EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
Policies & IssuesJan 30, 2018
What’s Happening in Washington That Will Affect Retailers
Major Gen. Tim Haake gave a rundown on tax reform and the ongoing issue of online sales tax as Centurion opened Sunday.
Scottsdale, Ariz.--As the Centurion show opened in Scottsdale, a lawyer and lobbyist gave about 100 show attendees a rundown on what’s happening in Washington right now that might impact their businesses.
In a session held Sunday morning and presented by Jewelers of America, Tim Haake outlined provisions of the recently passed tax reform bill that are of interest to business owners.
Haake is a retired major general who is an attorney in the Washington, D.C. office of international law firm Dentons and is a principal at Haake Fetzer, the D.C. consulting firm that lobbies on behalf of JA and its political action committee, JAPAC, in the nation’s capital.
Haake presented his points on the tax reform bill largely without political comment, despite the fact that the tax overhaul, like any legislation, has plenty of both detractors and supporters.
Signed into law by the president Dec. 22, the bill has been criticized by some as being slanted in favor of the wealthy and big corporations and harmful to the middle and lower classes in the long run, while others have lauded it as much-needed reform that will ultimately benefit everyone.
The tax reform bill cut the corporate tax rate from 35 percent to 21 percent and includes a 20 percent tax deduction for “pass-through businesses,” like S corporations, partnerships, LLCs and sole proprietors.
Haake said it also allows for full expensing of equipment and other property for a roughly five-year period, between Sept. 27, 2017 and Jan. 1, 2023.
In addition, the bill doubled the estate tax exemption to $11.2 million for singles and $22.4 million for couples. It is indexed for inflation, which means it will increase every year.
The Border Adjustment Tax, or BAT, which is a levy JA lobbied against via JAPAC, was eliminated from the bill, while the LIFO (Last In, First Out) method of accounting, which is used to place an accounting value on inventory and saves jewelers large amounts of money every year, was preserved. He categorized these both as “victories” for JA and its members.
Haake also provided updates on several other pieces of legislation of interest to the jewelry industry, including online sales tax and recently introduced legislation to reinstate the ban on Burmese rubies.
As reported earlier this month, the Supreme Court has agreed to reconsider Quill, the 1992 decision that allows online businesses today to avoid charging sales tax in states
where they don’t have a “physical presence,” meaning an office, store or shipping facility.
JA has been lobbying for online sales tax reform for years on behalf of its members, who say they lose sales to online competitors due to the fact that consumers can save the sales tax when shopping online.
While the Supreme Court’s decision to reconsider Quill is a victory for proponents of sales tax “fairness,” Congress would still need to intercede in order to pass a federal framework for sales and use tax. Otherwise, businesses could find themselves operating within a network of potentially disparate laws passed by individual states.
Though online sales tax reform has been stymied by Congress for a decade, Haake pointed out that one major opponent of the change recently announced that he won’t seek re-election.
Rep. Bob Goodlatte (R-Va.), chairman of the House Judiciary Committee and a longtime opponent of online sales tax legislation, said in November that he’s not running again and so will not be in Congress come January 2019.
“We’re not out of the woods yet,” on the issue, Haake said, “but we’re looking pretty good.”
Haake also noted that bills to reinstate the ban on Burmese rubies and jadeite, which was lifted in October 2016, have been reintroduced in the House and the Senate.
JA has been lobbying for online sales tax reform for years on behalf of its members, who say they lose sales to online competitors due to the fact that consumers can save the sales tax when shopping online.
While the Supreme Court’s decision to reconsider Quill is a victory for proponents of sales tax “fairness,” Congress would still need to intercede in order to pass a federal framework for sales and use tax. Otherwise, businesses could find themselves operating within a network of potentially disparate laws passed by individual states.
Though online sales tax reform has been stymied by Congress for a decade, Haake pointed out that one major opponent of the change recently announced that he won’t seek re-election.
Rep. Bob Goodlatte (R-Va.), chairman of the House Judiciary Committee and a longtime opponent of online sales tax legislation, said in November that he’s not running again and so will not be in Congress come January 2019.
“We’re not out of the woods yet,” on the issue, Haake said, “but we’re looking pretty good.”
Haake also noted that bills to reinstate the ban on Burmese rubies and jadeite, which was lifted in October 2016, have been reintroduced in the House and the Senate.
More on Policies & Issues
The Latest
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
