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Challenges in the Gemstone Industry

1h

Created on May 24, 2016

Advanced

Overview

The diamond, gemstone and precious metal industry has attracted attention from a variety of government regulators. The international nature of this luxury trade, with high value goods, presents interesting risk challenges on many levels. This presentation will cover anti-money laundering requirements for dealers in precious metals, stones and jewels, regulations pertaining to trade practices in the US jewelry industry (now under review by the Federal Trade Commission), U.S. and international regulations pertaining to conflict or "blood" diamonds, new "conflict minerals" provisions and more. The risks that apply to this trade are varied and the ways to address those risks can be complex. Challenges and solutions for attorneys who may advise bankers, dealers or other small businesses will be discussed.   

 

Learning Objectives:

I.     Learn the anti-money laundering requirements for gemstone dealers

II.    Understand domestic and international regulations for conflict gemstones

III.   Recognize challenges in advising banks, dealers, and other small businesses

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