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DDM – Issue 56 – January 2015

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DDM – Issue 56 – January 2015 DIAMOND 56 Vol.56 DISTRICT January 2015 MONTHLY Visitors of Note to the Diamond District “I want to thank all the members of the 47th Street BID for your contri- butions to the vitality and economy of our great City. I’m looking for- ward to how we can work collabora- tively to educate New Yorkers about this important industry.” – Speaker of the New York City Council Melissa Mark-Viverito L to R: BID Executive Committee Member Ronnie VanderLinden, BID President Harvey Nagin, BID Execu- tive Committee Members Ken Kahn & Richard Friedman, Speaker of The New York City Council Melissa-Mark Viverito, BID Executive Director Michael Grumet, BID Board Member Lucy Orozco, BID Vice Chairman Mi- chael Toback, BID Chairman Steven Grauer, BID Executive Committee Member Jeffrey Mordekai. “On October 6, 2014, I was very honored to be recognized by the 47th Street Business Improvement District with a Diamond Award, and proud to stand alongside my colleagues in government U.S. Senator Chuck Schumer and NY City Council Member Dan Garodnick, as well as the Canadian Consul General John Prato. It’s truly a privilege to represent the Diamond District in the New York State Senate, as it plays an unparalleled role in the state with more than 2,600 independent businesses related to fine jewelry. With 90 percent of the diamonds entering the country running through the city and an average of $400 million worth of revenue per day, the Diamond District is one of the most important hubs for small businesses and economic development in New York. I look forward to my continued partnership with the 47th Street BID, fellow Dia- mond Award winners and colleagues in the legislature to ensure our state remains welcoming and supportive of this important net- work of small businesses.” – New York State Senator Brad Holyman Big Apple Greeters are educated about pearls “So much of the world’s diamond by BID Board Member Sammy Abramov. activity is happening right here on 47th Street, where these gems are mapped, cut, polished and sold to standards only achieved here in New York. There are diamonds sold world-wide, but there is noth- ing like a diamond cut in New York City.” – New York City Council Member Daniel Garodnick BID Executive Director Michael Grumet (center left) giving a tour to the leadership team of New York City’s agency devoted to marketing, NYC & Co. — so they can get world– wide press for the Diamond District. 2 JANUARY 2015 DIAMOND DISTRICT MONTHLY LEGISLATIVE UPDATE Starting November 7, 2014, the speed limit on all New York City DIAMOND DISTRICT MONTHLY streets will be 25 MPH unless otherwise posted. This new speed 580 5th Avenue, Suite 323 limit will be enforced by the NYPD and with speed enforcement New York, NY 10036 cameras. By getting New York drivers to slow down, we will prevent crashes, protect New Yorkers from injury and save lives. Lowering Michael Grumet, Publisher the speed limit to 25 MPH is one aspect of the Mayor’s compre- [email protected] hensive Vision Zero Action Plan to eliminate traffic deaths and O.O. Barrett, Editor serious injuries. Natalia Cheviakova, Administrative Director The new 25 MPH speed limit will affect all NYC streets, except [email protected] those where a different speed limit is posted. The speed limits on our highways will remain the same. Some big streets, which Bernard Rapaport, Advertising Sales have been designed to accommodate faster speeds will remain [email protected] at 30 MPH. Other streets, particularly streets near schools, may P: 212-302-5690 F:212-302-7835 have a lower speed limits posted. After November 7th, 2014, all streets that do not have a posted speed limit have a speed limit Michael Mitchell, Art Director of 25 MPH. [email protected] The Diamond District Monthly is published monthly by the 47th Street Business Improvement District. DIAMOND DISTRICT MONTHLY JANUARY 2015 3 EXECUTIVE COMMITTEE Harvey Nagin – Nagin Jewelry President Steven Grauer – Gold Art 18 KT LLC Chairman Michael Toback – Myron Toback Inc. Vice Chairman Dennis Marlow – Solitaire Creations Secretary Robert Hadi – ABS Partners Real Estate, LLC Treasurer Richard Winick – Manny Winick & Son Ken Kahn – KenArt Realties Richard Friedman – I. Friedman & Sons Ronnie VanderLinden – Diamex Inc. Jeffrey Mordekai – Petra Jewelers BOARD MEMBERS S. David Belsky – S.D.Belsky Associates Chair Audit Committee Jay Holzer – Dyckmans Chris Ipek – Altin Realty Raizy Haas – Extell Development Corp. Lucy Orozco – Valley National Bank Matt Selig – Leo Ingwer John Kocak – Unique Settings Yale Zoland – Zoland’s Danielle Azeroual – Premier Realty Adnan Aydin - Futurama Jewelry Exchange Jack Elo – The Elo Group Moris Yero Shalmi – ABC Marc Beznicki – Kingmark Jewelers Alon Mor – Mor Diamonds Jules Fleischer – Jewelry by Alexander Sammy Abramov – AA Pearl Michael Oistacher – Manhattan Gold & Silver Isaac Chetrit – Yadidi Group Sunny Yung – Central Management Corp. Memhet Gulay – City Property Development Adam Abramson – Abramson Brothers Bill de Blasio – Mayor Scott Stringer – New York City Comptroller Gale Brewer – Manhattan Borough President Daniel Garodnick – Council Member John Glaister – Resident Reuven Kaufman – Diamond Dealers Club STAFF Michael Grumet – Executive Director Natalia Cheviakova – Administrator Director 4 JANUARY 2015 DIAMOND DISTRICT MONTHLY More Secure Credit Cards MANY AMERIcans suffer from credit used with a signature to verify the user’s card fraud and both merchants and banks identity. are getting hacked. To remedy this problem The new technology will be available next the credit card industry is in the process of year. Bank of America and Wells Fargo are rolling out a new security system for credit already issuing debit cards with this tech- card users. nology. Retailers, banks and credit card companies will use a chip and pin card instead of a card HOW TO USE A PIN SYSTEM? with a magnetic strip. This new system is To use a chip and pin system simply insert currently used in Europe. the card into a credit card machine and The chip is better than the magnetic strip wait for a request for your pin number and as a secure device. It is not easily duplicated enter your pin and the transaction will be as are the current magnetic strips. European approved. card providers, Europay, MasterCard and WHY CHIPS AND PINS? Visa already use the chip system. Informa- Chips cannot be copied and using a Pin tion about the card, such as the card number number means the user must be near the and expiration date, is stored in the chip. terminal. This reduces the chance of fraud. According to Bill Hardekopf, CEO of Low Cards.Com, “the chip is harder to duplicate WHEN WILL IT HAPPEN? than the magnetic strip.” Also, a pin may be By 2015 the system will be readily available. DIAMOND DISTRICT MONTHLY JANUARY 2015 5 Learn Diamond Grading from the Creators of the 4Cs. Enroll in a GIA Diamond Grading Lab class. • Grade diamonds consistently and accurately • Practice with actual diamonds graded by GIA • Improve your diamond grading skills in just 5 days • New location at International Gem Tower Upcoming Classes in NYC Oct 6-10, 2014 Dec 1-5, 2014 Oct 13-17, 2014 Jan 12-16, 2015 Oct 27-31, 2014 Jan 26-Feb 10, 2015 (Night) Nov 3-18, 2014 (Night) Feb 2-6, 2015 Enroll online at www.gia.edu A branch of GIA’s New York Education Center campus in Carlsbad. 50 W 47th Street Licensed by the New New York, NY 10036 York State Education T 800 366 8519 T 212 944 5900 F 212 719 9563 Department. E [email protected] www.gia.edu 6 JANUARY 2015 DIAMOND DISTRICT MONTHLY Fine Jewelry Market Hong Kong COUNTRY OVERVIEW Hong Kong exercises no tariffs on imported goods, thus making it an has had the slowest growth of all fine jewelry categories, but base exciting market for exporters. Their GDP per capita is $52,700 (2013 metal with fine metal clad jewelry export value has grown at a rate estimate) with a GDP(PPP) of $381.3 billion (2013 estimate). over 400% from 2012 to 2013. Although the value of these exports is U.S. exports of jewelry to Hong Kong have seen a steady growth in not significant in comparison to gold based jewelry, exporters should all areas, with gold based jewelry leading in market share with over keep an eye on the growth of base metal jewelry clad with precious 97% of U.S. jewelry export value to Hong Kong. Silver based jewelry metal or lower cost jewelry in the future. 2012 to 2013 (% Change in value of U.S. exports, HS Code 7113 articles of jewelry & parts, of precious metal or clad) TOTAL 15 711319—JEWELRY AND PARTS THEREOF; OF OTH PRECIOUS METAL* 15 711311—JEWELRY AND PARTS THEREOF; OF SILVER* 7 711320—JEWELRY AND PARTS; BASE METAL CLAD W PREC METAL 402 HISTORICAL EXCHANGE RATE OF HONG KONG DOLLAR/U.S. DOLLAR Year Rate 2010 0.128721 2011 0.128463 2012 0.128915 2013 0.128921 2014 0.128938 0.1290 0.1288 0.1286 HONG KONG DOLLAR/US DOLLAR Exchange Rate 0.1284 0.1282 2010 2011 2012 2013 2014 *HTS 711319 (Jewelry and parts thereof; of precious metal excluding silver) made up 97.94% of export value in YTD 2014; 711311-1.59% 800,000,000 $727,654,188 DIAMOND DISTRICT MONTHLY JANUARY 2015 7 600,000,000 YTD EXPORT VALUE OF HS 7113 $559,792,902 YTD(MAR) 2012 $478,335,050 400,000,000 YTD(MAR) 2013 YTD(MAR) 2014 200,000,000 Value in thousands of US Dollars 0 0.1290 0.1288 0.1286 HONG KONG DOLLAR/US DOLLAR Exchange Rate 0.1284 Fine Jewelry0.1282 Market 2010 2011 Hong2012 Kong2013 2014 800,000,000 $727,654,188 600,000,000 YTD EXPORT VALUE OF HS 7113 $559,792,902 YTD(MAR) 2012 $478,335,050 400,000,000 YTD(MAR) 2013 YTD(MAR) 2014
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