How to Close a Jewelry Account at a Consignment Gallery
When you set up a jewelry account at a consignment shop, certain laws govern how you must handle the account. These laws fall under the UCC (Uniform Commercial Code) Article 9, pertaining to "Secured Transactions." To enter a consignment relationship, there should be a written agreement between the store manager and yourself. When closing the account, be sure that you are not violating the terms of the agreement.
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Instructions
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Read the consignment contract to determine the length of the agreement. For instance, if you agree to leave your jewelry in consignment for six months, wait until the full six months pass. Otherwise, you risk paying a fee for terminating the agreement early.
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Visit the consignment shop in person. Advise the owner/manager that you wish to close your account. It is OK to notify the owner, in advance, that you will be visiting the store to close your account.
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Collect all of your jewelry from the shop. As you collect your pieces, use your inventory checklist to ensure that all of your jewelry pieces are accounted for.
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Collect all of the money that is due to you, minus the consignment fees and commissions that are due the owner. The consignment fee and commissions should be outlined in your original consignment agreement.
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Write a statement indicating that you are terminating your consignment account. Indicate in the statement that all of your jewelry has been collected and all fees have been paid to the owner. If you are missing some pieces and/or the owner owes you more money, indicate this information in the termination statement.
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Sign the termination statement. Also request that the store owner sign the termination statement. Provide a copy of the signed termination statement to the store manager. Keep the original copy for your own records.
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