Dubai Metals and Commodities Centre today announced the official launch of The Jewellery Store (TJS), a DMCC company providing a new service to jewellery wholesalers and retailers. The new service includes hi-tech inventory solutions as well as a maximum security vault for wholesale consignments.
 |
| (from Left): Ahmed bin Sulayem, Chief Operating Officer of Dubai Metals & Commodities Centre, Tawhid Abdullah, Managing Director of DAMAS Jewellery, Martin Botha, Managing Director of Standard Bank, Jeffrey Rhodes, General Manager of Standard Bank's Representative Office in Dubai and Gabriel Nasser, I.T. Director of The Jewellery Store, addressing the press conference. |
TJS DMCC uses Radio Frequency Identification (RFID) tags to identify and track individual articles of jewelry before they are sold. Retailers will be able to quickly and easily carry out stock checks using handheld scanners. With greater accountability for stock, The Jewellery Store DMCC and its wholesaler customers will be able to offer enhanced finance and more cost effective insurance solutions to retail partners.
"The Jewellery Store DMCC is introducing an innovative new solution which offers a host of benefits to the jewelry retail industry worldwide," said Gabriel Nasser, I.T. Director of The Jewellery Store. "By providing retailers with the means to track their stock much more efficiently than they could before, retailers will have a much better idea of what stock they have, and they will be able to detect theft much sooner. By linking a retail system back to The Jewellery Store DMCC and the wholesalers, both parties will be able to track the items placed at each retailer."
TJS DMCC will be offering various packages to retail jewelry stores, Shops can lease the equipment and software from TJS charged at a monthly rate of around USD 1,000. All consignment will be stored in the vault being constructed in DMCC. Retailers will essentially be able to get their inventory on consignment basis from the vault according to the manufacturer or wholesaler that the retail shop owner is interested in.
For the complete service, TJS DMCC will act as a central hub between the retailer's systems and the wholesalers, giving the wholesaler real-time reports into the stock held by each of its retailers. Typically jewelry retailers in Dubai today source products on an unfixed basis with the contract price only set when the jewelry is sold, creating a "paper" exposure to the international price of gold. The Jewellery Store DMCC, with its innovative supply methodology, will eliminate this risk and the need to meet cash margin calls.
The Jewellery Store DMCC has been formed by four partners: Damas Jewellery LLC; Deepu Jewellers LLC, Yusuf Nonoo Jewellery and Standard Bank Plc, who are all major participants in the region's jewellery industry.
"The Jewellery Store is not simply a technology solution, but an innovative financial solution, which is underpinned by advanced technology and backed by Lloyds of London insurers," said Jeffrey Rhodes, General Manager of Standard Bank's Representative Office in Dubai.
"The company has unparalleled knowledge and understanding of all aspects of Dubai's gold and jewelry markets enabling it to address the needs of the industry and allowing us to provide exciting new methods of finance for our wholesale and retail customers," added Rhodes.
