Could 2018 mark a new crypto era for UK jewellers?


Could 2018 mark new crypto era for UK jewellers?

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Attempts to persuade UK gold dealers and jewellers to embrace the cryptocurrency Dash in their business plans in 2018 could enjoy a surge of activity following the award of 'wallets' of digital cash to 10 jewellers around the country.

As part of a project to promote wider use of digital currency among retailers, a market survey, conducted in conjunction with the National Association of Jewellers last November, asked 2200 NAJ about their plans for the future use of Dash, an alternative to Bitcoin.

A total of 201 companies responded, including some of the largest UK firms in the sector, many of them claiming they were open to the possibilities of using Dash in their business. The survey will be published later this month but according to Stuart Bean, who carried out the research on behalf of Dash, the results were encouraging.

"Emerging themes included education, security, costs, knowledge, and inevitably compliance concerns. We are pleased by the number of people who are open to the possibilities of using Dash in their business," he said.

Ten respondents were chosen randomly for Dash prizes including Phil Sylvester, owner of Sylvesters the Jewellers in Kenilworth, who received a virtual 'wallet' of 5 Dash, currently nearly £4,000 in value.

The Fine Founder, the first NAJ member to accept cryptocurrencies as payment method, was a runner-up, one of nine to receive 2 Dash each.  

"Being the first NAJ member to accept cryptocurrencies as payment method, we are pleased to create a safer online boutique for both our clients and ourselves and we look forward to working with Dash in the future," said Rafael Schouchana of The Fine Finder, which was founded to improve access to Brazilian fine jewellery for customers from all over the world. 

Other runners-up included Adam Jacobs of Jacobs The Jewellers in Reading and Damian Miles, of Damian J Miles Jeweller in Okehampton.

"I'm very pleased to be working with Dash and looking forward to investigating the possibilities of using Dash further," said Miles. 

"It is my hope that Dash will cover everything from consumer payments through to paying suppliers to achieve a fully integrated supply chain. Using Dash makes payments almost instantaneous meaning cash flow, or should I say Dashflow, is kept as efficient as possible meaning no waiting times for card payments to be credited or cheques to clear. The consumer industry has seen many changes in the last few years and I feel alternative payment methods will become increasingly important.”

Other runners-up included Kerstin Haigh of Kerstin Haigh Jewellery and Nicola Hurst of Nicola Hurst Designer Jewellery.


Kate Laven


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