The JA Report: Jewelry News, Tips & Trends

April 2011 - Issue 7

IN THIS ISSUE

Welcome New Members

JA at AGS Conclave

Ultimate Proposal Contest

Cost of Doing Business Survey

TIP: Increase Profitability

May Platinum Points Rewards

DCA Advanced Sales Course

TIP: Understand Your Numbers

Fight LIFO Repeal

Congress Repeals 1099

SEC Conflict Minerals Update

Gold Guidance Updated

Welcome March's New Members
March was a busy month at Jewelers of America, with nearly 20 new jewelry firms joining our national membership network, from three countries and 12 states! Meet the new members.

See JA In-House Experts at AGS Conclave

Jewelers of America Directors will be at AGS Conclave, April 27-30, 2011, San Francisco, CA, leading a number of seminars during the conference. Make sure to connect with them if you are in attendance.

MARKETING

Ultimate Proposal Contest Live!
The Ultimate Proposal Contest has launched with more than 170 JA Retail Members taking part. Contest entries are pouring in, visit www.JIC.org to read the creative proposals -- and spread the word about the contest! Become a Participating Retailer and have a chance at winning a trip for two to New York in 2012!

Participate in the 2011 Cost of Doing Business Survey
JA is asking retail jewelers to participate, through May 31, in its annual benchmarking survey at www.jasurvey2011.com. Members who participate receive a FREE copy of the 2011 Cost of Doing Business Report -- a $150 value! New for 2011: the Report will include customized results for each survey participant, making it even easier for you to benchmark your business operations against those of your competitors. Click here to take the survey or learn more now!

TIP: Increase Profitability Through Benchmarking
Comparing your store's financial performance to industry averages can have a profound impact on your business. JA's Cost of Doing Business Report, published each summer, helps you discover where your store measures up across multiple operating-performance areas. That knowledge is a powerful tool, since even small adjustments can lead to better profits . . .

Reap Rewards with Jewelers Mutual's Platinum Points
Jewelers Mutual Insurance Company's Platinum Points program is offering DOUBLE POINTS on all new referrals sent to jewelersmutualinfo.com throughout the entire month of May . . .

DCA Introduces Advanced Jewelry Sales Course

Diamond Council of America (DCA) now offers a comprehensive Advanced Jewelry Sales course. After four years of development, the program presents a broad range of relevant information for experienced store associates, in DCA's signature 'made for sales' style. Through JA's special partnership with DCA, JA Members can also take this course. Learn about member discounts on DCA online education.

TIP: Understand Your Numbers
Use JA's annual Cost of Doing Business survey to can gain valuable management insight by reviewing key performance measures for the previous year. The survey reveals data points that help you better run your business. For instance, the 2009 Cost of Doing Business Report indicated that high-profit jewelers turn inventory 1.2 times per year, versus low-profit jewelers who only turn inventory once. Read tips -- both financial and fun -- on how to improve inventory turn . . .

JA Needs Your Help in Fighting LIFO Repeal
A repeal of the last-in, first-out (LIFO) accounting method is again on the legislative agenda, with President Obama proposing the measure in his 2011 budget. The repeal could deal a fatal blow to companies in the jewelry industry. JA will be contacting members of the House Ways and Means and Senate Finance committees. Help our efforts by taking action at JA's Legislative Action Center!

Congress Repeals 1099

Jewelers of America applauds the Senate's passage of H.R.4, "The Small Business Paperwork Mandate Elimination Act of 2011," which repeals the IRS 1099 reporting requirement. The House had passed the measure on March 3. President Obama is expected to sign the bill into law...

SEC Delays Rules for Conflict Minerals: What Jewelry Firms Should Know
The U.S. Securities and Exchange Commission has delayed publication of its final rules for conflict minerals provisions within the Dodd-Frank Wall Street Reform and Consumer Protection Act until late summer. JA COO Robert B. Headley gave an overview of the provisions at the Initiatives in Art & Culture Gold Conference, Friday, April 9, in New York. He educated attendees on the background of the provisions and what public jewelry firms will need to do once the rules are announced . . .

Responsible Gold Guidance Updated
JA has updated our Responsible Gold Position Statement, which now includes information on JA's policy with regard to individual mining projects. We've also made updates to JA's member guidance on this important issue. Please review with your staff and be prepared to answer questions.