Published – Your Pricing Code of Practice
19 Jul 2022
NAJ principal officer Ben Massey introduces a new document designed to help businesses operate honestly and professionally.
Earlier this year, I wrote about the Association’s new strategy and its focus on compliance, profit and responsibility. Avid readers will have noticed the recent introduction of the disciplinary procedure alongside an updated code of conduct, which spearheaded the launch of this new strategy. After consultations with trading standards bodies and jewellery sector representatives, I am delighted to introduce the first code of practice documentation on pricing.
What are codes of practice?
The NAJ exists to assure business owners, their customers and employees that your business operates with Honesty, Integrity and Professionalism. Every other benefit you receive as an NAJ member is in support of this goal.
The crucial purpose of developing these codes of practices is twofold:
1) to help members understand and meet their legal responsibilities
2) to provide clear documentation to those members who may be ignorant of their legal obligations, and their continued actions may lead to suspension or termination of their membership
In essence, the codes of practice are a set of written rules explaining how jewellery businesses should behave. They encompass relevant legislation, but none is law in itself. Over time, preparing easy-to-understand and accessible codes of practice will help shape professional excellence in the jewellery sector.
Why pricing?
As you might expect, pricing is frequently cited when complaints arrive at the NAJ Resolve service – a free service for members managed by the NAJ compliance officer. It is a subject that affects all industries and sectors of the jewellery trade, whether selling online or in-store.
We built the pricing code of practices around the following information:
- How should prices be displayed, and what documentation is required?
- What exceptions are in place if the individual selling price is over £3,000?
- How to demonstrate good value by comparing pricing to another, usually higher, price (i.e. price promotions)
- Examples of Was/Now pricing
- When and when not to use recommended retail prices (RRPs)
- Tips for using external reference prices (ERPs)
If you’re an NAJ member and have not reviewed your pricing in line with the code of practice, I implore you to do so as soon as possible. The six-page documentation has been prepared to protect you and your business.
What next?
We are currently working on the Hallmarking Code of Practice. The document will focus on the primary purpose of the Hallmarking Act to control descriptions of precious metals and the legal obligations of the jewellery business.
To download the Code of Practice for Pricing
View NAJ Member Documents
Email Compliance
Call 0121 237 1110
Source: The Jeweller