ASA to offer jewelry appraisal course

The American Society of Appraisers (ASA) Gems and Jewelry Committee is offering a jewelry appraisal course in July.

The course, titled Gems and Jewelry Appraisal Theory, Methods and Application, will be held from July 8-11 at Hofstra University in Hempstead, N.Y., just prior to Jewelry Camp.

Attendees will receive a concentrated study of GJ valuation theory and principles that includes the three approaches to valuing gems and jewelry; factors influencing value; appraisal terminology; literal versus interpretative description; types and uses of appraisals; value research methods for the three approaches to value; data analysis and adjustment; use of statistics in valuation; complete versus limited appraisal; self-contained, summary and restricted-use reports; components of the written appraisal report; and writing narrative commentary.

In addition, attendees will learn to write reports that are compliant with 2008-09 USPAP.

To register, click here. Dorm rooms are available on campus.
Source: nationaljewelernetwork

Amendments to Clean Diamond Trade Act

The Office of Foreign Assets Control of the U.S. Department of the Treasury has added two amendments to the Clean Diamond Trade Act that assist in the gathering of statistical data relating to import and export of rough diamonds in the U.S., the Jewelers Vigilance Committee said Tuesday.

The first amendment emphasizes that Customs will not release a shipment of rough diamonds, without the formal entry documents (a “formal entry for consumption”) regardless of the value of the shipment, JVC said. This amendment clarifies the already existing requirement for this documentation for imports, but makes clear that the documents are required for all shipments, including those under $2,500 in value. 

The second amendment requires all rough diamond importers and exporters in the U.S. to file an annual report by April 1 of the year following the reported period. The report is filed via e-mail with the Office of the Special Advisor for Conflict Diamonds, U.S. Department of State. The first report for the calendar year 2007 is due on Sept. 1.

The report should include contact information regarding the identity of the importer or exporter (name, address, telephone number, fax, and e-mail address) and the total amount of import/export activity for each of the three harmonized tariff codes (7102.10, 7102.21 and 7102.31) that cover rough diamonds for the year reported. This should include the total amount of carats of each classification of rough diamonds imported and exported, the total number of import and exported shipments and information on remaining stockpiles or rough diamonds as of the end of the reporting year, reported both in number of carats and approximate value.

The e-mail address for filing these reports is USKimberleyProcess@state.gov.

Failure to file the annual report can expose a rough diamond importer or exporter to a civil fine of $10,000 for each instance of non-compliance, or criminal penalties of up to $50,000 in fines and 10 years imprisonment.

“The data contained in the annual reports filed by rough diamond traders is protected by U.S. privacy laws and will not be subject to disclosure," said Sue Saarnio, special advisor for Conflict Diamonds, U.S. Department of State. "The new regulations will enhance our statistical data gathering and reporting for purposes of complying with our obligations under the Kimberley Process.”

Cecilia Gardner, JVC president and chief executive officer director of the U.S. Kimberley Process Authority, “This effort to improve the data gathered on imports and exports of rough diamonds will further strengthen the U.S. industry’s efforts to end the trade in conflict diamonds.”     

Saarnio, Vincent Dantone, program manager for Trade Policy Enforcement Programs, U.S. Customs and Border Protection, and Kristen Nespoli of the U.S. Census Bureau, will be at JVC’s exhibit booth, L-13, at JCK Las Vegas, June 1 and June 2, to provide guidance to rough diamond importers and exporters on the Kimberley Process and Clean Diamond Trade Act regulations. 

"Efforts to facilitate data collection of rough diamond trading in the U.S. meet the industry's goals of improving international implementation of the Kimberley Process," Eli Izhakoff, chairman and CEO, World Diamond Council.
Source: jckonline

EBay changes diamond-listing policy

Online auctioneer eBay has made changes regarding how sellers can describe diamonds and jewelry on the site.

According to the company's current policy, the word "diamond" can be used without qualification only in the case of "a natural mineral consisting essentially of pure carbon, crystallized in the isometric system." The stone must also have a hardness of 10, a specific gravity of approximately 3.52 and a refractive index of 2.42.

In addition, sellers listing any laboratory-grown diamonds that have the same mineral composition as a naturally mined one, can use the word "diamond" only if it is immediately proceeded or followed by one of eight terms: "created," "lab-created," "man-made," "synthetic," "manufactured," "laboratory-grown," "laboratory-created" and "[manufacturer-name]-created."

These terms must be spelled out in their entirety and be equally visible to the word diamond, according to the company's policy.

Changes also apply to diamond simulants. Listings for a cubic zirconium stone can use the word "diamond" in the item title or description only if it is immediately preceded or followed by the words "simulated" or "imitation." Sellers must also include "Cubic Zirconia" or "CZ" in equal visibility to the other terms. In addition, the stones can only be listed on the site in the Cubic Zirconia or other categories, not under diamonds.

The full policy can be found under eBay's listing for Jewelry, Precious Metals and Loose Beads.
Source: nationaljewelernetwork