06302015Tue
Last updateTue, 30 Jun 2015 12pm

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Reporting cash transactions; file electronically for security and speed

By Suzan Flamm, Senior Counsel Jewelers Vigilance Committee

(NEW YORK) - Our industry has long been familiar with the obligation to report to the U.S. Treasury Department when sellers receive over $10,000 in cash. Some companies submit many 8300 Forms every year documenting these transactions, and others rarely receive large quantities of cash and thus only infrequently file. No matter the frequency of filing, however, the forms can be submitted electronically.  Not only is this the method preferred by the government, it has several advantages over paper filings sent by mail. 


Jewelers of America adds new GEM Award for Watch Design category

Submission period opens for 2016 Award nominees

(NEW YORK) - Jewelers of America (JA), the national association for businesses serving the fine jewelry marketplace, has announced the addition of a GEM Award for Watch Design to the 14th Annual GEM Awards gala taking place on January 8, 2016, at Cipriani 42nd Street in New York. The GEM Award for Watch Design will honor either a well-established or emerging brand which has an extraordinary design aesthetic and/or has made significant technological advancements in the field of watches. GEM Awards – considered the Academy Awards of the jewelry industry – honors the achievements of individuals and companies whose work raises the visibility of fine jewelry and watches.

Rapaport "Market Correction" article calls for increased profitability

(NEW YORK) - Martin Rapaport has released a comprehensive editorial entitled “Market Correction” that calls on the diamond trade to end unsustainable business practices. Citing the imbalance between high rough and low polished diamond prices, Rapaport calls on the banks to stop financing unprofitable diamond manufacturing until polished prices rebound and profitability returns. He urges the trade to prioritize the purchase of polished diamonds over rough. Rapaport encourages the industry to promote confidence in diamonds by supporting competition among buyers who provide transparent, firm bid prices.

New Jersey jeweler awards winner of Junior Jeweler contest

Elementary School student has original design created just in time for Mother’s Day

(TOMS RIVER, N.J.) – Toms River, New Jersey-based Corinne Jewelers has announced the winner of their Junior Jeweler competition.

Carly Stopera, a fourth-grade student at North Dover Elementary, won the competition with her drawing depicting a dolphin leaping through sunlit waters. Carly designed the piece for her mother as a special Mother’s Day gift, and it was transformed into a sterling silver heart pendant by the artisans at Corinne Jewelers. Ryan Blumenthal, owner of Corinne Jewelers and head designer, Allyson Berlen, made the announcement at a school assembly May 4th, where he also awarded a Junior Jeweler certificate to every student who entered the competition

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