Fight LIFO Repeal

The jewelry industry is one of the few American industries left with large numbers of smaller businesses from retailers to jewelry manufacturers, as well as diamond, gem, jewelry and watch distributors and traders. Today, we need your help more than ever.

We urge you to oppose a repeal of the last-in, first-out (LIFO) inventory accounting method, which is included in President Obamas budget. LIFO is a well-accepted and long-standing method of accounting for inventory used by hundreds of thousands of businesses. The repeal would be a serious blow to the jewelry industry, which is still recovering from its worst tailspin since the Great Depression. In 2008 alone, nearly 2000 retail jewelry store doors closed. With precious metals prices at record levels and margins continuing to decline, LIFO repeal will hurt jewelersbusinesses directly at a time when many are still struggling to get back on their feet. It would be a disaster from which many businesses would not recover.

The industry efforts to oppose LIFO repeal are being led by Jewelers of America, the national trade association for businesses serving the fine jewelry retail marketplace. JA members and other jewelry businesses make invaluable contributions to the local, regional and national economy, through job creation and financial support of local commerce.

Those who use LIFO would be devastated by repeal.

Please oppose LIFO repeal!