Jeweller - September 2021
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Buying group announces strong profits and returns for members<br />
Showcase <strong>Jeweller</strong>s has announced positive financial<br />
results for the year, with $3 million refunded to members<br />
as part of its profit-sharing model.<br />
The Showcase <strong>Jeweller</strong>s buying group has<br />
announced positive financial results for FY2019-<br />
2020 and FY2020-21, with a total of $3 million<br />
repaid to its members across Australasia.<br />
The results exceeded expectations, with Jorge<br />
Joaquim, chief financial officer, Showcase<br />
<strong>Jeweller</strong>s, saying the group’s profits had “almost<br />
doubled” in FY2020-21 compared with the<br />
previous financial year.<br />
Joaquim attributed Showcase’s performance<br />
to a number of factors during the COVID-19<br />
pandemic: “The government provided various<br />
types of assistance to businesses and<br />
individuals... So much money in the [local]<br />
economy led to a spending spree, including<br />
the jewellery industry. Just like many other<br />
businesses, our profits were beyond our<br />
expectations,” he told <strong>Jeweller</strong>.<br />
In a statement announcing the financial<br />
results, Showcase management said the<br />
buying group had "held steadfast in providing<br />
consistent support to its members over the<br />
past 12 months, while many members in turn<br />
have persevered through trials to thrive in<br />
unprecedented times.”<br />
During the 2020-21 financial year, the buying<br />
group implemented a three-month period<br />
without charging members and distributed<br />
refunds totalling $1 million from members’<br />
‘trading loan’ pool of funds.<br />
As Australasia’s only member-owned jewellery<br />
buying group, Showcase charges a 1 per cent<br />
fee on purchases which fund the trading loan,<br />
with all profits distributed to members annually;<br />
each member’s trading loan balance is fully<br />
refunded once they retire from Showcase.<br />
With retailers in NSW and Victoria currently<br />
impacted by extended lockdowns, Joaquim<br />
said Showcase management was “evaluating<br />
the situation in key COVID-19 areas to assess<br />
members’ needs and will take action accordingly<br />
for specific cases”. As at 1 December 2020,<br />
Showcase <strong>Jeweller</strong>s had 159 members across<br />
Australia, New Zealand and Vanuatu.<br />
Curators of of extraordinary<br />
Scandinavian design<br />
Harper & Rowe sources only<br />
the best freshwater pearls. Our<br />
contemporary designs also<br />
incorporate crystals, semiprecious<br />
stones, sterling silver,<br />
gold and leather.<br />
Connect with us<br />
@harperandrowe<br />
harperandrowe.com.au<br />
harperandrowe@gmail.com
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