NAJ Pricing Code of Practice Raised to ‘Assured Advice’
16 Aug 2022
The National Association of Jewellers has taken the step to elevate its pricing Code of Practice to Assured Advice with its primary Trading Standards partner.
Working closely with Buckinghamshire and Surrey Trading Standards team, the National Association of Jewellers (NAJ) continues its proactive approach to educating members through easy-to-read summaries of sometimes complex legislation, ensuring consumers continue to buy from NAJ members with peace of mind.
In essence, the codes of practice are a set of written rules explaining how jewellery businesses should behave. It encompasses relevant legislation but is not the law in itself.
Download Pricing Code of Practice
The 'Assured Advice' is designed to benefit consumers and protect NAJ Members rather than prosecute those who do not follow the rules. The result is an agreed-upon document aligned with wider consumer protection protocol and legislation. Those ignoring the Code of Practice could be deemed to breach consumer protection laws.
Principal Officer of the NAJ, Ben Massey, explains,
"Shaping professional excellence in the jewellery industry and protecting the consumer goes hand-in-hand. The Pricing Code of Practice is a crucial step in ensuring standards across the trade.
"Working with Trading Standards to turn these documents into 'Assured Advice' gives peace of mind to consumers and retailers who follow the law."
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.
The crucial purpose of developing these codes of practice 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.
Pricing Code of Practice
Pricing is a subject that affects all industries and sectors of the jewellery trade, whether selling online or in-store.
The Pricing Code of Practice is founded on the following information:
- How should prices be displayed, and what documentation is required?
- What exceptions exist 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)
The six-page documentation is designed to protect you and your business.
Download Pricing Code of Practice
Source: National Association of Jewellers