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Polished diamond trading remains cautious  as buyers wait for signs of price stability before they make  any large volume purchases. Miners, manufacturers, wholesalers and retailers are carefully monitoring their inventory levels, while Rapaport Research says an  oversupply of rough out of  Zimbabwe is throwing the market out of balance.  The  RapNet Diamond Index (RAPI) for 1.00-carat polished diamonds fell 1 percent in January.  Meanwhile, retail news pointed to stronger jewelry sales with comScore suggesting fourth-quarter online jewelry revenue jumped more than 18 percent, Christie’s reported 2011 jewelry and watch sales surged 41 percent and Swatch Group reported that direct sales of watches and jewelry rose 14 percent in 2011.

Diamond brand Forevermark appointed Kazuo Nomura as its managing director for Japan, replacing David Rudlin. The appointment will be effective April 2012.

”Kazuo has worked on the Forevermark brand since its launch and is perfectly placed to help develop the diamond brand’s position within the Japanese market,” said Forevermark’s global chief executive, Stephen Lussier.

Nomura has 31 years of industry experience out of which the past 17 years were within the De Beers Group.

Lussier stated that Nomura is perfectly suited to take Forevermark forward to the next stage of ambitious growth and expansion plan given his in-depth knowledge of the Japanese diamond industry and the retail scenario.

Nomura will be working closely with Rudlin over the coming months to ensure a smooth transition, the company stated.

The federal government (through FinCEN)  announced new rules that require sellers of “pre-paid access” products such as gift cards, or any other mechanism that provides access to transferable funds paid in advance, to comply with anti-money laundering rules pertaining to this activity, according to the Jewelers Vigilance Committee (JVC).  Pre-paid access also includes  such cards issued by a seller to provide credit for returns.  These rules go into effect on March 31, 2012.

JVC noted that increased use of pre-paid access products presents additional risks for money laundering and terrorist financing, according to FinCEN, the agency that issued the rules.

JVC kindly defined what these rules mean for the jewelry industry.

•Retailers that sell gift cards that can be used only in their stores OR who accept a return and issue gift cards to use in the store, in the amount of $2,000 or more, are required to take certain steps to ensure these products are not being used to launder money.

•Retailers who issue a gift card in an amount of $2,000 or less ONLY for credit and ONLY to be used for a purchase in their store do not have to comply, unless this card can be used internationally or “reloaded” remotely.

•If a gift card in the amount of $1,000 or more can be used at outside stores (another store or chain) for other items, than retailers have to comply.

•Retailers that issue any pre-paid access products to a customer in the aggregate amount of $10,000 or more in one day, have to comply.

JVC told retailers who already have an anti-money laundering program under the USA PATRIOT Act and also issue gift cards in the qualifying amounts can add the new requirements to the existing program.

Retailers who are exempt from the USA PATRIOT Act, but do issue qualifying gift cards, can use the JVC’s PACK -  USA PATRIOT Act Compliance Kit – to implement an anti-money laundering program in compliance with these new rules.

Compliance Requirements:

FinCEN requires that retailers who must comply shall gather customer identification information, maintain records of the transactions and implement an anti-money laundering program similar to the requirements of the USA PATRIOT Act.

Those who sell these products will also be obliged to report any suspicious activity using an IRS form called a “Suspicious Activity Report.”

Cecilia Gardner, JVC’s president, said, ”Compliance for sellers of pre-paid products is required by March 31, 2012. These new regulations are sure to engender questions and uncertainty by retailers that provide gift cards and store credits.”

Jewelers are welcome to email questions to the JVC  at  askamlexpert-at-aol.com.

Press Release: On February 8, 2012 at the Antwerp World Diamond Centre, representatives of the Antwerp diamond industry, and the Province of Antwerp present the ‘Antwerp Diamond Masterplan – Diamonds love Antwerp 2020’ to the public. That day Governor Cathy Berx will also officially inaugurate the Diamond Pavilion at the MAS.

Antwerp Diamond Masterplan

As a pioneer, Antwerp has always been at the cradle of the diamond industry as we know it today. The city grew to be the global diamond hub of the industry, continuously developing as the centre of know-how and technical expertise. But the industry has changed dramatically in recent decades. If we want to preserve and strengthen Antwerp’s leading role in the industry, a strategic plan for the future is essential.

That is why we created the Antwerp Diamond Masterplan. The project 2020 Antwerp Diamond Masterplan paves the way for the transformation of Antwerp’s 550 year diamond trade into a vibrant, expanding sector of Belgian business. It is a work in progress that will help the market transition from its traditionally rigid stance to an agile, strategically driven, professional and highly motivated enterprise that leads the international diamond industry. Launched with the support of Berx, a series of meetings at the Antwerp Provinciehuis gave voice to frustrations and fears from within the industry. Governor Berx articulated ways forward, leading to the formation of a steering committee comprised of industry stakeholders. A vision document with analysis was developed which made the expectations clear. The resulting vision ”Antwerp will always be the beating heart of the global diamond community’ forms the basis of the Diamond Masterplan for Antwerp.”

Two primary objectives:

–To build growth and innovation opportunities
–To build trust and confidence within the industry and with external stakeholders

Five key elements, working together, will achieve these objectives:
•Growing Antwerp as a Diamond Trading Hub
•Antwerp as a Diamond Knowledge Centre
•Education and Transparency
•Community Integration and City Experience
•Job Creation

It won’t take until 2015 to implement this strategic plan. Forty to  50 percent of the strategic plan will be initiated before the end of this year. The clear mission, implementation detail, scorecard and focus on hard issues, is an excellent way forward. The Antwerp Diamond Masterplan is a bold, brave statement from a sector that sees itself as winning the battle for its future.

Diamond Pavilion

At the same event the MAS | Diamond Pavilion was official opened by Berx. The Diamond Pavilion is a joint venture of Antwerp World Diamond Centre and the Provincial Diamond Museum of Antwerp. The Diamond Pavilion explains why Antwerp is called the global diamond center, and shows at the same time who is active in the diamond trade, now and before. The pavilion tells the story of the rich history, the economic importance and many other aspects of this typical Antwerp activity. The diamond shop completes the total experience. The Diamond Pavilion also presents the famous  diamond ECC tennis racket, finished with 1.167 sparkling diamonds “cut in Antwerp”; the city shield of Antwerp and a piece of jewelry from the Napoleonic era.

It is a meeting space for everyone who shares a love for beauty, art and diamonds and is open  from Tuesday to Sunday from 10 a.m. to 5 p.m.

Other facts:

The importance of the diamond industry for Antwerp, Flanders, Belgium and Europe

The city and country are world leader in the diamond industry.
Eighty percent of all the rough diamonds and 50 percent of all the polished diamonds pass through Antwerp.
Belgium is the biggest exporter of diamonds in the world, for a total of $ 27 billion.
Diamonds represent 8.25 percent  of the Belgian export and 15 percent  of the Belgian import outside the EU.
Within the EU, diamond is the biggest Belgian export product.

The economic importance of the sector
The annual turnover is more than €42 billion.
Diamonds account for an added value of €1500 million for Belgium.
The diamond industry creates over 34 000 jobs (direct and indirect) in Flanders.
The diamond industry annually pays between €300 and €800 million  fiscal and parafiscal contribution.
For several countries, diamond is the number 1 export product from Belgium. Some examples: India, China and Russia.
Diamond represents 86 percent  of the export to India.
There are 1850 registered diamond traders in Antwerp.
In Antwerp ( in the diamond district) more than 70 nationalities live and work together in harmony.