jewellery Accountant

Tracking and controlling physical inventory: Implementing robust systems to account for the movement of valuable items.
Costing methods: Applying appropriate costing methods (e.g., FIFO, weighted average, specific identification) to accurately value inventory.
Valuation of precious metals and gemstones: Understanding market fluctuations, hedging strategies, and industry-specific valuation techniques.
Accounting for consignment inventory: Managing inventory held on consignment and ensuring accurate revenue recognition.
Handling of scrap and wastage: Accounting for losses and recoveries during the manufacturing process.
Sales and Revenue Recognition: This involves understanding the various sales channels (retail, wholesale, online) and applying appropriate revenue recognition principles, including accounting for discounts, returns, and layaway sales.
Cost Accounting: Analyzing production costs, including direct materials (precious metals, stones), direct labor (artisans, setters), and overheads. This helps in determining the cost of goods sold and profitability.
Financial Reporting: Preparing accurate and timely financial statements (balance sheet, income statement, cash flow statement) that reflect the specific nuances of the jewellery business. This may include disclosures related to precious metal holdings and valuation.
Compliance and Regulatory Requirements: Staying updated on relevant laws and regulations related to the jewellery industry, such as anti-money laundering (AML) regulations, hallmarking regulations, and tax laws specific to precious metals and gemstones.
Internal Controls: Establishing and maintaining strong internal controls to safeguard valuable assets and prevent fraud. This includes controls over inventory, cash handling, and purchasing processes.
Taxation: Understanding the specific tax implications for the jewellery industry, including sales tax, excise duty (if applicable), and income tax related to inventory valuation and transactions in precious metals.
Analysis and Interpretation: Providing financial analysis and insights to management to support decision-making, such as pricing strategies, inventory management policies, and profitability analysis of different product lines.
Working with Industry-Specific Software: Familiarity with accounting software and potentially specialized inventory management systems used in the jewellery industry.

Job Type: Full-time

Work Location: In person

Expected Start Date: 04/05/2025,