The Company of Master Jewellers (CMJ) announced that it is bringing forward its retrospective rebate payment to members in its latest efforts to provide support amid the pandemic.
Retailer members of the association will now receive their retrospective rebate today (7 April), three months earlier than normal. The CMJ has also doubled the minimum payment that they will receive.
CMJ associate members, who are not shareholders thus not entitled to the rebate, will also receive financial support from the group through a one-off ex-gratia payment.
The association previously announced that its membership fees are also suspended for the next three months in light of the ongoing crisis.
Michael Aldridge, chairman of the CMJ, said: “We want to ensure that we are supporting all of the CMJ family wherever possible at this time.
“The aim of this unprecedented move is to offer financial support to all of our retailers, at a time when their shops are closed.”
He added: “We know that there are more challenges ahead; we are constantly reviewing how to best manage the situation and communicating updates to our members regularly.”