Australia’s largest jewellery buying group has announced that as part of its six month interest-free financing scheme, platinum and gold reward level members will be given $50,000 to spend with suppliers at the 2015 International Jewellery Fair (IJF).
Silver and bonze reward level members will be allocated $35,000 while members that have not reached a reward level will be allocated $25,000 as in previous years.
Nationwide managing director Colin Pocklington said the opportunity to increase the finance amount arose due to Pandora’s decision to exit Australia and New Zealand’s three buying groups. The Danish jewellery brand made the shock announcement in February this year, stating that it would be introducing standardised trading terms across all retail stockists.
“From July 2015, Pandora will no longer be supplying the buying groups, which means Nationwide won’t be financing large volumes of Pandora stock. As such, we will have significant surplus finance available and have decided to use these funds to further benefit members,” Pocklington explained.
Nationwide also raised the finance allocation – from $25,000 to $35,000 – for platinum and gold reward level members to spend at the 2014 IJF.
Pocklington stated that traditionally most members used the full amount of finance available to them, and that he expected retailers to show strong spending patterns at the fair this year.
“Based on the excellent results at our buying day at the [Nationwide] Auckland conference, we are confident of a very good result at the fair,” he commented. “Also, quite a few members who did not attend the IJF in 2014 have already advised that they will be there in 2015.”
Nationwide has been running its financing scheme for about 17 years as a way to help members introduce new ranges to their stores without compromising cash flow. The buying group has a similar finance offering for members attending the annual Nationwide conference, Antwerp trips and the JAA Australian Jewellery Fair.
The 2015 International Jewellery Fair will be held at the Sydney Exhibition Centre @ Glebe Island from 29 August to 31 August.
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