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JVC to discuss gemstones, rough diamonds at JA

June 25, 2008

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New York—The Jewelers Vigilance Committee (JVC) will present seminars on colored-gemstone compliance and rough-diamond requirements for traders at the upcoming JA New York Summer Show.

"Color Gemstone Sales: Are you Compliant or at Risk" will take place on Monday, July 28, and will feature a panel including Christopher Smith, vice president and chief gemologist of the American Gemological Laboratories, and Cecilia Gardner, the JVC's president, chief executive officer and general counsel. Robin Spector, attorney for the Federal Trade Commission, will appear on video with comments that she has previously made on the federal regulations governing gemstone disclosures.

The panel will discuss disclosure of gemstone treatments to consumers, current legislation and initiatives on gemstones from Burma, and updates on irradiated gemstones. In addition, Smith and Gardner will examine some of the challenges the colored-gemstone industry faces today, particularly supply-side integrity.

"Today, gemstone treatments are more extensive than ever before and they are becoming more and more complicated in terms of the techniques applied, means of identification and terminology for full and accurate disclosure," Smith said in a media release. "As a result, accurate gemological authentication and disclosure from independent third parties is becoming increasingly more important."

All attendees will receive a brochure titled "The Essential Guide to the U.S. Trade in Irradiated Gemstones," co-authored by the JVC and the American Gem Trade Association.

"Training for Rough Diamond Traders: U.S. Statutory Requirements" will also take place on Monday, July 28.

The U.S. Treasury has announced two new amendments to the Clean Diamond Trade Act that will affect rough-diamond importers and exporters, and this seminar will cover the new procedures that diamond traders must follow, including mandatory requirements of "formal entry for consumption" documents and requirements for filing an annual report in the United States.

Training will be conducted by representatives from Sue Saarnio of the U.S. State Department, representatives from the U.S. Departments of Customs and Census, and the JVC's Cecilia Gardner.

"This effort to improve the data gathered on imports and exports of rough diamonds will further strengthen the U.S. industry's efforts to end the trade in conflict diamonds," Gardner said in a media release. "To avoid liability, rough-diamond importers and exporters are urged to attend. Attendance at this training is vital to avoid liability or government enforcement actions."

Attendees will receive written guidance prepared by the U.S. State Department, "The Essential Guide to Implementing the Kimberley Process," prepared by the World Diamond Council, "Guidance on Trading with the European Community," and an updated list of government office contacts for the diamond industry.

Both JA New York seminars are free to attend and registration is not required.

The colored-gemstone seminar will take place from 8:30 a.m. to 10:00 a.m. in room 1EO3. The rough-diamond seminar will take place from 10:30 a.m. to 12:00 p.m. in the same room.

For more information about the JVC's legal-compliance products and services, visit its Web site, Jvclegal.org.
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