JVC PRESENTS “TRAINING FOR
ROUGH DIAMOND TRADERS:
U.S. STATUTORY REQUIREMENTS”
AT THE JAN/NY SUMMER SHOW

Sponsored by Jewelers Vigilance Committee
and U.S. Kimberley Process Authority- USKPA

Attendees Will Receive Reference Materials,
Including “The Essential Guide to
Implementing the Kimberley Process,”
Prepared by World Diamond Council

New York City — June 24, 2008 – The Jewelers Vigilance Committee (JVC) is presenting “Training for Rough Diamond Traders: U.S. Statutory Requirements” at the JA/NY Summer Show, Jacob Javits Convention Center, Monday, July 28, 2008, 10:30 – 12:00 noon, meeting room 1E03.    U.S. Treasury has announced two new amendments to the Clean Diamond Trade Act that will affect rough diamond importers and exporters’ businesses.

Amendments cover data collection for the import and export of rough diamonds in the U.S. to support obligations under the Kimberley process. 

Training will cover new procedures diamond traders must follow, including mandatory requirements of “formal entry for consumption” documents and for filing an annual report in the U.S. The e-mail address for filing both 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.

Training will be conducted by Sue Saarnio, U.S. State Department, representatives from the U.S. Departments of Customs and Census, and Cecilia Gardner, JVC's president, CEO and general counsel. The will be Q&A period. Training is sponsored by JVC and the United States Kimberley Process Authority (USKPA).

“Said Cecilia Gardner, President and CEO of the JVC and Director of the US Kimberley Process Authority, “This effort to improve the data gathered on imports and exports of rough diamonds will further strengthen the US industry’s efforts to end the trade in conflict diamonds. To avoid liability, rough diamond importers and exporters are urged to attend. Attendance at this training is vital to avoid liability or government enforcement actions.” 

Said Sue Saarnio, Special Advisor for Conflict Diamonds, U.S. Department of State:  “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.  The new regulations will enhance our statistical data gathering and reporting for purposes of complying with our obligations under the Kimberley Process.”

Said Eli Izhakoff, Chairman and CEO, World Diamond Council, "Efforts to facilitate data collection of rough diamond trading in the US meet the industry's goals of improving international implementation of the Kimberley Process."

Attendees will receive written guidance prepared by the U.S. State Department,  “The Essential Guide to Implementing the Kimberley Process,” prepared by World Diamond Council, “Guidance on Trading with the European Community (EC)” and an updated list of diamond government office contacts.

Registration for this training session is not required. Refreshments will be served.

Watch JVC’s website, www.jvclegal.org, for more information about amendments to the Clean Diamond Trade Act and for JVC’s legal compliance products and services.

For information about the Kimberley Process and Clean Diamond Trade Act, visit: www.state.gov/e/eeb/diamonds or http://www.kimberleyprocess.com/

About Jewelers Vigilance Committee
Jewelers Vigilance Committee, founded in 1917, is a not-for-profit legal trade association fulfilling its mission to maintain the jewelry industry’s highest ethical standards. JVC offers dispute mediation and arbitration services for trade and consumers, compliance monitoring and precious metals testing, among many other services. JVC, long considered the industry’s guardian of ethics and integrity is a resource for the entire jewelry industry and its customers as well as an industry representative before government agencies, media and adjunct fields. For more information visit: www.jvclegal.org. 

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