A buying group is an organisation that combines the purchasing volumes and power of its members in order to obtain goods or services at a better rate than might be achieved through individual negotiation. The Company of Master Jewellers (CMJ) buying group was founded in 1980 and is now the largest jewellery and watch buying group in the UK and Ireland.
CMJ members receive more than the financial benefits associated with a buying group – we also provide members with marketing solutions, industry insight and regular networking events.
And our members receive all of this without losing any of their independence, hence our motto “We are individually strong; Together we thrive”.
There are a host of advantages as a member of the CMJ.
As a retailer, you will benefit from the best discounts in the industry from leading jewellery and watch suppliers, hassle-free invoicing, free marketing collateral, exclusive industry news and insights, regular networking events and buying opportunities.
Our suppliers benefit from instant exposure to some of the best independent retail jewellers in the UK and Ireland, as well we additional support including industry news updates and invitations to regular networking events.
All of our members – both suppliers and retailers – have access to unique support from their peers via our WhatsApp groups.
When a retailer joins the CMJ, they become an Associate Member. This means that they immediately receive all the benefits associated with being a CMJ member, including market-leading supplier discounts, exclusive marketing materials and access to our regular networking events. After two years as an associate member, retailers are invited to become full members of the CMJ.
For a supplier to become a member of the CMJ, they need to offer exceptional products or services that complement our existing portfolio, as well as the very best discounts and terms on the market.
For retailers, there is a one-off, non-refundable joining fee of £1,000 and a monthly administration fee of £54.17 (+ VAT), which is set at the discretion of the CMJ Board and may be subject to change.
After two years as an associate member of the CMJ, retailers are invited to become a full member. Full members purchase 3,000 shares in the CMJ at a cost of £4,800, and their £1,000 non-refundable membership deposit is offset against the cost of these shares. Full membership benefits include an annual rebate, full voting rights at the annual general meeting (AGM) and the potential to join the CMJ Board of Directors.
For suppliers, there is an initial joining fee of £1,000 and an on-going agreed commission percentage for the CMJ.
As a retailer, when you contact us to apply to join the CMJ, we will ask you for some business information so that we can assess your application against our membership criteria. This will include a brief summary of your business, your plans, your top suppliers/brands and copies of your full accounts for the past two years.
On receiving interest from a potential new supplier, we evaluate the product or service category you provide and determine if you offer something that isn’t already catered for within our existing supplier base.
If we have capacity in that segment of our supplier base, we conduct the necessary due diligence, agree a CMJ commission percentage, and ensure you are offering our retailers the very best discount in the industry. We then prepare an application pack for our Board to vote on.
The first step is to contact us for an informal chat and apply for membership.
There is no obligation to buy only from CMJ suppliers, however we encourage as much of your purchasing to come through the group as we believe our suppliers are the best in our industry. This will also maximise your CMJ turnover, enabling you to generate the largest retrospective payment at the end of the year.
When your organisation becomes a member of the CMJ, we keep your contact details on a secure database, which is used by our team to keep you regularly updated on relevant news, promotions and invoices. We share this information with our approved suppliers, so they know you are eligible for the discounts we have negotiated with them. The information is never shared with anyone else. Even if you agree to receive updates by email when you join, you can unsubscribe at any time.
Still have a question? Get in touch today and we’ll get back to you as soon as possible
We’d like to keep you informed on any changes to the services we deliver, as well as the latest developments in the retail jewellery market. To receive regular and relevant information from the CMJ, please submit your details using the form above.
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