Recorded WebinarsSep 29, 2023
The Lab-Grown Diamond Market: Where Are We Now?Watch as Edahn Golan, Sherry Smith and Avi Levy join Michelle Graff to talk pricing and trends in this controversial corner of the market.
Policies & IssuesJun 25, 2020
JVC, Jewelers Mutual Introduce Online AML Program
Called JewelPAC, the program assures compliance with the anti-money laundering requirements of the USA PATRIOT Act.
New York—The Jewelers Vigilance Committee and Jewelers Mutual Group have launched an all-online program designed to make it easier and faster for jewelers to stay compliant with the anti-money laundering requirements of the USA PATRIOT Act.
Called JewelPAC, the program has training modules that automatically create the required customized documents and update program materials each year, keeping documents current and automating some of the review process—kind of like a TurboTax for AML compliance.
“We’re seeing federal regulators place an increased level of scrutiny on AML programs, with a focus on where the jewelry supply chain is most vulnerable,” JVC President, CEO and General Counsel Tiffany Stevens said in a news release announcing the program.
“Jewelers could try to create their own program, but it would take significantly longer than using the JewelPAC program and may not meet federal requirements.”
Jewelers Mutual Director of Enterprise Business Development Tina Olm noted that in addition to the federal requirements for an AML program, many banks and credit facilities require proof of one.
RELATED CONTENT: JVC Releases Digital Guide Demystifying FTC GuidelinesCongress passed the USA PATRIOT ACT in October 2001 in an effort to shore up national security in the immediate wake of the 9/11 terrorist attacks.
The act requires the creation of a comprehensive AML program by jewelers who buy and sell $50,000 or more per year in precious metals, precious stones or jewelry for which 50 percent of the value is derived from precious stones or metals.
The program must include: appointing a compliance officer, conducting a risk assessment, writing a program and policy document, training employees and periodically testing the program to ensure it is working as designed.
JVC and Jewelers Mutual have been working on developing JewelPAC for more than two years. Jewelers Mutual hosts the program while JVC manages the content.
The program is entirely online and costs $750 for first-time users and $500 for renewals.
To learn more about JewelPAC and purchase it, click here.
More on Policies & Issues
The Latest
SourcingSep 29, 2023
Lucara Severs Ties With HB Antwerp The two companies initially partnered during the pandemic and had just signed a 10-year sales agreement in November 2022.
CollectionsSep 29, 2023
Piece of the Week: Sonya K’s Versatile Necklace A classic diamond tennis necklace gets a whole lot cooler with a removable pendant.
Brought to you by
Top 5 Ways to Promote Safety and Security Awareness Among Your StaffAwareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.
EditorsSep 28, 2023
The Gemstone World Is In Its Unique Cut EraAssociate Editor Lauren McLemore recently spoke with Columbia Gem House’s Eric Braunwart about the uptick in non-traditional gemstone cuts.
Weekly QuizSep 29, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
MajorsSep 28, 2023
Signet-Owned Rocksbox Now Sells Pre-Owned Fine Jewelry“Pre-Owned Luxury by Rocksbox” offers secondhand jewelry from Kay, Zales, and Jared to members and non-members.
CrimeSep 28, 2023
Have You Seen Jewels Like These? The British Museum Wants to KnowThe museum is asking for the public’s help in finding thousands of pieces of ancient gold jewelry and gemstones stolen from a storeroom.
Brought to you by
A Conversation with Dialog SolutionsDo you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
MajorsSep 28, 2023
The Kingswood Co. Names New VP, Wins AwardThe company was recognized for one of its private-label, consumer-focused jewelry care lines.
AuctionsSep 27, 2023
Antique Jewels Shine at Bonhams LondonA rare Chaumet necklace and 20th-century sapphire ring sold for double their estimates.
SourcingSep 27, 2023
India Calls for 2-Month Moratorium on Rough Diamond Imports The plea comes against a backdrop of declining demand and falling prices.
SurveysSep 27, 2023
Consumer Confidence Falls in September Amid Rising Recession Fears Shoppers also expressed concern about rising prices, higher interest rates, and political uncertainty.
Events & AwardsSep 27, 2023
PGI to Dole Out $500K in Business Grant Program Participants from the first round of grants saw up to a 900 percent increase in their platinum sales.
WatchesSep 26, 2023
Citizen Launches the Tsuki-Yomi A-T TimepieceAccording to the watchmaker, it features the first light-powered atomic timekeeping moon phase movement.
IndependentsSep 26, 2023
Sally Nelson, Founder of Exclusively Diamonds, Dies at 86The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.
Events & AwardsSep 26, 2023
2023 Spectrum Awards Entry Deadline ExtendedThe contest is now open for submissions until Oct. 10.
Events & AwardsSep 26, 2023
Instore Announces Dates for 2024 Show The annual event will return to Rosemont, Illinois next August.
SurveysSep 26, 2023
Mastercard Makes Its 2023 Holiday PredictionAccording to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.
CrimeSep 25, 2023
Oregon Jeweler Accused of Selling Lab-Grown Diamonds as NaturalPolice say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.
CollectionsSep 25, 2023
Neil Lane’s Latest Collection Uses Lab-Grown Diamonds The designer just launched a new bridal range at Kay Jewelers.
MajorsSep 25, 2023
Hearts On Fire Taps Mejuri Exec as CCOYunjo Lee has also worked on collections for Tiffany & Co. with Paloma Picasso and Frank Gehry.
MajorsSep 25, 2023
Second Generation Takes On New Roles at Sylvie JewelrySteve Levine joins the family-owned company, while his brother Gary has a new position.
MajorsSep 22, 2023
David Yurman Alleges These Two Companies Copied Its DesignsThe company has filed complaints against Royal Chain and Samuel B.
TrendsSep 22, 2023
Piece of the Week: Yun Yun Sun’s ‘Puzzle’ Ring The two-stone style benefits from two-toned metal.
Events & AwardsSep 22, 2023
HardRock Summit To Relocate In 2024The event is moving just outside of Denver.
WatchesSep 21, 2023
Timex Wants Your Old WatchThe company just rolled out “Timex Rewound,” a new takeback and resale program.
GradingSep 21, 2023
Retailers Warned About Fraudulent Email Purportedly From GIA The lab confirmed it did not send the message.
