D IA M O ND D I S T R I C T

MONTHLYVol. 74July 2016

74

New York State Senator Brad Hoylman

Located on a single block a l o n g 4 7 t h S t r e e t

between Fifth Avenue and Sixth Avenue, the Diamond District shines bright as a New York in-stitution – and thanks to organizations like the 47th Street Business Improve-ment District (BID), it remains a cornerstone of the economic and cultural fabric of our city.

As we look to the future of this storied neighbor-hood, lawmakers in New York must work closely with local stakeholders

like the 47th Street BID t o g u a r a n t e e t h e D i a -

mond District’s continued success as an economic powerhouse for New York City. Policies that diversify the area by developing the tourism potential of the district are key steps in preserving this important business hub.

Despite its geographic size, the Diamond District is a mighty force with an impact far beyond its catchment area. The Unit-ed States is the world’s largest consumer market for diamonds and over 90 percent of the diamonds

that enter our country go through New York City. In fact, diamonds constitute New York State’s number one export, generating $24 billion in economic activity each year.

The result, in large part, is a one-block area that is home to 4,100 businesses employing a small army of

As part of the 47th St. Business Improvement District’s efforts to

bring high-net worth individuals and civic opinion leaders to the Diamond District, we organized a meet & greet breakfast with many of our industry’s leading merchants and the membership of the Women’s City Club of New York. This organization was founded in 1915. A group of women inspired by the pending legislation to assure women’s suffrage came together to form this organization that would have a lasting impact on the public dialogue of significant social issues of the day. These women sought not only the right to vote, but also the know-how to make a real impact on New York City’s policies and progress.

Illustrious early members – like Eleanor Roosevelt and U.S. Labor Secretary Fran-ces Perkins, our country’s first female cab-inet member – were followed in ensuing decades by highly accomplished, wise and

influential women who have made their mark in New York and changed our city for the better. Today WCC continues to focus on issues of great concern to all New Yorkers: health care, affordable housing, poverty, environment and infrastructure, arts and preservation, education and women’s issues, among others. Their members are equally focused on cultivat-ing the next generation of women leaders.

To carry out their work, WCC iden-tifies, studies and analyzes important issues facing our city and state. They develop informed positions and publish research-based reports to educate and empower the public and to persuade elected officials. They provide forums for discussion and debate on the most

Continued on page 14

Continued on page 14

New York State Senator Brad Hoylman

Women’s City Club of New York Visits the Diamond District

Women’s City Club of NY being briefed during their visit to the Diamond District

2 JULY 2016 DIAMOND DISTRICT MONTHLY2 JANUARY 2016 DIAMOND DISTRICT MONTHLY

DIAMOND DISTRICT MONTHLY JULY 2016 3

Federal Ivory Ban

The U.S. Fisheries and Wildlife Service, along with President Obama, an-nounced regulations to ban nearly all commercial elephant ivory trade

in America.

The previous guidelines allowed ivory to be sold in the US if it was imported before elephants were listed as endangered, or if the animal died of natural causes - with documentation provided. The new regulations will restrict the sale of ivory to certified antiques that have documentation of importation and musical instruments that utilize less than 200 grams of ivory.

The newly issued regulations are designed to stop the decimation of the elephants — which are an endangered species. The US is the second largest market for African ivory — China is the first. The newly enacted ban will help fulfill President Obama’s 2013 executive order to combat wildlife trafficking.

It is estimated that roughly 96 elephants are killed daily. This equals 30,000 elephant deaths a year. The animals are killed for their tusks. Kenya has taken the lead in African nations fighting the trade in elephant tusks. The country recently publicized a mass burning of confiscated tusks.

In accordance with the procedures of the rule making process under the Endangered Species Act, the Fish and Wild Life Service had a period for public comment on the proposed rule changes. It became the second most commented upon rule change ever.

Jewelers can expect future visits from state and federal officials to make sure they are in compliance with the current regulations.

LegisLative Update

DIAMOND DISTRICT MONTHLY 580 5th Avenue, Suite 323

New York, NY 10036

Michael Grumet, Publisher michaelgrumet@diamonddistrict.org

O.O. Barrett, Editor

Natalia Cheviakova, Administrative Director info@diamonddistrict.org

Bernard Rapaport, Advertising Sales adsales@diamonddistrict.org

P: 212-302-5690 F:212-302-7835

Michael Mitchell, Art Director design@diamonddistrict.org

The Diamond District Monthly is published monthly by the 47th Street

Business Improvement District.

4 JULY 2016 DIAMOND DISTRICT MONTHLY

ExEcutivE committEEHarvey Nagin – Nagin JewelryPresidentSteven Grauer – Gold Art 18 KT LLCChairmanDennis Marlow – Solitaire CreationsSecretaryRobert Hadi – Premier Realty, Inc.TreasurerRichard Winick – Manny Winick & SonRichard Friedman – I. Friedman & SonsRonnie VanderLinden – Diamex Inc.Jeffrey Mordekai – Petra Jewelers

Board mEmBErsS. David Belsky – S.D.Belsky AssociatesChair Audit CommitteeJay Holzer – DyckmansChris Ipek – Altin RealtyRaizy Haas – Extell Development Corp.Lucy Orozco – Valley National BankMatt Selig – Leo IngwerJohn Kocak – Unique SettingsYale Zoland – Zoland’sDanielle Azeroual – Premier RealtyAdnan Aydin - Futurama Jewelry ExchangeJack Elo – The Elo GroupMoris Yero Shalmi – ABCAlon Mor – Mor DiamondsJules Fleischer – Jewelry by AlexanderSammy Abramov – AA PearlMichael Oistacher – Manhattan Gold & SilverIsaac Chetrit – Yadidi GroupSunny Yung – Central Management Corp.Manny Grunberg – M. Grunberg Inc.Memhet Gulay – City Property DevelopmentAdam Abramson – Abramson BrothersSammy Kaufman - SarineEyal Alon - Malca AmitEliot Kirschner - EskayIlan Elishayev - SYU Properties, LLCBill de Blasio – MayorScott Stringer – New York City ComptrollerGale Brewer – Manhattan Borough PresidentDaniel Garodnick – Council MemberJohn Glaister – ResidentReuven Kaufman – Diamond Dealers ClubMichael Toback - MJSA

staFFMichael Grumet – Executive DirectorNatalia Cheviakova – Administrator Director

BoardoF

dirEctors

L A W O F F I C E S O F LEONARD M. WEINER LLC

206 East 38th StreetNew York, New York 10016Telephone (212) 370-1660; Fax (212) 370-1669E-Mail: lenlaw@verizon.net

Do you manufacture jewelry for the trade?

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DIAMOND DISTRICT MONTHLY JULY 2016 5

DIAMOND DISTRICT MONTHLY47TH STREET BUSINESS IMPROVEMENT DISTRICT

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June marks the offi cial start of the six-month Atlantic hurricane season. While there

haven’t been many storms to date (forecasters suspect this season will be quieter than others), it’s still a timely reminder to step back and assess your small business’s disaster preparedness and business continuity plans. If disaster strikes tomorrow, how will you react and recover?

As a small business owner, you’ve likely invest-ed a great deal of time and money to make your business successful. According to the In-stitute for Business and Home Safety, an estimated 25 percent of businesses do not reopen after a major disaster. To avoid becoming a statistic, you’ll want to not only iden-tify the risks associated with disasters, but you’ll also want to create an action plan for when a disaster does occur. P r o p e r p l a n n i n g will help to protect your employees, lessen the financial rami-fications of a disaster, and help you re-open your business sooner to support economic recovery in your com-munity. DiSaSter PLaNNiNg CHeCKLiStAs you evaluate your business’s disaster preparedness, consider the following:

• Does your business have a preparedness program in place?

• Which business systems are mission-crit-ical?

• Does your business have an emergency communications plan ?

• Are your business systems ready for a di-saster?

• Have you enrolled your business in the Red Cross’s Ready Rating Program?

• Does your business have a disaster pre-

paredness kit?• Are you aware of the disaster assistance

programs offered by SBA following a de-clared disaster?

after DiSaSter StriKeS

Even with all the planning in the world, you can’t always plan around Mother Nature. When disaster does strike, SBA provides low-interest disaster loans to businesses of all sizes, private

non-profi t organizations, homeowners, and renters.

SBA disaster loans can be used to repair or replace real estate, per-

sonal property, machinery/equipment, and inventory/

business assets that have been damaged or de-

stroyed in a declared disaster.

C h e c k o u t t h e s e d i -saster loan a s s e t s t o learn more

a b o u t h o w t h e S B A m a y

be able to help in the aftermath of a

disaster:• Learn how to apply for a

disaster loan• Learn about different

types of disaster loans• Learn more about the SBA Disas-

ter Home Loan Application (paper forms)To be eligible for SBA disaster assistance

loans, you must be located in a declared disaster area. The SBA also has disaster loan fact sheets available to homeowners and renters, businesses of all sizes, homeowner associations, and more which outline key points about SBA disaster loans for each group.

Some disasters are inevitable, but with proper planning and a wide variety of resources available to you as you rebuild, it is absolutely possible for your business to recover in the wake of a natural disaster.

DIAMOND DISTRICT MONTHLY JULY 2016 7

10 JANUARY 2016 DIAMOND DISTRICT MONTHLY

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8 JULY 2016 DIAMOND DISTRICT MONTHLY

FineJewelryMarket SwitzerlandFineJewelryMarket

2014 to 2015 (% Change in value of U.S. exports, HS Code 7113 articles of jewelry & parts, of precious metal or clad)

tOtaL -27

711319—JEWELRY AND PARTS THEREOF; OF OTHER PRECIOUS METALS* -27

711311—JEWELRY AND PARTS THEREOF; OF SILVER* -48

711320—JEWELRY AND PARTS; BASE METAL CLAD WITH PRECIOUS METALS -25

Switzerland’s current GDP per capita is $59,150 (2015 est.) with a GDP(PPP) of $493,126 billion (2015 est.), one of the highest in the world.

Switzerland has seen a slight decline in the jewelry market in the past three years, particularly from 2014 to 2016. However, gold jewelry makes up over 99.6% of total U.S. export values of jewelry to Switzerland, suggesting there is a strong demand for

jewelry. Annual reports suggest that demand for silver jewelry is up from 2013 to 2015, but year to date fi gures for 2016 have shown a major decline. Th e value in jewelry made of base metal clad with precious metal has decreased substantially in the year to date fi gure, however, this didn’t change a lot from 2013 to 2015. Exporters should follow how silver based jewelry sales change by the end of 2016; it would appear as if that market segment is on the rise despite its poor performance in 2013.

COUNtRY OveRvieW

ANNUAL EXPORT VALUE OF HS 7113: SWITZERLAND

YTD 2013

YTD 2014

YTD 2015

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

$1,452,169,970

$1,728,537,251

$1,259,887,698

Valu

e in

thou

sand

s of

US

Dol

lars

YTD EXPORT VALUE OF HS 7113: SWITZERLAND

YTD(MAR) 2014

YTD(MAR) 2015

YTD(MAR) 2016

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

$853,165,355

$578,599,772 $579,000,108

Valu

e in

thou

sand

s of

US

Dol

lars

*HtS 711319 (Jewelry and parts thereof; of precious metal excluding silver) made up 99.8% of total export value in YtD 2016. HtS 711311(Jewelry and parts thereof; of silver) made up 0.2% of export value in YtD 2016. HtS 711320(Jewelry and parts; base metal clad with precious metal) made up 0.1% of export value in YtD 2016.

YeaR tO date eXpORt vaLUe OF Hs 7113Item YTD(MAR) 2014 YTD(MAR) 2015 YTD(MAR) 2016

tOtaL 853,165,355 578,599,772 579,000,108

711319—JEWELRY AND PARTS THEREOF; OF OTH PRECIOUS METAL 849,434,387 577,695,549 577,640,857

711311—JEWELRY AND PARTS THEREOF; OF SILVER 2,538,904 246,949 988,461

711320—JEWELRY AND PARTS; BASE METAL CLAD W PREC METAL 1,192,064 657,274 370,790

DIAMOND DISTRICT MONTHLY JULY 2016 9

FineJewelryMarket SwitzerlandFineJewelryMarket

aNNUaL eXpORt vaLUe OF Hs 7113Item 2013 2014 2015

tOtaL 1,452,169,970 1,728,537,251 1,259,887,698

711319—JEWELRY AND PARTS THEREOF; OF OTH PRECIOUS METAL* 1,448,358,071 1,720,557,000 1,254,811,523

711311—JEWELRY AND PARTS THEREOF; OF SILVER* 1,198,033 4,050,581 3,020,266

711320—JEWELRY AND PARTS; BASE METAL CLAD W PREC METAL 2,613,866 3,929,670 2,055,909

tRade sHOWs iN sWitZeRLaNdName Link description

Baselworld http://www.basel-world.com/en-US.aspx

In Basel, you are visiting the world’s biggest and most important event for the watch and jewelry industry. Baselworld off ers you a unique overview of everything that the industry has to off er globally. It is here that you can see the new collections, creations and innovations of the year. Trends are set at Baselworld. The world’s most renowned brands showcase their collections exclusively at Baselworld and do not attend any other shows. Baselworld off ers you the rare opportunity to speak to the CEOs and owners of the brands in person. Take part in the sector’s main networking event. All the key players from the watch and jewelry industries meet up just once a year — in Basel, each spring!

professional Watchmaking and Jewellery environ-ment (epHJ)

http://www.ephj.ch/en/

Are you interested in watchmaking and jewelry, microtechnologies or medtech? Do you want to discover the many facets of these industries and have the opportunity to meet experts and professionals from this area? Attend the daily round tables and talks bringing together exhibitors and visitors in a setting that favours discussion.

salon international de la Haute Hor-logerie (siHH)

http://www.sihh.org/index.php?page=accue-il-en

Raising the curtain on the new directions in fi ne watchmaking, the Salon Interna-tional de la Haute Horlogerie (SIHH) sets the stage for 16 prestigious maisons which reveal their latest timepieces in a profusion of creativity and expertise. The classic, subdued architecture is a backdrop to the individual style of each exhibitor, and an invitation to enter their world.

*HtS 711319 (Jewelry and parts thereof; of precious metal excluding silver) made up 99.6% of total export value in 2015. HtS 711311(Jewelry and parts thereof; of silver) made up 0.2% of export value in 2015. HtS 711320(Jewelry and parts; base metal clad with precious metal) made up 0.2% of export value in 2015.

ANNUAL EXPORT VALUE OF HS 7113: SWITZERLAND

YTD 2013

YTD 2014

YTD 2015

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

$1,452,169,970

$1,728,537,251

$1,259,887,698

Valu

e in

thou

sand

s of

US

Dol

lars

YTD EXPORT VALUE OF HS 7113: SWITZERLAND

YTD(MAR) 2014

YTD(MAR) 2015

YTD(MAR) 2016

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

$853,165,355

$578,599,772 $579,000,108

Valu

e in

thou

sand

s of

US

Dol

lars

10 JULY 2016 DIAMOND DISTRICT MONTHLY

By now I hope all of you have heard of the require-ments under the Patriot Act due from most whole-

sale companies in the jewelry industry. If you have not heard of it all, or you have done nothing about it, it is imperative that you get in touch with me immediately in order to avoid federal prosecution and the imposition of fi nes and penalties. Th is matter should not be taken lightly. All major banks in NYC are now demanding their longtime and new customers provide their Patriot Act Anti-Money Laundering Plans, and that they be up to date with all requirements.

Following the attacks on September 11, 2001, the U.S. government enacted the USA PATRIOT ACT, which is designed to prevent the use of the U.S. financial system to help fund terrorism and other crimes. The Act imposes a series of new anti-money-laundering requirements on banks, brokerage firms, insurance companies and other financial institutions. On June 3, 2005, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury issued the Interim Final Rule implementing section 352 of the USA PATRIOT ACT requiring certain defined dealers in precious metals, stones, or jewels (“Defined Dealers” to be discussed in more detail in the next the Article) as well to establish an anti-money-laundering program. The Interim Final Rule became effective 30 days after publication in the Federal Register, and all persons covered by the Act were required to come into compliance with the regulation as of January 1, 2006. In accordance with the Act, the Company has undertaken efforts to create, enhance, monitor, test, and improve its policies and procedures.

Under the USA PATRIOT ACT and other regulations,

Defi ned Dealers must establish a compliance program, which includes policies and procedures to detect and report suspicious transactions to the government, as well as ensure compliance with the new laws. Dealer compa-nies must also implement specialized employee-training programs, designate a special compliance offi cer and conduct independent audits of the eff ectiveness of the compliance program.

Th e regulations also impose requirements regarding client information and verifi cation of that information. Under such suggested requirements the Defi ned Deal-ers should be prepared to verify the identity of their customers with whom they do business, determine the source of funds used by a customer for the sale or purchase of diamonds, jewelry or precious stones and generally obtain information about the source of a customer’s fi nances.

If you think you are in compliance simply by purchas-ing the JVC booklet, and fi lling in a few empty lines and locking the booklet in a drawer, you are seriously mis-taken. Th e Patriot Act requires all such Defi ned Dealers in the jewelry industry to have a comprehensive plan, with ongoing, continuing education, personnel training, regular periodic review and updating of customer and supplier fi les and compliance with Federal reporting requirements. (To be continued.)

Perhaps you now can understand why I indicated earlier that the fi ling of such security interests require a compre-hensive understanding of the UCC. No fi ling service or general practitioner of law is qualifi ed to provide this levelof experience and knowledge.

Leonard can be reached at lenlaw@verizon.net.

BY LEONARD M. WEINER, ESQ., PHD.

In My Legal Opinion� is is the sixth in a series of columns that deals with contemporary legal and commercial issues that are currently facing the diamond and jewelry industry and I invite reader email responses and dialogue regarding the issues raised. Please see the previous article in the June 2016 edition, page 6.

� ese articles for information and discussion purposes only and should not be construed as legal advice, which advice shall be provided only a� er entering into a written retainer agreement.

� is is the sixth in a series of columns that deals with contemporary legal and commercial issues that are currently facing the diamond and jewelry industry and I invite reader email responses and dialogue regarding the issues raised. Please see the previous article in the June 2016 edition, page 6.

and should not be construed as legal advice, which advice shall be provided only a� er

PATRIOT ACT COMPLIANCE

DIAMOND DISTRICT MONTHLY JULY 2016 11

12 JULY 2016 DIAMOND DISTRICT MONTHLY

RoanokeTrade.com/ATA-Carnet

The Department of Labor’s new overtime rule will result

in higher labor costs nationwide starting Dec. 1, 2016. The DOL has estimated that the new regulation will impact over 87,000 workers in New York.

The threshold at which em-ployees are exempt from earn-ing overtime pay will rise from $23,660 to $47,476 per annum. Under the new rule, the mini-mum wage level triggering over-time exemption is almost double the old rate.

The Federal Fair Labor Stan-dards Act dictates that employees

are not eligible for overtime pay if they fall under the following provisions:

They are compensated at a min-imum wage level (now $47,476), if they are paid on a salaried basis, and if they perform duties con-sidered professional, administra-tive, or executive in nature. NFIB has spoken at length to the media about the harmful impact of this ruling, including decreased staff morale stemming from employ-ment status changes, reduced hours, and falling pay rates.

For businesses that don’t oper-ate on the fiscal year, but rather

operate on calendar year budgets, this unexpected mandate for increased labor costs in the final month of 2016 makes planning for wages difficult.

If the pay to employees for bonuses and commissions are made on at least a quarterly basis, then they can account for up to 10 percent of the salary threshold for the requirements of the overtime rule. Businesses have to plan for the future as the exemption level will continue to rise. This will be tied to inflation, every three years, beginning on January 1, 2020.

How Will The New US Department of Labor’s Overtime Rule Affect Your Business?

DIAMOND DISTRICT MONTHLY JULY 2016 13

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The Affordable Care Act (Obamacare) mandates fines for individuals who do not purchase health insurance.

There are also fines in the law for small business owners who reimburse their employees for healthcare costs. As the IRS Ruling currently stands businesses with fewer than 50 employees face potential fines of $100-a-day for each worker they employ if they continue to reimburse employees for healthcare premiums and other health

related expenses. Under the existing regulations, em-ployers could face fines of as much as $36,500 per annum per employee if they continue to reimburse employees’ health expenses.

This amount is much greater than what the law man-dates as a fine for a large employer (over 50 employees) of $2,000 per employee per year for not providing health insurance.

IRS PENALTY

An IRS Penalty Effective July 1, 2016 Would Fine Small Businesses for Reimbursing Healthcare Costs of Employees

14 JULY 2016 DIAMOND DISTRICT MONTHLY

Women’s City Club of New York Visits the Diamond District CoNtiNueD from Page 1

New York State Senator Brad Hoylman CoNtiNueD from Page 1

pressing issues facing New Yorkers. And they harness the extensive experience and knowledge of their members to improve quality of life for all New Yorkers.

“They were some of the most well informed and politically active individuals we’ve had at our meet & greet breakfasts,” said the BID’s Executive Director Michael Grumet. “Not only were they interested in learning about the jewelry produced here, but they were fascinated to learn about

the diamond and jewelry industries contribution to the economic life of New York City.”

“It was a truly fascinating and informative visit,” said Carol Leimas, the Women’s City Club Co-Chair for tours. “Thank you for your cordial welcome and for educating us about the diversity of jobs and activities in the Diamond District, as well as the captivating histories of various gems and precious metals.”

22,000 engaged in every aspect of the diamond and jewelry industry from shipping to cutting, polishing to appraising, and marketing to selling.

M o r e o v e r, t h e v a s t majority — more than 70 percent — of people involved in these in-dustries belong to New York’s immigrant pop-ulation, half of whom have a high school di-ploma or less. In an age where technology has made it increasingly difficult to find good middle-class jobs, New York’s diamond indus-try continues to offer countless New Yorkers an invaluable step on the ladder to opportunity. We are lucky to have such a thriving engine for growth and jobs in the heart of New York City.

The Diamond District is also a distinct cultur-

al center. Take a walk down 47th Street and you’re bound to observe a world of activity carry-ing on much as it has for the past 70 years and in a language so distinct that it has warranted its very own dictionary.

Yet for all its obvious strengths, foreign com-petition as well as an aging infrastructure and workforce contin-ue to threaten the very existence of the neigh-borhood.

To ensure the long-term viability of the area and industry, lawmakers and local leaders should come together to lever-age the economic and cultural resources of the area and transform the neighborhood into a center for tourism. As they say, diamonds are forever. We must take proactive steps to en-

sure that the Diamond District is just as strong and long-lasting.

A record 56.5 million people visited New York City last year, a number that is projected to grow in the coming years. It’s these visitors that can bring new life into the Diamond District.

At the state level, we should work with the New York State Tourism Bureau to implement a long-term strategy for promoting and adver-tising the area. Law-makers in both Albany and City Hall should provide needed capital f o r m a i n t a i n i n g t h e physical appearance of 47th Street and create a more inviting space for tourists.

As both the represen-tative for this area and a member of the New Yo r k S t a t e S e n a t e ’s

Committee on Cultural Affairs, Tourism, Parks and Recreation, I know just how essential the Diamond District is to the strength and char-acter of our city.

We should leave no stone unturned in our exploration of innova-tive ways to revitalize this neighborhood.

It is the responsibility of leaders at every level of government to guar-antee the preservation of this historic area. I am confident that the Diamond District can be revitalized and meet the demanding stan-dards of our changing economy and city infra-structure.

Brad Hoylman, a Democrat, represents the 27th District in manhattan.

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