucky Jeweler identifies credit card scam

One occurrence is an anomaly. Two instances of a p...

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Industry Events

JIS to relocate to Ft. Lauderdale during Miami Beach Convention Center renovation

(NORWALK, Conn.) - Jewelers International Showcase (JIS) provides the jewelry industry with three impressive buying and selling opportunities each year at the Miami Beach Convention Center - JIS Miami January, JIS Miami April and JIS Miami October (Oc...

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On The Move

24 Karat Club SEUS inducts new members

24 Karat Club SEUS inducts new members

The 24 Karat Club Southeastern United States (24K Club SEUS) welcomed two new members at their Forty-Second Annual Banquet held at the Atlanta Country Club on August 6. The 24K Club Class of 2016 includes Stark Harbour, owner Southern Jewelry Insuran...

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What's New

HOLLIS BAHRINGER expands line of men’s designer jewelry

HOLLIS BAHRINGER expands line of men’s designer jewelry

(NORWALK, Conn.) - HOLLIS BAHRINGER, a leading manufacturer of contemporary metal men’s jewelry is proud to announce the release of six new collections to its assortment. Adding both natural white diamonds and black diamonds, this season’s additions b...

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Featured Articles

Retailer Roundtable: What are the biggest challenges facing today’s independent retail jeweler?

Retailer Roundtable: What are the biggest challenges facing today’s independent retail jeweler?

Q: What are the biggest challenges facing today’s independent retail jeweler?

“As an independent retail jeweler we are constantly facing many challenges ranging from competing big box stores, other independent jewelers, a declining consumer interest i...

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Latest News

Lockheed Martin Files Patent to 3D-Print Diamonds

3 DAYS AGO
Lockheed Martin Files Patent to 3D-Print Diamonds

Aerospace company Lockheed Martin filed a patent for making synthetic diamonds from 3D printing.

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Digging underway in search for “Nazi Gold Train”

3 DAYS AGO
Digging underway in search for “Nazi Gold Train”

WALBRZYCH, Poland — A group of explorers has begun digging in southwestern Poland in a quixotic search for a buried Nazi train said to be filled with stolen gold, gems and artworks — despite experts’ doubts that the train even exists.

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JIS to relocate to Ft. Lauderdale during Miami Beach Convention Center renovation

3 DAYS AGO

(NORWALK, Conn.) - Jewelers International Showcase (JIS) provides the jewelry industry with three impressive buying and selling opportunities each year at the Miami Beach Convention Center - JIS Miami January, JIS Miami April and JIS Miami October (October being the 2nd largest jewelry trade show in ...

Readmore

Retailers “ready to buy” at the Atlanta Jewelry Show

17 DAYS AGO
Retailers “ready to buy” at the Atlanta Jewelry Show

The doors of the Atlanta Jewelry Show opened to models draped with pearls, welcoming buyers to a bright show floor brimming with new products and collections from first-time and long-time vendors. Held from August 6 to 8 at the Cobb Galleria Centre, the show’s robust agenda of events included educat...

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24 Karat Club SEUS inducts new members

10 DAYS AGO
24 Karat Club SEUS inducts new members

The 24 Karat Club Southeastern United States (24K Club SEUS) welcomed two new members at their Forty-Second Annual Banquet held at the Atlanta Country Club on August 6. The 24K Club Class of 2016 includes Stark Harbour, owner Southern Jewelry Insurance and Michael Lebowitz, Director of Jewelry White...

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IDD named Leading Jewelers Guild “Vendor of the Year”

10 DAYS AGO
IDD named Leading Jewelers Guild “Vendor of the Year”

IDD Jewelry of New York, an industry leader in basic diamond jewelry and bridal programs, was recently honored as the “2016 Vendor of the Year” by the Leading Jewelers Guild. As voted by the members of the group, the award recognizes excellence in customer service and innovative product. Already the...

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HOLLIS BAHRINGER expands line of men’s designer jewelry

3 DAYS AGO
HOLLIS BAHRINGER expands line of men’s designer jewelry

(NORWALK, Conn.) - HOLLIS BAHRINGER, a leading manufacturer of contemporary metal men’s jewelry is proud to announce the release of six new collections to its assortment. Adding both natural white diamonds and black diamonds, this season’s additions bring an ultra premium selection to the already exc...

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ASHI introduces Lovebright Essentials

3 DAYS AGO
ASHI introduces Lovebright Essentials

Offers big look, great price on diamond basics

Studies have shown that basic styles account for as much as 50% of a jewelry store’s total sales. ​ASHI presents Lovebright Essentials, a new ​POS ​program focused on helping you showcase and sell more ​of these ​basic, fast turning, full margin styles​....

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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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