GJEPC will focus on demand generation for diamonds and jewellery in the next two years

Mr. Vipul P Shah, Vice Chairman, GJEPC and also CEO & Managing Director of Asian Star Co. Ltd. has a rich experience in the diamond industry. His business acumen and professional conduct have contributed significantly in transforming a diamond manufacturing...

13 july 2020

The need for significant capital investments will be the main trend in the diamond mining industry in 2021-2030

The prospects of the diamond industry in the post-crisis period are discussed by the Rough&Polished correspondent with Sergey Mityukhin, Candidate of Geological and Mineralogical Sciences, Honored Geologist of the Russian Federation.

06 july 2020

Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

JVC & JMG together offer ‘JewelPAC’ in US

29 june 2020
Two leading organisations of the jewellery industry – Jewelers Mutual and Jewelers Vigilance Committee – will together offer JewelPAC, a programme that keeps jewellers compliant with the USA PATRIOT Act’s anti-money laundering (AML) requirements. The Jewelers Mutual Group will host the fully online programme consisting of content curated by Jewelers Vigilance Committee (JVC).
Tina Olm, Jewelers Mutual Director of Enterprise Business Development said: “We were founded in 1913 and JVC was founded four years later. Bringing together 200-plus years of knowledge will help raise the tide of the jewellery industry like never before. It is something almost all jewellery businesses need to have. Not only are there federal regulations around creating and maintaining a programme, but many banks and credit facilities will also require proof of a programme.”
The two organisations explained that the newly launched programme, that jewellers who buy and sell $50,000 or more per year in precious metals, precious stones, or jewellery for which 50% of the value is derived from precious stones or precious metals must create and implement a comprehensive programme that includes: appointing a compliance officer, conducting a risk assessment, writing a programme and policy document, training employees, and periodically testing the programme to ensure it is working as designed.
In order to make compliance processes easier and more comprehensible, the JewelPAC programme features training modules that automatically create the required customised documents and updates programme materials each year, keeping documents current and automating some of the review processes. “This reduces the amount of time that jewelers need to spend creating and editing a compliant AML programme. Ultimately, it provides peace of mind that a programme was made correctly and is up-to-date.”
Tiffany Stevens, JVC President, CEO and General Counsel commented: “We’re seeing federal regulators place an increased level of scrutiny on AML programmes, with a focus on where the jewellery supply chain is most vulnerable. Jewellers could try to create their own programme, but it would take significantly longer than using the JewelPAC programme and may not meet federal requirements. More importantly, the JewelPAC programme has been tested and provides a proven solution to jewellers, representing the pinnacle of business ethics and something we’re proud to be a part of.”
The organisations concluded by pointing out that while the laws have not changed, the ways businesses interact and transact with customers in the digital age has. This shift in how the jewellery industry conducts business makes implementing an approved AML programme more important than ever.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished