“We should be promoting our product and be proud of what we have as Canadians,” Ritter notes. Although it will likely take a few years to get this initiative going, Ritter says one of the ideas is to develop posters to display at airports and foreign embassies, as well as pamphlets to be handed out by delegations travelling on trade missions. He says he’s spoken with representatives from De Beers Canada and Dominion Diamonds about getting them on board. “There is a lot of interest from them,” he adds.
Although they are normally a symbol of commitment, diamonds also have inherent value, making them attractive to fund illegal activities.
Phyllis Richard, executive director of Jewellers Vigilance Canada (JVC), says complying with Canada’s anti-money laundering and counter-terrorism financing regulations continue to cause confusion. To help alleviate that, JVC and CJA have formed a partnership with Outlier Solutions, a firm that specializes in helping companies implement compliance programs.
“We hope this will help dealers of precious metals and stones (DPMSs),” says Richard. “There is still a ways to go to get people to comply. Part of the problem is a resistance to having one more government requirement they have to meet, but the reality is this isn’t going away. Jewellery has been identified as a sector that is vulnerable to anti-money laundering and terrorism financing because of the nature of our products. They are high-value and easily transported.”
The buzz in technology these days seems to be 3D printers aimed at the consumer market, but John Schindler, president of Schindler Technologies, says they are no threat to jewellers.
“Jewellery has such specific requirements: it requires high-quality materials for casting,” he notes. “That’s a market niche those companies are not addressing. They will focus on printing plastic parts for the hobby market. It’s a market that is similar to photocopying. You can buy a photocopier for your home for $100, but if you want to run a copy shop, you have to buy a commercial copier to make a business out of it.”
Technology used for repairs is also gaining steam, says Daniel Kundakci of European Design Jewellery. He says visitors to his booth at CJ Expos”“Edmonton reported seeing an uptick in repairs on everything from stainless steel to titanium and even costume jewellery. “Retailers are investing in the service side,” he explains. “They are also interested in things like laser welders because they don’t have to worry about restrictions on having propane and other compounds on the premises.”
The end of the summer shows sets the scene for the holiday shopping season. For the hottest styles, check out our annual holiday gift guide.
