For a number of years, Nationwide has provided its members $25,000 in six months interest-free finance to spend with suppliers at the annual JAA International Jewellery Fair.
However, after a record-breaking number of sales were made at its Cairns conference last month, Australia’s largest jewellery buying group has decided to increase the amount for all platinum and gold level reward members to $35,000.
“With the overall spending at our recent conference buying day being up over 50 per cent on last year, it is clear that members are looking to replenish stock levels in response to improving retail sales,” Nationwide director Barry Jackson said.
The financing scheme was initiated 16 years ago as a way to help members introduce new ranges in store without compromising cash flow.
“Working capital finance is hard to secure for jewellers as banks are reluctant to lend against stock,” Nationwide managing director Colin Pocklington explained. “Our finance – otherwise known as ‘conference cash’ or ‘trade fair dollars’ – is really easy to use.”
Pocklington stated that the buying group’s members had shown “quite good interest” in the upcoming jewellery fair and that more than 500 Nationwide members were expected to register to attend the event.
Nationwide has made approximately $110,000 of interest-free finance available for each member in 2014; overall, it will be making more than $5 million available to all members at the fair.
The Sydney JAA International Jewellery Fair will be held from 31 August to 2 September at the Sydney Exhibition Centre @ Glebe Island.
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