Shanu Singh Guliani

Can a JBT Rating Secure the Deal?
April 9, 2007

Has a JBT rating helped your store acquire a new line? Do your vendors require a credit rating of either a 1 or 2 from the Jewelers Board of Trade and industry references to carry their line?

I will be opening a new store in Charlotte, NC and I started to wonder if JBT’s rating is one that holds a lot of weight in our industry. I’ve never had a vendor ask me, “What is you’re store’s JBT rating?” I’ve seen the question on every jewelry survey, when you register for a trade show, and even join an association, but I’ve never been denied entry or looked upon as a store with poor financial standing without a JBT rating.If I were asked for my JBT rating, I wouldn’t even be able to provide it because I am opening a new store and JBT will not rate your store unless you have been in business for a minimum of three years. I’ve provided credit references to secure a new line and/or brand, and have had no problem.

So then why be rated by JBT? Is being rated by JBT just another thing you should do to be a professional in this industry?

Taken straight from JBT’s website:

Established in 1884, The Jewelers Board of Trade (JBT) is a not-for-profit jewelry trade association. Its primary function is to compile and disseminate accurate and reliable credit information among its members as to the financial standing, credit history and background of sellers of jewelry and related products. JBT promotes the welfare of the jewelry industry by furnishing to our members highly specialized credit reports.

Another take…Can being listed in JBT increase sales or even be used as a sales pitch? Or is that deceiving?

Many jeweler’s on the web use being rated by JBT as a way to increase diamond sales. Evan Michaels & Son  jewelry stores website says, “Having a JBT rating allows us the opportunity to pursue and receive from anywhere nationally, overnight mailing of any fine diamond, colored stone, and any piece of jewelry to present to you with no commitment on your part.” Take a look at a how an appraiser and an eBay seller use JBT as a sales pitch here and here. (After you click on the link hold down control F on your keyboard and type in Jeweler’s Board of Trade…it will highlight for you where those particular words are typed).

You might have heard the words, “We’re rated in JBT,” slide off of jewelry store owners tongue like it was a “rating from God,” but then why aren’t more manufacturers putting emphasis on JBT’s rating? So, what’s your take on JBT? Are you rated because it’s just another thing you should do? On the other hand, a good rating makes you feel proud of yourself and your stores ability to sustain financially? Does your JBT rating hold much weight in your social circles? Do your wholesalers or diamond dealers put such emphasis on it? If they don’t then why bother having such as organization? Another take…Can your JBT rating be used as a sales pitch? Or is that deceiving?

Posted by Shanu Singh Guliani on April 9, 2007 | Comments (1)