The CBG office has received many calls lately from retailers requesting we put policies in place regarding price increases.
While we acknowledge volatility across the marketplace concerning gold, diamonds, labor, and transportation, we must all work together to ensure that the consumer has a great experience while supporting our industry and preserving our relationships with each other for the long run.
Since we already have your 2022 contracts, all price changes must be approved by the CBG office.
Please adhere to the CBG best practices laid out below:
Sold Memo items must be invoiced at the prices on the original memo, unless a new memo has been issued.
Special orders must be fulfilled at the same price as the item in the retailer’s stock, unless the retailer has been provided with current pricing before placing the order.
Once the special order has been placed, if a price increase has been recognized, the supplier shall either;
a) Alter or size the item from the retailer, if possible, to fill the order.
b) Exchange the in-stock item for the item the customer wants.
c) Fulfill the order at the old price and provide an updated price list.
If you are unable to provide an updated price list, old pricing should be honored until you are able to do so or, memo merchandise should be recalled.
When stock orders are placed, the supplier should update the pricing on the PO before shipping the merchandise.