Membership in the Jewelers Board of Trade (17.30)
If you plan on running your own diamond wholesale business, the Jewelers Board of Trade is a valuable tool for qualifying new accounts. Click on the link to view current fee schedule: www.jewelersboard.com/membership/product-price-list-effective-jan-1-2025
small price to pay to avoid the potentially devastating effects of non-paying clientele. addresses of every known jewelry-related business in the United States. As discussed earlier, it is well worthwhile to put a lot of effort into achieving a respectable JBT rating yourself, but the primary value of the book lies in keeping an eye on your wholesale clienteles’ ratings and to check the rating of future potential clientele. You would have a choice of being issued the Classic Red Book in hard copy form, a digital download or their mobile app. In addition comes a weekly list of companies that have changed their rating status up, down, or to non-rated. This is valuable information in case you are dealing with an account that shows a rating which has slipped into a lower category.
The alternative would be issuing a KYC (know your client) form for to all new customers that want to use your memorandum service. This should be implemented even if if you are a JBT member so you have the background history on your incoming new clientele.
The above is the first page of a KYC form courtesy of: www.classicgrowndiamonds.com/