CJA holds education day

by eyetee | March 24, 2015 5:51 pm

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Diamond grading and Canada’s anti-money laundering and counter terrorist-financing regulations were just two of the topics presented at Canadian Jewellers Association’s (CJA’s) education day.

About 50 people attended the event, which was held at the Pantages Hotel in downtown Toronto earlier this week.

“CJA’s first education day was a huge success,” said CJA president and chief executive officer (CEO) J. David Ritter. “Attendance was terrific and the five sessions we scheduled were topical, relevant, and current for our membership. We received very positive remarks from those who attended, all looking forward to our next education day. As such, we will be looking at scheduling an education day in Western Canada this summer or fall, and will consider an additional session in Toronto and in the east if the interest is there.

“CJA is committed to providing our members and the Canadian jewellery industry with new and exciting educational offerings to assist them in being more informed and competitively strong.”

Sonya Sanders, co-owner and president of Jewellery by Sanders in Oshawa, Ont., presented on the nuances of grading diamonds, and stressed that uniformity among appraisers and being strict when grading are musts to ensure consumer confidence.

[2]She says she’s noticed an increase in clients requesting GIA certificates as a result of growing awareness surrounding overstated grading reports south of the border. Once she explains they’ll be waiting six to eight weeks due to the backlog at the lab, clients usually change their minds, she explains, choosing instead to accept a report she’s prepared.

“You have to sell yourself as a good and reputable appraiser, and tell them you’re accredited and that you follow strict grading rules,” she adds.

The list of presentations also included one on Canada’s anti-money laundering and counter terrorist-financing regulations.

Although the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) has been in effect since 2010, there remains considerable confusion about what is required to comply.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country’s financial intelligence unit, reports it has found deficiencies in compliance among 95 per cent of jewellery companies it has audited.

Amber Scott, founder of Outlier Solutions, an anti-money laundering consulting firm, says those deficiencies ranged from minor infractions to more serious ones. “But that’s within the same range as banks,” she adds.

“There’s some degree of frustration in terms of jewellers recognizing they need to comply with the regulations,” Scott notes. “There are so many jewellers who have been in business for years and one of the questions that comes up is, ‘I’ve dealt with this person for 20 years and now I need to ask them for identification?’

“I think part of what makes it easier is to explain to the client that this is a legal requirement in Canada. I have seen more signs up in stores warning they have to ask for identification for certain transactions, which can be helpful. But it’s just a matter of training and getting used to that particular change.”

The roster of seminars also included:

• Loss prevention by Andy Kretsch of Jewelers Mutual;

• Social media marketing by consultant Ryan Holtz; and

• Business basics by Barbara Crowhurst, chief executive officer (CEO) of Retail Makeover.

Source URL: https://www.jewellerybusiness.com/news/cja-holds-education-day/

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