Jewelry Groups Urge Govt. to Support Retailers

Mar 26, 2020 7:02 AM By Rapaport News

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RAPAPORT... Three jewelry groups have joined the National Retail Federation (NRF) in its efforts to help small US retailers obtain financial aid from the government during the coronavirus shutdown.

Jewelers of America (JA), the Jewelers Vigilance Committee (JVC) and the Women’s Jewelry Association (WJA), along with 90 other retail industry trade groups, have signed a letter to the White House urging the Trump administration to provide retailers with credit during the pandemic, the WJA said Wednesday.

“The economic harm from social distancing and mandatory store closures is real,” the letter states. “Layoffs and economic hardship will surely follow, particularly for smaller, specialty retailers and brands. Federal stimulus efforts must be swift and flexible enough to address the urgent need for access to credit to keep these businesses afloat.”

The letter goes on to address the lack of liquidity in the market while retailers are unable to run their businesses, asking that policy makers consider proposals that protect the “economic health” of the retail industry, and provide financial aid that will allow businesses to remain viable until the end of the crisis.

“Federal relief is paramount in the fight to protect our members and their employees,” said WJA executive director Jennifer Markas. “We will continue to advocate for our members together with other industry associations to amplify our voices at the national level.”

Late Wednesday, Senate lawmakers approved a bill that would provide $2 trillion in economic relief to US businesses and workers to help them survive the coronavirus pandemic. Once enacted, the legislation would provide about $250 billion in rebate checks to most Americans, and help struggling businesses meet payroll obligations.

Image: Jewelry on display. (Shutterstock)

Tags: ja, Jennifer Markas, Jewelers of America, Jewelers Vigilance Committee, JVC, National Retail Federation, NRF, Rapaport News, wja, Women’s Jewelry Association