Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationPolicies & IssuesJun 18, 2024
JA, Industry Leaders Take Russian Diamond Import Concerns to D.C.
The group met with lawmakers to raise awareness about the financial, operational, and supply chain harms posed by an EU proposal.
From left to right, industry leaders Ronnie VanderLinden, David Bonaparte, Matthew Swibel, Dave Meleski, and Jon Bridge (not pictured), visited the U.S. Capitol last week to meet with lawmakers to discuss import restrictions on Russian diamonds.
Editor's Note: This story was altered post-publication to clarify Ronnie VanderLinden's role at the International Diamond Manufacturers Association. He is the president, not the immediate past president as previously reported.
New York—Jewelers of America hosted a trip to Washington, D.C., last week, leading a group of industry stakeholders to discuss the implementation plans for U.S. import restrictions on Russian diamonds with lawmakers.
Their concerns centered on an EU proposal that would force all Group of Seven nations-bound rough diamonds of 0.5 carats and above through a single import channel in Belgium, starting Sept. 1.
JA President & CEO David Bonaparte represented the organization and led the group consisting of Jon Bridge, chair/counsel emeritus of Ben Bridge Jeweler; Dave Meleski, president and CEO of Richline Group; Matthew Swibel, vice president of sustainability and social impact at Signet Jewelers; and Ronnie VanderLinden, immediate past president of the Diamond Manufacturers & Importers Association of America and president of the International Diamond Manufacturers Association.
The group met with a dozen Democratic and Republican lawmakers in both the U.S. House of Representatives and the Senate who serve on committees that oversee trade-related issues.
Their message was this—the proposed adoption of an exclusive physical verification and certification system in Belgium for all rough diamonds would cause “maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues.”
On March 1, U.S. Customs and Border Protection (CBP) issued guidance on importing polished diamonds weighing 1 carat or more into the U.S. just as the G7’s new restrictions on diamonds mined but not cut in Russia took effect.
Expanded regulations are set to take effect Sept. 1, when the size threshold will drop to 0.5 carats and the import rules will extend to finished jewelry, lab-grown diamonds, and watches.
Until then, the G7 technical committee is working on a traceability plan to further monitor and restrict the circulation of Russian rough diamonds, which is where Belgium comes into play.
According to the Sanctions resource page launched in March on the Jewelers Vigilance Committee website, one method of tracking would require rough diamonds to enter G7 countries via specific “nodes”—the EU has proposed Antwerp, Belgium be the node—for uploading onto a blockchain to ensure source verification.
The FAQ adds, “We don’t yet fully know what this looks like or how expeditiously goods will move from source countries to the node for registration to cutting factories.”
Related stories will be right here …
New York—Jewelers of America hosted a trip to Washington, D.C., last week, leading a group of industry stakeholders to discuss the implementation plans for U.S. import restrictions on Russian diamonds with lawmakers.
Their concerns centered on an EU proposal that would force all Group of Seven nations-bound rough diamonds of 0.5 carats and above through a single import channel in Belgium, starting Sept. 1.
JA President & CEO David Bonaparte represented the organization and led the group consisting of Jon Bridge, chair/counsel emeritus of Ben Bridge Jeweler; Dave Meleski, president and CEO of Richline Group; Matthew Swibel, vice president of sustainability and social impact at Signet Jewelers; and Ronnie VanderLinden, immediate past president of the Diamond Manufacturers & Importers Association of America and president of the International Diamond Manufacturers Association.
The group met with a dozen Democratic and Republican lawmakers in both the U.S. House of Representatives and the Senate who serve on committees that oversee trade-related issues.
Their message was this—the proposed adoption of an exclusive physical verification and certification system in Belgium for all rough diamonds would cause “maximum damage to the global diamond and jewelry supply chain, while having minimal effect on Russia’s diamond revenues.”
On March 1, U.S. Customs and Border Protection (CBP) issued guidance on importing polished diamonds weighing 1 carat or more into the U.S. just as the G7’s new restrictions on diamonds mined but not cut in Russia took effect.
Expanded regulations are set to take effect Sept. 1, when the size threshold will drop to 0.5 carats and the import rules will extend to finished jewelry, lab-grown diamonds, and watches.
Until then, the G7 technical committee is working on a traceability plan to further monitor and restrict the circulation of Russian rough diamonds, which is where Belgium comes into play.
According to the Sanctions resource page launched in March on the Jewelers Vigilance Committee website, one method of tracking would require rough diamonds to enter G7 countries via specific “nodes”—the EU has proposed Antwerp, Belgium be the node—for uploading onto a blockchain to ensure source verification.
The FAQ adds, “We don’t yet fully know what this looks like or how expeditiously goods will move from source countries to the node for registration to cutting factories.”
JA and the other advocates who met with lawmakers last week stated that the financial, operational and supply chain harms posed by the EU’s proposal is “too great for the U.S. government to accept.”
The group’s discussions at the Capitol highlighted supply chain disruptions that stem from the proposed import requirements and the resulting increased cost to American jewelry consumers.
“JA has been working tirelessly behind the scenes and this visit to Washington, D.C., was a critical step to ensure we minimize unnecessary disruptions to the U.S. diamond industry,” Bonaparte said.
“We are very concerned about the additional requirements that could take effect on Sept. 1, including adopting a European Union proposal that would force all G7/U.S.-bound diamonds of a half a carat and above through a single import channel in Belgium.”
The group also lobbied for a “grandfathering” clause that would apply to all diamonds and diamond jewelry imported into the U.S. prior to March 1, 2024.
JA said this step is necessary for protecting the value of the trillions of dollars of diamonds and diamond jewelry held by the U.S. consumers, as well as the inventories of the U.S. diamond jewelry industry.
Also in D.C., the group shared the benefits of maintaining attestation of rough and loose diamonds imported into the U.S. and the current certification systems in place at producer-country level.
The advocates stressed the value of issuing additional guidance that would make it clearer, to both the industry and CBP officials, that the current 1-carat import restrictions apply only to individual, loose diamonds and not the total weight of all diamonds in finished jewelry.
“JA continues to staunchly support efforts that will keep diamonds of Russian origin out of the supply chain, including the more stringent U.S. Customs and Border Patrol requirements that went into effect on March 1,” JA said.
“Jewelers of America calls on all JA members to support this effort by using JA’s Legislative Action Center to tell Congress that the proposed restrictions slated for Sept. 1 go too far and will hurt jewelry businesses.”
On Sept. 18, JA will host its annual fly-in, which offers JA members an opportunity to meet with their congressional representatives to discuss Russia and other key issues.
The day prior to the fly-in, Sept. 17, JA will host one of its Multifaceted Learning Workshops at The Army & Navy Club.
To learn more about JA’s advocacy efforts, visit the organization’s website.
More on Policies & Issues
The Latest
TrendsJul 01, 2024
Amanda’s Style File: Ravishing RubiesThe rich red July birthstone is the epitome of romance.
GradingJul 01, 2024
Gübelin Launches Lower-Cost, AI-Powered Gem ReportThe Gem Passport is available for emeralds, rubies, and blue sapphires weighing up to 3 carats.
TechnologyJul 01, 2024
GemOro Has a New Permanent Jewelry MachineThe Sy Kessler-owned company recently debuted the Helix Permanent Jewelry Welder.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
SourcingJul 01, 2024
Diamond Supplier SRK Exports Joins United Nations Global Compact As a member of UNGC, the diamond supplier pledges to implement sustainable and socially responsible policies.
Weekly QuizJun 27, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 28, 2024
Fura Gems CEO Dev Shetty Steps DownHe’s leaving the colored gemstone miner to pursue other opportunities, the company said Friday.
IndependentsJun 28, 2024
Krombholz Jewelers Goes All In on Antique, Vintage JewelryIn response to growing customer demand, the Cincinnati jeweler will transition to selling only antique, vintage, and estate jewelry.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
Events & AwardsJun 28, 2024
CBG Announces Dates for ‘The Experience’ 2024The show is slated for Sept. 9-11 in Downtown Nashville.
CollectionsJun 28, 2024
Piece of the Week: Sorellina’s ‘Cassette Tape’ PendantThe nostalgic “Cassette Tape” pendant features a spool of diamonds that “rewind” or “fast-forward” with the “Cassette Key Pencil” pendant.
EditorsJun 27, 2024
How Color Made Its Mark on the Vegas Show FloorsAssociate Editor Lauren McLemore shares her roundup of trending designs, vendors’ top picks and the unexpected color that made a statement.
CollectionsJun 27, 2024
De Beers Jewellers Honors Southern Africa in New High Jewelry CollectionThe “Forces of Nature” collection was inspired by the place where De Beers sources most of its diamonds.
GradingJun 27, 2024
GIA Debuts Jewelry Report ServiceThe pilot program will provide grading information for diamond jewelry.
SourcingJun 27, 2024
De Beers’ Rough Diamond Sales Sink 31%The company sold $315 million in rough in the fifth sales cycle of the year, down from $456 million in the same period last year.
MajorsJun 26, 2024
Q&A: Watches of Switzerland CEO Brian Duffy Talks Jewelry StrategyDuffy spoke candidly about the company’s plans to watch and learn, his love for the U.S. market, and what he learned from his mom.
SurveysJun 26, 2024
Consumer Confidence Slips in June Amid Rising PricesThe costs of food and groceries remained a top concern, followed by the labor market and U.S. politics.
SourcingJun 26, 2024
Lucapa Sells Stake in Mothae MineThe Australian miner has signed over its 70 percent share in the diamond deposit to Lesotho company Lephema Executive Transport.
Events & AwardsJun 26, 2024
2024 AGTA Spectrum Awards Open for EntriesThis year marks the 40th anniversary of the jewelry design contest.
SurveysJun 25, 2024
Jewelry a Top Performer in ‘Stalled’ Luxury Market, Says Bain & Co.Its recent report dives into the current dilemma facing luxury brands.
ColumnistsJun 25, 2024
The Smart Lab: 4 Strategies To Boost Your Jewelry Site’s SEO RankingsEmmanuel Raheb runs down the list of tried-and-true SEO tips and details a couple lesser-known tricks.
SourcingJun 25, 2024
Miriam ‘Mimo’ Caplan Joins Family Business as VPThe founder of Mimo Gem Traders is the newest executive at Evan Caplan Company.
CollectionsJun 25, 2024
Boucheron’s ‘Or Bleu’ Collection Is an Ode to WaterThe 2024 high jewelry collection features pieces representing water in many forms.
WatchesJun 25, 2024
Formula One Driver Latest High-Profile Investor at Chrono24Charles Leclerc and his brother, Lorenzo Leclerc, have sunk money into the watch marketplace.
MajorsJun 24, 2024
See What Inspired Tiffany & Co. Silver Designer Edward C. Moore A collection of the silversmith’s personal objects, as well as items created during his time at Tiffany, are on display at the Met.
MajorsJun 24, 2024
JA to Offer Beginner Bench Jeweler Certification at GIA Carlsbad HQThe on-site exam will be administered from Aug. 8-9.
SourcingJun 24, 2024
Gemfields' June Ruby Auction Fetches Nearly $69MThe sale marks the miner’s 10th anniversary of its first auction of rubies from the Montepuez Ruby Mine in Mozambique.
CollectionsJun 21, 2024
Say Howdy to Zadok Jewelers’ New ‘Texas’ CollectionCowboy boots, horseshoes, and longhorn motifs make an appearance in the Houston-based jeweler’s new line.
