Jewelry Industry Credit Tightens Up

This recession has had many casualties, but the most far-reaching could be the long-standing jewelry industry tradition of extended terms and easy memo. Many suppliers say they can no longer afford to be the jewelry industry's bankers, leaving their “capital” sitting in retailers' cases, sometimes for years. And the industry's real bankers are putting their foot down, some warning vendors they will no longer finance standard industry credit practices. As a result, suppliers are tightening up—and retailers are noticing. “I know of retail companies that can't get anything on memo,” says David Truong, owner of Mimi's Jewelry in Fountain Valley, Calif. “If you have good relationships with suppliers, you can get what you want. But it's a lot harder to get a stone right now unless you have adequate credit and money in the bank.” Shanu Singh Guliani, Guliani's Fine Jewelry
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