JVC TO PRESENT “LEGAL COMPLIANCE IS NOT OPTIONAL,” FREE LEGAL COMPLIANCE SEMINAR, TO NEW YORK CITY’S 47TH STREET BUSINESS IMPROVEMENT DISTRICT AND THE SURROUNDING AREA

New York City — September 24, 2008 — Jewelers Vigilance Committee (JVC), the legal compliance expert in the jewelry industry, is presenting “Legal Compliance is NOT Optional” education seminar to members of the New York City’s  47th Street Business Improvement District (BID), and the surrounding area,  Wednesday, October 29, 2008, 9:30 AM – 11:00 AM.   JVC is presenting to this jewelry group based upon the high concentration of jewelry retailers and suppliers doing business in the  47th Street vicinity.

New York’s 47th Street is one of the largest, most well-known, fine jewelry and diamond selling locations in the US and around the world. It is estimated that 33,000 jewelers do business on the one single block. In 2006, JVC developed and launched “Legal Compliance is NOT Optional” to educate jewelers about the legal regulations regarding how they do business and has presented this seminar in major jewelry hubs across the US.

The seminar, presented by Cecilia L. Gardner, JVC’s president, CEO and general counsel and Suzan R. Flamm, assistant general counsel, will offer practical “how to” actions many jewelers may need to take to follow legal compliance regulations, including how to comply with anti-money laundering (AML) regulations pertaining to the USA PATRIOT Act.  Seminar content can help to demystify government regulations for jewelers.

"We're happy to be working with the JVC," said Michael Grumet, executive director of the 47th Street Business Improvement District.  "We want the merchants in our district to be in compliance with all laws and regulations concerning our industry and this seminar will help them to do so."

According to Gardner: “Government regulations for the jewelry industry have gotten tougher. It is important that retailers, manufacturers and distributors who sell fine jewelry know their legal obligations.

“JVC’s “Legal Compliance is NOT Optional” seminar will include important AML legal compliance information that jewelers cannot afford to miss.  We urge jewelers to attend JVC’s “Legal Compliance is NOT Optional” seminars, participate in the question and answer session, learn more about the benefits of JVC membership and visit JVC’s Web site, www.jvclegal.org for follow up information.

“Today, jewelers face many legal compliance challenges.  In addition to trying to maintain or add market share, jewelers must comply with an array of legal compliance regulations and at the same time, fulfill existing regulations such as filling out an 8300 form for cash transactions over $10,000.

 “JVC’s goal is to help jewelers doing business in the US understand the legal regulations pertaining to the manufacture, sale and advertising of fine jewelry.  Virtually all jewelry businesses can benefit from JVC products and services, as well as JVC’s AskAMLEXPERT@aol.com, a free, Web-based service available to JVC members and the industry at large.”

For more information about JVC’s free legal compliance seminars, education programs, jewelers’ anti-money laundering responsibilities and JVC products and services, visit: www.jvclegal.org.

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.