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Last updateTue, 30 Jun 2015 12pm
Padgett elected President of NC Jewelers Association

Padgett elected President of NC Jewelers Association

The North Carolina Jewelers Association (NCJA) ann...

Schnack’s Fine Jewelry turns 150

Schnack’s Fine Jewelry turns 150

Not many jewelry retailers can say their store ope...

From Vicenza with Love: At Oro International, Italian family values shine

From Vicenza with Love: At Oro International, Italian family values shine

Fifty years ago, Qurino Ruzza, with 20 years as a ...

Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade has been a leading fine jade jewelr...

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Ancient trade route shows gold's enduring power

Ancient trade route shows gold's enduring power

Researchers at the University of Southampton have found a prehistoric gold trade route between Ireland and southwest England. The route gives a glimps...

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Jewelers Mutual presents honors at National Sale Conference

Jewelers Mutual presents honors at National Sale Conference

(NEENAH, Wis.) - Jewelers Mutual Insurance Company recognized its top agencies and agents during the annual awards ceremony held at their National Sale...

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Ancient trade route shows gold's enduring power

4 DAYS AGO
Ancient trade route shows gold's enduring power

Researchers at the University of Southampton have found a prehistoric gold trade route between Ireland and southwest England. The route gives a glimpse into how ancient cultures regarded gold.

A new study has shed more light on how the value of gold has endured – and changed – since ancient times.

Arc...

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Colorado woman finds 8.52 carat diamond in Arkansas state park

4 DAYS AGO
Colorado woman finds 8.52 carat diamond in Arkansas state park

MURFREESBORO, Ark. –  An 8.52 carat diamond has been found by a Colorado woman at Arkansas' Crater of Diamonds State Park at Murfreesboro.

Park officials said Friday that the gem found by Bobbie Oskarson of Longmont, Colorado, is the fifth largest diamond found since the park was established in 1972....

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From Jewels to Tools: Ivan Levi to speak on enhancing business practices at RJO Show in August

5 DAYS AGO
From Jewels to Tools: Ivan Levi to speak on enhancing business practices at RJO Show in August

(HIGHLAND PARK, Ill.) - The jewelry industry has seen changes in the way business is being done since the advent of the Internet, and especially since the economic downturn began in 2007. Ivan Levi’s quest to find answers to questions about these changes led him to discover how one specific, yet easy...

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Rings of Strength collects over $60,000 for JFC

5 DAYS AGO
Rings of Strength collects over $60,000 for JFC

(NEW YORK) - Jewelers for Children (JFC) held the 3rd Annual Rings of Strength Tour on Thursday, May 28, at Mandalay Bay Resort Casino in Las Vegas, NV. More than 125 participants assembled at 5:30 a.m. to either walk or run 5K, or bike one of two courses, a leisurely 15K route or a challenging 50K r...

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Padgett elected President of NC Jewelers Association

5 DAYS AGO
Padgett elected President of NC Jewelers Association

The North Carolina Jewelers Association (NCJA) announced that Brad Padgett, an independent jeweler and native of Jacksonville, North Carolina, is the new president of the statewide association. His two-year term of office as the organization’s president began May 16.

Padgett graduated with a B.S.B.A....

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Two Houston jewelers named Distinction Winners in Houston Better Business Bureau Awards for Excellence

5 DAYS AGO
Two Houston jewelers named Distinction Winners in Houston Better Business Bureau Awards for Excellence

(HOUSTON, Tex.) - Houston Jewelry and Jewelry Judge Ben Gordon were among the businesses recognized at the annual Houston Better Business Bureau Awards of Excellence held in May. Both businesses were named Distinction Winners, a designation awarded to businesses that maintain a superior commitment to...

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In tune with the times? New Unisex Ring Collection keeps the beat

5 DAYS AGO
In tune with the times? New Unisex Ring Collection keeps the beat

Designed by Elaine of Esprit Creations

New to SJTA and the Atlanta Jewelry Show, family business Esprit Creations has been successfully manufacturing and wholesaling fine sterling silver jewelry with genuine gemstones for over 2 decades. Standing apart from the ordinary, their wide selection of exclu...

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Mason-Kay Jade to make Atlanta Jewelry Show debut

5 DAYS AGO
Mason-Kay Jade to make Atlanta Jewelry Show debut

Mason-Kay Jade has been a leading fine jade jewelry wholesaler/supplier/designer in the United States since 1976. The company specializes in all natural (type “A”) jadeite jade fine jewelry, designed in-house by their exclusive designer Kristina and MK design team. Mason-Kay Jade is excited to intro...

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Selling wholesale may not be wholesome

It has become commonplace to buy in bulk here in America.  Wholesale clubs like Sam's Club and Costco are popping up all over the landscape and consumers are readily stuffing over-sized boxes of Cheerios and 5-gallon drums of mayonnaise into their massive buggies all in search of bargain prices.

 

Paying retail is simply passé.  Why would anyone agree to pay the MSRP when you can get more for less at a store that sells bulk volumes at bargain prices?  It's a craze that the jewelry industry is not immune to and it has many jewelers offering their wares at "wholesale" prices and customers looking for bigger, better, bargains on their baguettes.  And while it is understandable that retail jewelers would look for an edge to make their store and their prices more appealing to customers, most don't realize that selling "wholesale" is illegal in many states.

Suzan Flamm is an attorney with the Jewelers Vigilance Committee (JVC) in New York.  She served as a prosecutor in the Manhattan District Attorney's office and in private practice before joining JVC in January of this year.  Now she, along with JVC, serve to help the industry cope with the ever-evolving political and legal landscape on which it finds itself operating.

It can be terribly difficult for independent jewelers to stay abreast of the continually changing statutes that are passed into law.  JVC, a non-profit organization, has made it their purpose to stay up-to-date with new legislation and then pass on to their members what that legislation means for how they run their business each day.

 

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Suzan says that one of the places they see the most problems is with retail jewelers who advertise "wholesale" pricing on their merchandise.  She says that many jewelers who advertise "wholesale" pricing have no idea that what they are doing is illegal.

A brochure published by JVC for jewelry shoppers states: "Many states... have strict laws prohibiting the use of the word wholesale in retail advertisements.  In some states this is a criminal offense, due to the word's ability to mislead consumers.  If a jeweler advertises as selling at wholesale prices, they must sell at the wholesale price."

In short, JVC is trying to educate both jewelers and their customers to the legalities of selling to end-user customers.  And this is just one area in which JVC is trying to empower jewelers.  In addition to helping jewelers be compliant with new legislation and rulings, JVC can also serve as a mediator in disputes that arise within the industry.

Whether it is instruction on sales ethics, anti-money laundering compliance, mediation between feuding jewelers or educational materials for customers, JVC can provide tremendous support for independent jewelers.  The Jewelers Vigilance Committee can be reached at 212-997-2002 or found at www.jvclegal.org.

 


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