The JA Report: News, Tips & Trends from Jewelers of America

Delayed De Beers Class Action Settlement May Move Forward

After a delay of more than a year, the settlement of the De Beers class action law suit is finally moving forward. On December 20, 2011, the En Banc Panel of the U.S. Court of Appeals of the Third Circuit in Philadelphia overturned an earlier decision to reject the $295 million De Beers settlement.

While the ruling was an important step toward payment of claims, an appeal to the U.S. Supreme Court -- the last resort for objectors -- would cause further delays.

Enhance Your Customer Relationships in 2012

Did you know that Jewelers Mutual Insurance Company’s new Jeweler’s Cut™ program can help you kick off the New Year by building customer loyalty and increasing your earning potential? If you haven't yet, enroll in the program today.

Available exclusively to Jewelers Mutual commercial insured jewelers, the Jeweler’s Cut incentive program allows you to provide customers with information about how they can best protect their jewelry with a comprehensive insurance policy. As part of the program, your customers have the opportunity to receive a special, no-obligation insurance quote for their recent jewelry purchase e-mailed directly to them from Jewelers Mutual. Your customers will thank you for helping them make a smart decision about safeguarding their jewelry without having to complete a long, time-consuming application.

Practice Good Citizenship Year-Round

Being an active and positive force in your community shouldn’t just happen during the holidays. Jewelers of America’s “Cracking the Code: A Guide to Jewelers of America’s Code of Professional Practices” encourages you to connect with and give back all 365 days.

Each month, we're excerpting sections of the Guide, offering up insightful strategies to help improve your business. This month, we share tips on getting more involved with your community.

Ignore Management Details and Lose Profits

We continue our in-depth coverage of the recently released 2011 Jewelers of America Cost of Doing Business Report with a spotlight on high- and low-profit income statement measures. Last week, we excerpted a section on the benefits of comparing your business’ operating ratios to high- and low-profit jewelry firms. This week, we look at how a high- and low-profit income statement comparison can reveal key performance areas jewelry business owners should review in their stores to improve profitability.

The following excerpt is another example of how the 2011 Cost of Doing Business Report -- with its comprehensive data tables on a cross section of jewelry firms -- is an invaluable benchmarking tool to help you find areas to cut costs or strategize how to improve performance.

JA's Communications Toolkit

As jewelers, you'll experience more than a third of your annual sales in the next two months. With the extra foot-traffic could come extra inquiries into your store practices and how your business responds to current ethical issues that affect the jewelry industry, like diamonds from Zimbabwe, gemstone treatment disclosure or responsible gold mining.

Ensure your sales staff is ready for any questions they may receive this holiday season by having them review “Cracking the Code," the comprehensive online guide to Jewelers of America’s Code of Professional Practices. The online guide is designed to boost your bottom-line by giving you strategies to reinforce your customer's confidence in the products you sell.

Each month, we're excerpting sections of "Cracking the Code" to highlight the insightful and creative strategies included in it. This month, we spotlight the section in "Consumer Communications" that reviews JA's issue guidance -- an exclusive benefit to JA members.