An introduction to valuing your inventory from start to finish
Courtesy of Jewelers Mutual Insurance Co.
One of the best things you can do to protect your business from a loss of any kind is to keep current inventory records. It can seem a daunting prospect, but it’s especially important for jewelry manufacturers and designers to measure the changing values as they transform raw materials into finished goods.
Because each jewelry operation differs in size, method of operation, and type of inventory, it’s difficult to recommend one inventory system that will work for every firm. Smaller companies may still track their inventory the old-fashioned way, but computer-based inventory systems are affordable and easy to use. Contact your accountant or your Jewelers Mutual agent for a recommendation that meets your needs.