Getting Started with GemJam

If you deal in jewellery, antiques or other luxury goods in the UK, you already know how awkward unique stock can be. No two items are the same, and each one needs its own record. That matters most if you sell under the VAT Margin Scheme.

GemJam was built specifically for dealers like you.

Why GemJam?

Unlike generic inventory systems built for bulk stock, GemJam treats every item as unique. Each piece has a stock level of zero or one: it’s either in your inventory or it’s been sold. That one difference shapes everything about how GemJam works.

Key features

• Every item gets its own detailed record, with custom fields, images, and provenance information
• Margin scheme calculations and the record-keeping HMRC expects are built in
• Purchases and sales are tracked across the full lifecycle, from acquisition to sale
• Detailed records are kept for your buyers and sellers
• Invoices come out branded, so they reflect the quality of your business

Setting up your account

Getting started takes just a few minutes:

1. Create your organisation. Enter your business details and VAT information.
2. Configure your templates. Create templates for each type of item you sell (e.g. one for rings, another for watches, another for handbags).
3. Add your first items. Start building your digital inventory.
4. Record a purchase. Log where each item came from and what you paid.

Understanding the VAT Margin Scheme

The VAT Margin Scheme allows eligible dealers to pay VAT only on the profit margin of each sale, rather than the full selling price. This can significantly reduce your VAT liability, though it does require detailed record-keeping.

GemJam handles the complexity for you:

• Works out the margin scheme VAT when an item sells, for the items flagged as margin scheme
• Tracks which items qualify for the scheme
• Generates the records HMRC requires
• Produces clear reports for your quarterly VAT returns

What’s next?

Once you’ve set up your account and added your first items, explore these features:

• Bulk import, if your inventory data already lives in a spreadsheet
• Shopify sync, to keep your online shop and your stock in step
• Dashboard analytics on your buying and selling patterns
• Email templates for sending purchase records and invoices automatically

We’re building GemJam to be the tool dealers in this trade actually want to use. Your feedback shapes the roadmap, so do get in touch.