As we delve further into 2024, we reflect upon the passing of New Year’s Day, Australia Day, and Valentine’s Day. It’s time to speculate on what lies ahead for your business.

Economy

Considering the prevailing economic uncertainties, we must be prepared for potential downturns. It is crucial to ensure our stock levels and overheads align with our desired targets. When contemplating the addition of new stock, it may be prudent to consider offloading older inventory. While it may be tempting to hold onto valuable pieces at their original price, it is worth considering the option of offering a discount. Such an incentive might entice customers to make a purchase, freeing up cash for new and more sought-after items in the process. It is prudent to maintain a balance between sourcing captivating new stock and conscientiously managing existing levels while keeping an eye on any stagnant or obsolete items. Instead of waiting for a full-priced sale, discounting 20 percent off a ten percent portion of old stock could yield better results.

Laboratory-Grown Diamonds

On a separate note, let us address the matter of laboratory-grown diamonds. Whether you are a trader of laboratory-grown diamonds or a proponent of their permanence, one constant remains—deception remains prevalent. Therefore, we propose that regardless of your supplier, it is imperative to test and verify the authenticity of your diamonds. Investing a few minutes into testing can save you from potentially losing thousands of dollars, whether it is from a supplier or a customer. By inspecting the products upon their arrival, we significantly reduce the risk of legal disputes, brand damage and expensive exchanges. In such an era, it pays to exercise utmost caution, double-checking every aspect, even if the inscriptions align. Vigilance is crucial to protect our businesses. 

Customs

Lastly, let us provide a brief update regarding jewellery imports. Australian Customs authorities have intensified their scrutiny of the jewellery sector and import processes over the past few years. Occasionally, the inquiries made seem excessive, leading to unexpected delays lasting weeks or even months. The Jewellers Association of Australia (JAA) recognises this concern and has initiated discussions with government officials to gain insight into their specific requirements. The aim is to assist our members and the trade in preparing and meeting any necessary criteria, thereby reducing unnecessary delays.

As we navigate the year ahead, may we extend our best wishes for a healthy and prosperous 2024 to one and all and look forward to engaging with you. Again, we encourage our members to reach out to us through various channels: by phone, and email, following and engaging with us on Facebook and Instagram, and staying updated by reading our emails.