In an effort to support its retailers financially during the trading challenges brought about by Covid-19, the Company of Master Jewellers (CMJ) has announced that it is bringing forward its retrospective rebate payment to members.
Full retailer members of the CMJ will receive their retrospective rebate on 7 April 2020, three months earlier than normal. The group has also doubled the minimum payment that they will receive.
In addition, CMJ associate members, who are not shareholders of the CMJ and therefore not entitled to the retrospective rebate, will also receive financial support from the group in the form of a one-off ex-gratia payment.
The CMJ, which is the largest jewellery and watch buying group in the UK and Ireland, has already announced to retailers that its membership fees are suspended for the next three months.
Michael Aldridge, Chairman of the CMJ, said: “We want to ensure that we are supporting all of the CMJ family wherever possible at this time. The aim of this unprecedented move is to offer financial support to all of our retailers, at a time when their shops are closed. We know that there are more challenges ahead; we are constantly reviewing how to best do manage the situation and communicating updates to our members regularly.”
The CMJ has been issuing regular updates to its members on the latest government guidelines and legislation, as well as offering advice on topics such as how to continue to engage with customers remotely. This week will also see the CMJ launch a webinar programme for members.