RDI Diamonds is a Rochester-based distributor with clients nationwide and offers memo and stock transactions. RDI Diamonds is a member of the Jewelers Board of Trade (JBT).
Since its inception in 1884, the JBT has endeavored to oversee its members’ interests and those of the jewelry industry. All jewelry-related companies are permitted to join, and members have access to numerous benefits, including credit reports and alerts about their current client companies, collection services to recover fees associated with outstanding accounts, and a directory of over 30,000 jewelry-related businesses that allows members to reach buyers. Seminars, reports, and other resources are also available, allowing members to stay current on industry news and trends.
Today, JBT is the sole credit-reporting service devoted to the jewelry industry. The organization is supported and maintained by its members in North America and elsewhere in the world.
For more information about JBT, visit www.jewelersboard.com.
Founded in 1992, RDI Diamonds is a wholesale diamond company dedicated to the success of its jewelers. Located in Rochester, New York, RDI Diamonds offers a memo transaction service that allows jewelry retailers to show more stones, therefore maximizing potential profits.
A common practice in the jewelry industry, memo transactions are similar to credit transactions or loans in which suppliers lend their products to retailers. Stone suppliers who engage in memo transactions allow retailers to hold on to their products for specified periods of time at no cost. If sales transactions are completed between the retailers and their customers, the suppliers charge the retailers fees. However, if no sales are made prior to the expiration of the contracted periods of time, the stones are returned to the suppliers.
The process by which these transactions are carried out, also referred to as consignment, comes with risks. Should retailers file bankruptcy while the stones are in their possession, getting stones returned to suppliers can be a difficult and lengthy procedure. Suppliers can avoid obstacles to retrieving their stones in these instances by exercising necessary precautions, such as completing memo agreements and evaluating credit reports and Uniform Commercial Code filings to gain more detailed understanding of retailers’ financial soundness.