diamond 49 district - 47th street bid new york loans 32586 47th st bid_ddm_june 2014.pdf ... first...

Mr. President, I would like to take a moment to recognize

New York City’s 47th Street Business Improvement District, 47th Street BID.9 The 47th Street BID is a not-for-profit organization formed in 1997 by the merchants and landlords of the Diamond

District, one of New York City’s best known and most vibrant economic areas. The 47th Street BID has been instru-mental in establishing the Diamond District as a central hub for the world’s diamond and jewelry industries and has worked to cement its place as a powerhouse component of New York’s economy.

9 The Diamond District, which consists of one block in midtown Manhattan—located on West 47th Street between Fifth Avenue and Sixth Avenue—is home to a significant portion of New York’s diamond manufacturers, wholesalers, and retailers and serves as the home base for two industries that hold a great deal of importance for New York: the diamond industry, including both rough and wholesale diamonds, and the finished-jewelry industry.

9 These two industries are extremely important to New York’s tourism sector and are responsible for employing thou-sands of New Yorkers in highly skilled jobs. New York City’s diamond industry is also home to high-quality jewelry manufacturing, and aspiring artists come from all over the world to be trained in New York in the art of creating this much sought-after jewelry.

9 The diamond and jewelry sector also supports a large number of high profile, critical New York industries as well, including fashion, entertainment, and hospitality.

9 It is estimated that over half of the diamonds that come to the United States enter through New York, and the Diamond District is known all over the world as the international center for the diamond and jewelry trade.

9 The Diamond District is also home to two foreign-trade zones—the International Gem Tower at 50 W. 47th Street and the World Diamond Tower at 580 Fifth Avenue, which also houses the 47th Street BID headquarters. People flock from all over the world to buy and sell diamonds and other gems in these free trade zones. The 47th Street BID has also been instrumental in enhancing the economic development activities of the Diamond District and making the area safer and more beautiful for merchants and consumers who work and shop there.

9 The 47th Street BID also installed flowers, holiday decorations, and banners in the Diamond District. It also recently undertook an initiative to keep the district clean—an initiative which is now one of the highest rated sanitation pro-grams in all of New York City. Additionally, the 47th Street BID developed and operates the Diamond District’s website, which has become a key resource for shoppers and merchants alike, who rely on the site for referrals.

9 New York’s Diamond District is an incredible example of how an industry can continuously grow and thrive in a competitive economic climate, and the 47th Street BID has played a large role in helping to make the Diamond Dis-trict— and the people who work there—a tremendous success. By promoting the Diamond District, facilitating trade, and keeping the district clean and safe for customers, merchants and traders alike, the 47th Street BID has ensured that this critical New York industry remains a power house within New York, a major economic engine for the city and state, and an international hub for this global industry.

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

MONTHLYVol.49June 2014

49

S2952 Congressional Record ~Senate, May 13, 2014

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JUNE 2014 DIAMOND DISTRICT MONTHLY 3

This bill was introduced by Representative Jerry Nadler from New York’s 10th Congressional District . It was originally introduced on April 15, 2013 (Tax Payment Due Date). It has two co-sponsors, Representative Steve Israel from New York’s 3rd Congressio nal District and Representative Nita Lowey from New York’s 17th Congressional District.

The Tax Equity Act of 2013 seeks to amend the Internal Revenue Code to provide regional cost-of-living adjustments in individual federal income tax rates. It directs the United States Secretary of Labor to determine and publish a regional cost-of-living index for each metropolitan statistical area. It would effectively lower the federal taxes paid by individuals in areas where the cost of living is high.

The last action taken on this bill was its referral to the House of Representatives Committee on Ways and Means. The Committee on Ways and Means is the oldest committee of the United States Congress, and is the chief tax-writing committee in the House of Represen-tatives. The Committee derives a large share of its jurisdiction from Article I, Section VII of the U.S. Constitution which declares, “All Bills for raising Revenue shall originate in the House of Representatives.”

First established as a select committee on July 24, 1789, it was discharged less than two months later. The committee was reappointed from the first session of the Fourth Congress in 1795, and was formally listed as a standing committee in the House Rules on January 7, 1802.

H.R.1568 Latest Title: Tax Equity Act of 2013

legISlatIve uPDate

DIAMOND DISTRICT MONTHLY 580 5th Avenue, Suite 323

New York, NY 10036

Michael Grumet, Publisher [email protected]

O.O. Barrett, Editor

Natalia Cheviakova, Administrative Director [email protected]

Bernard Rapaport, Advertising Sales [email protected]

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

Michael Mitchell, Art Director [email protected]

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

Business Improvement District.

ContaCt InformatIon:

representative Jerrold nadler201 Varick Street, Suite 669New York, NY 10014Ph: (212) 367-7350

representative Steve Israel 534 Broad Hollow Rd., Suite 302 Melville, NY 11747Ph: (631) 777-7391

representative nita Lowey67 North Main Street, Suite 101New City, NY 10956 Ph: (845) 639-3485

Ways and means Committee office 1102 Longworth House Office Building Washington, D.C. 20515 Ph: (202) 225-3625 Fax: (202) 225-2610


4 JUNE 2014 DIAMOND DISTRICT MONTHLY4

ExEcutivE committEEHarvey Nagin – Nagin JewelryPresidentSteven Grauer – Gold Art 18 Kt LLc Chairmanmichael toback – myron toback inc.Vice ChairmanDennis marlow – Solitaire creations SecretaryRobert Hadi – ABS Partners Real Estate, LLcTreasurer Richard Winick – manny Winick & SonKen Kahn – KenArt RealtiesRichard Friedman – i. Friedman & SonsRonnie vanderLinden – Diamex inc.Jeffrey mordekai – Petra Jewelers

BoARD mEmBERSS. David Belsky – S.D.Belsky AssociatesChair Audit Committee Jay Holzer – Dyckmans chris ipek – Altin RealtyRaizy Haas – Extell Development corp.Lucy orozco – valley National Bank matt Selig – Leo ingwerJohn Kocak – unique SettingsYale Zoland – Zoland’sDanielle Azeroual – Premier RealtyAdnan Aydin - Futurama Jewelry ExchangeJack Elo – the Elo Groupmoris Yero Shalmi – ABcmarc Beznicki – Kingmark JewelersAlon mor – mor DiamondsJules Fleischer – Jewelry by Alexander Sammy Abramov – AA Pearlmichael oistacher – manhattan Gold & Silverisaac chetrit – Yadidi GroupSunny Yung – central management corp.memhet Gulay – city Property DevelopmentAdam Abramson – Abramson Brothers

Bill de Blasio – mayorScott Stringer – New York city comptroller Gale Brewer – manhattan Borough President Daniel Garodnick – council membermatthew Schneid – Representative of community Board 5John Glaister – ResidentReuven Kaufman – Diamond Dealers club

StAFFmichael Grumet – Executive DirectorNatalia cheviakova – Administrator Director


JUNE 2014 DIAMOND DISTRICT MONTHLY 5 5



The SEC published nine additional FAQs relating to the Conflict Minerals Rule, as described below:

Non-CPA Firms May Perform Performance Audits

The FAQs reiterate that an auditor that is not a certified public accountant may perform the independent private sector audit of an issuer’s Conflict Minerals Report pursu-ant to the Performance Audit provisions in the U.S. Gov-ernment Accountability Office’s Yellow Book standards. The Yellow Book standards are available at www.gao.gov/yellowbook. (FAQ #13) An Audit Is Not Required if any Products are DRC Conflict Undeterminable

If, after exercising due diligence, an issuer determines that at least one of its products may be described as DRC conflict undeterminable, the issuer is not required to obtain an audit of its Conflict Minerals Report during the temporary DRC conflict undeterminable transition period. This period is four years for smaller reporting companies and two years for all other issuers. (FAQ #14)This FAQ provides important additional and welcome clar-ity for issuers, since most professionals took a narrower view of the DRC conflict undeterminable audit exception. As a result of this FAQ, very few issuers are likely to require an audit before the 2015 program year.Products May Not Be Described as DRC Conflict Free in the CMR if Some Products are DRC Conflict Undeterminable

If an issuer does not obtain an audit of its Conflict Minerals Report because a product is DRC conflict undeterminable, it may not describe any of its other products as DRC conflict free in the Conflict Minerals Report. The SEC notes in the FAQs that the Adopting Release indicates that an issuer may choose, in its Conflict Minerals Report, to describe its products with conflict minerals sourced from the DRC region as DRC conflict free if, based on its due diligence, the issuer is able to determine that the conflict minerals in those products did not finance or benefit armed groups in the region. The FAQs go on to note that the Conflict Minerals Rule defines due diligence as including an audit of the Conflict Minerals Report. Therefore, according to the FAQs, to be able to describe qualifying products in its Conflict Minerals Report as DRC conflict free, an issuer must have obtained an audit. (FAQ #15)

A Product with Undeterminable Conflict Minerals Content Cannot Be Described as DRC Conflict Free

During the temporary DRC conflict undeterminable tran-sition period, if an issuer has a product that would qualify as DRC conflict free, except that the product contains a conflict mineral that the issuer is unable to determine did not originate in the DRC region, or for which it is unable to determine did not directly or indirectly finance or benefit armed groups in the region, the issuer may not describe that product as DRC conflict free. (FAQ #16)Products that Support Conflict Must Be Described as Having Not Been Found To Be DRC Conflict Free

Both during and after the temporary DRC conflict unde-terminable transition period, if an issuer determines that a product contains a conflict mineral that did finance or benefit armed groups in the DRC region, it must describe that product as having not been found to be DRC conflict free. (FAQ #16) The Scope of the CMR Audit Is Limited

The scope of the audit does not include the completeness or reasonableness of the issuer’s due diligence, including with respect to which products the issuer described as DRC conflict free or having not been found to be DRC conflict free, or which suppliers are covered by the due diligence measures. The audit scope is limited to the audit objectives provided for in the Conflict Minerals Rule. Under the rule, there are two audit objectives: (1) whether the design of the issuer’s due diligence measures as set forth in, and with respect to the period covered by, the issuer’s Conflict Min-erals Report is in conformity with, in all material respects, the criteria set forth in the nationally or internationally recognized due diligence framework used by the issuer; and (2) whether the issuer’s description of the due diligence measures it performed as set forth in the Conflict Minerals Report, with respect to the period covered by the report, is consistent with the due diligence process that the issuer undertook. The audit is not required to cover any matter beyond those objectives, including the completeness or reasonableness of the due diligence measures actually performed. (FAQ #17)

SEC Releases Additional Conflict Minerals FAQsBy Michael R. Littenberg and Farzad F. Damania.

Continued on page 12



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The Indian Gem & Jewellery Export Promotion Council (GJEPC) announced the FY 2013-14 an-

nual performance for the Indian Gem & Jewelry sector. The country’s gem and jewelry sector has contributed $34,746.90 million to India’s foreign exchange earn-ings. This is a decline of 11% as compared to the figures presented in the previous year.

In FY 2013-14 there was an increase of 12.65% in export of cut and polished diamonds with a dollar value of $19,635 million. The importation of rough had a rise of 11.98% with $16,716 million, which in-dicates an increase in cutting, polishing and other manufacturing activities performed in India. The export value of gold jewelry and gold medallions together for the period April 2013-14 was $11,045.92 million. This is a decrease of 39.50% from the previ-ous year. This decline was attributed to the scarcity of gold which limited the volume of trade for many of the Indian jewelry producers. The average price for exported gold was lower than the previous year contributing to the problems faced by the industry . Colored gemstones export also dropped significantly for the year to a decrease of 20.10% with a dollar value of $519 million. Silver jewelry exports had a significant increase by 58.57% with a dollar value of $1,460 million. The major export destinations for Indian gems and jewelry in 2013-14 were United Arab Emirates which accounted for 35% of exports valued at $12,195.34 million. The second most important market was Hong Kong which accounted for 28% with a dollar value of $9,790.45, and USA at 14% with export value of $4,948.92.

Vipul Shah, Chairman of GJEPC had this to say on the fiscal year’s financial results of the Indian gem and jewelry sector, “There has been a robust growth in the diamond sector. The market is bullish and the US and Europe markets have also improved. Although, there has been a decline by 11% in the overall perfor-mance, there are numerous opportunities for growth and improvement. We are looking at new ventures, new markets such as Middle East, Russia, China and various initiatives to promote the industry.” Shah added, “The outlook for 2014-15 looks positive in the overall gems & jewelry exports in the current fiscal. The Memorandum of Understanding being signed with Russian diamond mining firm ALROSA to share trade and statistical data between the two countries will help in strengthening trade relations between the two countries. Some of our other initiatives for the year 2014-15 include the India - China Gemstones Buyer - Seller Meet in Jaipur, India – USA Buyer – Seller Meet to be hosted for the first time in Chicago, The 2nd edition of the global Gem & Jewelry fair in Dubai this November and many more.”

Chairman, Pankaj Parekh had this to say on the outlook for industry in FY 2014-15, “The prospects for 2014-15 look bright for jewelry, especially silver jewelry as the 80- 20 scheme might get diluted, im-port duty is expected to be rationalized as the RBI has already allowed 4 more banks to operate in im-ported gold trading. There is also a huge demand in the international market so we expect a boom in the silver jewelry exports with at least 10% more exports compared to 2013-14.”

The Indian Gem and Jewelry Industry Fiscal Year 2013 -2014 Results11% DECLINE FROM PREVIOUS YEAR

47th St. BID AnnuAl MeetIngMonday Oct. 6, 2014, 9:30 AMMcGraw Hill Center - 2nd FloorAvenue of the Americas, Between 48th & 49th St., 49th St. Entrance

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Diamond Dealers Club President Reuven Kaufman and Beurs voor Diamanthandel President Marcel Pruwer reported

that during Antwerp Diamond Week, members of both clubs expressed enthusiasm for the program and looked forward to convening a Diamond Dealers Club Week in Antwerp in the near future.

The two Bourse Presidents agreed that considerable trading had taken place on the DDC Trading Floor and that the two days had confirmed the deep business and personal bond between their members, a bond strengthened by common traditions.

At a festive evening reception, Messrs. Kaufman and Pruwer noted the special relationship between the members of their organizations and expressed interest in future inter-Bourse collaboration.

The evening speakers also included David Gotlib, Chairman of the HRD and Serge Couvreur, CEO of the HRD Lab. They indicated that they looked forward to working more closely with members of the American industry, in general and in particular, those in New York’s diamond industry.

Martin Rapaport, Chairman, Rapaport Group, told the assembled crowd of DDC and Beurs voor Diamanthandel members that the

only consistency in business is change and that business must be built on the basis of relationships. He further added that in order to be successful, members of the industry worldwide must answer the question, “How may I add value to the diamonds I am selling?”

Also present at the evening Reception was Kris Dierckx, repre-sentative of the government of Flanders.

The role of sponsors in making Antwerp Diamond Week possible, particularly the Gemological Institute of America and the Forty Seven Fifth Co., were acknowledged.

about the DIamonD DeaLerS CLub (DDC)Established in 1931, the Diamond Dealers Club is the voice of the American diamond industry and is the oldest and largest diamond-trading bourse in the United States. A member of the World Federa-tion of Diamond Bourses, the DDC’s nearly 2,000 members come from across the United States, Europe, Japan, India, South Africa and Israel. The DDC is headquartered in a 25,000 square foot facility in the heart of the diamond district in the World Diamond Tower at 580 Fifth Avenue at 47th Street. To learn more about the Diamond Dealers Club, please visit www.nyddc.com.

Antwerp Diamond Week at DDC

Reuven honoring Marcel Pruwer, President of Beurs voor Diamanthandel at a reception that took place during the week.

Attendees and traders at the Antwerp Diamond Week event.

Clients have several easy options to submit and retrieve stones from GIA in the Diamond District.

The most efficient way to submit/retrieve stones is to take advantage of GIA’s free and fully-insured pickup and delivery service provided by: G4S (212-221-8510 ext. 16206/16212) or Malca-Amit (212-840-8330 ext. 513).

This is a safe, secure and convenient method of transporting goods to and from the lab. Please contact G4S or Malca-Amit for more information.

If a client wishes to submit 10 or more items, the pro-cess can de speeded up by pre-processing the order. For information on setting up pre-processing, contact GIA Client Services at 212-221-5858, extension 3505 or 3089. GIA representatives can also come to the client’s New York office to help set up the pre-processing service.

If you need direct access to GIA’s New York office call our receptionist from the lobby of IGT at extension 3164 for assistance.

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Overseas Private Investment Corp. (OPIC)

OPIC’s Small Business Centers provide direct loans ranging from $100,000 to $10 million to quali-fied small businesses with annual revenues below $35 million, with terms from three to 15 years. Applicants must own at least 25% of the overseas project. OPIC may finance up to 65% of total project costs with interest rates fixed based on OPIC’s cost of funds. Contact opic.gov/financing/small-business center.

Department of Commerce

Department of Commerce’s Trade Information Center runs weekly one-hour webinars on the basics of exporting, covering such topics as export controls, how to finance exports and understanding export controls. The series ends this month, but webinars that have been archived can be accessed through export.gov/articles/eg_main_022213,asp.

Small Business Administration

Loans, insurance and grant programs to help entrepreneurs expand are available through SBA programs including:

Export Development and Working Capital loans of up to $250,000, with terms up to 25 years for fixed assets and up to seven years for working capital, are available to businesses that need financ-ing to accept orders, begin exporting and penetrate emerging markets.

Facilities Development Financing provides long-term financing to renovate, build or improve U.S. facilities for the production of goods or services for overseas exporting. There are options for working capital and fixed asset loans.

Financing International Buyers enables U.S. companies to help their international clients to secure financing so they have the capital to purchase goods or services from the U.S., enabling companies and their overseas clients to work together.

Investment Project Finance stimulates U.S. exports by enabling American companies to invest in emerging markets in up to 150 developing nations through direct loans of $100,000 to $10 million for small business investors.

To learn about these SBA programs, go to sba.gov/content/financing-your-small-bussiness-exports-foreign-investments-or-projects.

Access America

This program aims to help American companies to find customers and investors in the People’s Republic of China by providing exposure to Chinese clients who are seeking U.S. “expertise in ac-counting, branding, banking, consulting, event planning, global logistics, trade finance, insurance, legal, regulator, site selection, travel and other areas of opportunity.” Go to buyusa.gov/china/en/access_america.html.

Government Programs Offer Loans and Other Assistance to ExportersFor diamond and jewelry companies involved in trading overseas – or starting overseas operations – three government agencies offer a number of programs that provide loans and grants, impart valuable information or otherwise help shippers to grow their business.



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If the Same Framework Is Used for the RCOI and Due Diligence, the RCOI Is Not Required To Be Audited

Most issuers utilize substantially the same procedures for their reasonable country of origin inquiry and due diligence, and the SEC indicated in the Adopting Release that the RCOI is consistent with the supplier engagement approach in the OECD framework. The FAQs clarify that, where the nationally or internationally recognized due diligence framework encompasses the RCOI requirement, the audit does not also include the issuer’s RCOI. The FAQs indicate that the audit does not need to in-clude the RCOI because, under the Conflict Minerals Rule, that inquiry is a distinct step separate from the due diligence process. As a result, the auditor need only opine on whether the design of the issuer’s due diligence frame-work is in accordance with the portion of the nationally or internationally recognized due diligence framework begin-ning after the country of origin determination. With respect to the second audit objective, the issuer’s Conflict Minerals Report is required to describe the due diligence measures it undertook. As such, the auditor need only opine on whether the issuer actually performed the due diligence measures described in the Conflict Minerals Report after the issuer determined it had reason to believe its conflict minerals may have originated in the DRC region. (FAQ #18)If a Product Contains Recycled or Scrap Minerals and Miner-als that Trigger a CMR, Disclosure in the Body of the Form SD Is Required

If a product manufactured or contracted to be manufac-tured by an issuer includes some conflict minerals from recycled or scrap sources (which would not require the is-suer to file a Conflict Minerals Report) and other conflict minerals which would require the issuer to file a Conflict Minerals Report, the issuer must include in the body of its Form SD the required disclosures for the recycled or scrap conflict minerals. The issuer also must file a Conflict Minerals Report as an exhibit to the Form SD that in-cludes a description of the due diligence it performed and any other required disclosures about its conflict minerals that are not from recycled or scrap sources.The Conflict Minerals Report would not need to include the disclosures for the conflict minerals from recycled or scrap sources. In addition, the audit would not include the conflict minerals from recycled or scrap sources since an issuer is only required to obtain an audit of its Conflict Minerals Report and not of the disclosures contained in the body of its Form SD. (FAQ #19)

Due Diligence Measures Do Not Necessarily Need To Be Performed During the Applicable Calendar Year Compliance Period

The second audit objective — which is whether the issuer’s description of the due diligence measures it performed, as set forth in the Conflict Minerals Report, with respect to the period covered by the report, is consistent with the due dili-gence process that the issuer undertook — does not require the issuer to exercise due diligence constantly throughout

the entire calendar year covered by the Conflict Minerals Report. The FAQs also clarify that, al-though the “period covered by the report” is the calendar year, the issuer’s due diligence measures described in the Conflict Miner-als Report may begin before or extend beyond the calendar year. (FAQ #20)

The Levels of Detail Required in the CMR Concerning Due Diligence Design and the Measures Performed are Different

The first audit objective requires the auditor to express an opinion or conclusion as to whether the design of the issuer’s due diligence measures as set forth in, and with respect to the period covered by, the issuer’s Conflict Minerals Report is in conformity with, in all material respects, the criteria set forth in the nationally or internationally recognized due diligence framework used by the issuer. Although the Con-flict Minerals Rule indicates that the auditor must express an opinion or conclusion as to the design of the issuer’s due diligence measures “as set forth in” the Conflict Minerals Report, the rule does not require an issuer to include a full description of the design of its due diligence in its Conflict Minerals Report.The second audit objective requires the auditor to opine as to whether the issuer’s description in the Conflict Minerals Report of the due diligence measures it performed with re-spect to the period covered by the report is consistent with the due diligence process that the issuer undertook. Under the Conflict Minerals Rule, the due diligence measures un-dertaken that are the subject of the second audit objective must be described in the Conflict Minerals Report, and the description must be in sufficient detail for the auditor to be able to form an opinion or conclusion about whether the description in the Conflict Minerals Report is consistent with the process the issuer actually performed. (FAQ #21)Contact: [email protected] or call (212) 756.2524.This information has been prepared by Schulte Roth & Zabel LLP (“SRZ”) for general informational purposes only. It does not constitute legal advice, and is presented without any representation or warranty as to its accuracy, completeness or timeliness.

SEC Releases Additional Conflict Minerals FAQs Continued from Page 6



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