diamond 68 districtdiamonddistrict.org/wp-content/uploads/2015/09/ddm_68-web.pdf · the now-famous...

I am delighted to be here with Michael Grumet - Executive

Director of the 47th Street BID and all of you who represent one of New York’s most vibrant and interesting business sectors.

This one block has captured a significant portion of America’s diamond business —They tell me that more than 90% of the diamonds in America come through New York City, and that most of them come through the diamond district. The diamond industry generates $24 billion dollars a year in economic ac-tivity and employs more than 32,000 people.

That’s huge for New York.I doubt that there’s one square

block anywhere in the city - per-haps not even Wall Street that has such a significant impact.

And the synergy among all of the businesses here - the traders and cutters and merchants - is truly

D I A M O N D D I S T R I C T

MONTHLYVol.68January 2016

68

Australian Consul-General Speech to the 47th St. BID

Thank you for the invitation to address the 47th Street

Diamond District Business Im-provement District on Austra-lia’s diamond and gold export industries, and Australia’s trade and investment relationships.

The discovery of unheard of volumes of diamonds in re-mote Western Australia in the 1980s was probably the most dramatic episode in world diamond discoveries, for half a century.

The diamonds were so plentiful, that they were seen glinting in termite mounds and creek beds.

The now-famous Argyle Mine was established following this discovery, and in the first few years of operation, was responsible for doubling world

diamond production. The color of the diamonds

from the Argyle pipe were as-tonishing – brown, occasional blues, greens and yellows, and a very small but consistent supply of rare pink diamonds.

The colors were like nothing the world had ever seen before.

The 47th Street Business Improve-ment District held it’s Annual Meet-

ing on October 19, 2015 in the offices of the Metropolitan Commercial Bank at 16 West 46th Street. The keynote speakers were Congresswoman Carolyn Maloney, and Nick Minchin, Consulate General

of Australia. Introductory remarks were given by BID

President Harvey Nagin. Mr. Nagin first thanked all the people who attended the meeting. He also thanked the Metropolitan Commercial Bank for the use of its prem-ises. He then thanked all the members of

the BID’s Board of Directors, and the Ex-ecutive Committee Members, specifically citing the work of Steven Grauer, the BID’s Chairman of the Board.

Mr. Nagin then provided an overview of the BID’s history. “The work we started in

Continued on page 18

Continued on page 16

Continued on page 9

Congresswoman Carolyn MaloneySpeech to the 47th St. BID

Hon. Nick Minchin, Australian Consul-General in New York

Lto R: BID Board of Directors — Michael Oistacher, Ilan Elishayev, BID Secretary Dennis Marlow,Jules Fleischer, Mayoral Representative Leon Fonfa, BID Treasurer Robert Hadi, BID President Harvey Nagin, BID Executive Director Michael Grumet, Lucy Orozco, BID Chairman

Steven Grauer, BID Audit Committee Chair S. David Belsky, BID Executive Committee Member Richard Winick,Michael Toback, BID Executive Committee Member Jeffrey Mordekai & Yale Zoland

AnnuAl Public

Meeting FY 2016

Congresswoman Carolyn Maloney

2 JANUARY 2016 DIAMOND DISTRICT MONTHLY

DIAMOND DISTRICT MONTHLY JANUARY 2016 3

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.

Social Security Claiming StrategiesCongress recently has made tremendous changes to a very popular claiming option for Social Security which came into effect from the Senior Citizens Freedom to Work Act of 2000. The ‘File and suspend’ application is being terminated as an option. Congress deemed this an aggressive claiming option and withdrew it as a possibility for future beneficiaries. They have given Americans a six-month grace period before the new laws take effect.

The way the law is currently written, once an individual reaches full retirement age (currently 66, but soon to be 67 for people born in 1960 or later) you can claim benefits, but inform the Social Security Administration not to pay you. The reason for doing this is so that others – your spouse or dependent children– can get payment benefits based on your work record once you have started. If you claim and suspend your benefits, your dependents can get their payments while your benefits grow at a rate of 8% per year until the age of 70.

This claiming option was used by many individuals as a way to maximize their lifetime payout from Social Security. If an individual’s lifetime exceeds 80 years, the time not being paid between the ages of 66 and 70 is more than made up for by the extra funds paid.


ExEcutivE committEEHarvey Nagin – Nagin JewelryPresidentSteven Grauer – Gold Art 18 KT LLC ChairmanDennis Marlow – Solitaire Creations SecretaryRobert Hadi – ABS Partners Real Estate, LLC – Treasurer Richard Winick – Manny Winick & SonRichard 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 – ABCAlon Mor – Mor DiamondsJules Fleischer – Jewelry by Alexander Sammy Abramov – AA PearlMichael Oistacher – Manhattan Gold & SilverIsaac Chetrit – Yadidi GroupSunny Yung – Central Management Corp.Manny Grunberg – M. Grunberg Inc.Memhet Gulay – City Property DevelopmentAdam Abramson – Abramson BrothersSammy Kaufman - SarineEyal Alon - Malca AmitEliot Kirschner - EskayIlan Elishayev - SYU Properties, LLC Bill de Blasio – MayorScott Stringer – New York City Comptroller Gale Brewer – Manhattan Borough President Daniel Garodnick – Council MemberJohn Glaister – ResidentReuven Kaufman – Diamond Dealers ClubMichael Toback - MJSA

staFFMichael Grumet – Executive DirectorNatalia Cheviakova – Administrator Director

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DiAMOnDAWARD

A 47th St. BID Diamond Award was presented to Fred Dixon, President

and CEO of NYC & Co. Mr. Dixon run’s New York City’s marketing agency and is tasked with increasing tourism to our City. When presented with the award he had this to say, “Thanks to 47th Street BID for this terrific honor. I want to accept it on behalf of the entire NYC & Company team, which works so hard to share NYC’s appeal with the world. We at NYC & Company aim to bring tourism to every inch of this city. We welcomed 56 million visitors in 2014, and they spent, collectively, $41 billion while they were here. That spending resulted in $61 billion in economic impact and supported 362,000 jobs citywide. It generated $5.5 billion in city and state taxes.

“Visitor spending is an engine that keeps the City’s economy strong. NYC & Company promotes as many of the city’s neighborhoods and boroughs as possible, but there is no denying the powerful appeal of certain City icons. Because of its history and businesses, the Diamond District is one of those icons.

“Last summer, we at NYC & Company were thrilled to have the opportunity to deepen our familiarity of this district. Our team learned that this relatively small sliver of Manhattan includes 2,500 independent jewelers and sells some of the most precious jewels in the world.

“We also learned about how, over time, the midtown Diamond District became the eminent neighborhood for the sale of jewels in NYC, and the important role it has in the international jewel trade. While that rich history might

draw some, we all know the biggest draw is the jewelry, which reflects the expertise and dedication of Diamond District jewelers to their craft.

“I mentioned that 56 million tourists visit NYC every year; you’ll be happy to know that shopping is their #1 ac-tivity. Now, while not everyone is in the market for diamonds, this district represents various elements that con-tribute to NYC’s global appeal: some of the best shopping in the world, a rich history, and New Yorkers who are the best in the world at what they do. As a result, visitors don’t just want to shop here – they want to stay in hotels in the District and dine in this District. That’s the Diamond District.

“Thank you again for this award. It’s my honor to promote the Diamond District around the world.”

FReD DixOn, President & CeO Of nYC & CO.DiamonD awarD rECiPiEnT

Fred Dixon, President & CEO of NYC & Co.


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DiAMOnDAWARD

Michael Grumet, the BID’s Ex-ecutive Director, presented a

Diamond Award to Michael Toback, of Myron Toback Inc. who served for many years as the BID’s Vice Chair. Mr. Toback was required to resign as per the BID’s governing rules when his family sold their building. “Michael has been a tremendous help to me over the years in his role as Vice Chairman of the Board of Directors of the BID,” said Mr. Grumet. “He and his family have been true friends of the industry and the people on this street. I am per-sonally very sad to see him leaving the board. Before I present him his award I want to relate a story that another former BID board member told me. There are three commercial tenants of the same building in an elevator. Tenant A hates tenant B. Tenant B hates tenant C and tenant C hates tenant A. What do they talk about in the elevator? How much they all hate their landlord. This conversa-tion would never happen in Michael Toback’s exchange – and not only

because his building did not have an elevator. He and the other members of his family are easily among the most beloved people on the street.

Michael’s father founded the busi-ness, Myron Toback, Inc. in 1965. Originally it was just two booths at 23 West 47th. In 1982 the compa-ny moved to its current location at 25 West 47th Street. It has grown through the years, under his able leadership, into being the major wholesaler and finding house it is today — serving the entire worldwide jewelry community. It is presided over today by Myron, Michael and his sister Joy. Myron Toback, Inc. will continue to exist as a business if not at the same location.

Michael Toback accepted the award with the good natured humility that is his hallmark. “I want to thank all my fellow board members, especially the members of the executive committee and you Michael for the work you all do to make 47th Street a better place. Thank you for this award.”

miCHaEL TobaCk, MYrOn tObaCk, inC.DiamonD awarD rECiPiEnT

L to R: BID Executive Director Michael Grumet, Michael Toback, Chairman Steven Grauer, BID President Harvey Nagin.


1997 continues to this day – we are here to improve the District, and make it a better place for everyone who shops, works and visits it. The BID, like all other BIDs is re-sponsible for maintenance and security, but we do so much more. We run events that bring high-net worth individuals to the street and introduce them to our leading jewelers. We run numerous educational seminars for all our stakeholders including property own-ers, retailers, wholesalers and manufacturers. The Diamond District employs over 22,000 people and the BID’s magazine, Diamond District Monthly, keeps them informed of government programs and legislation that will affect their businesses.” A motion to approve the 2014 minutes was made and the motion was approved unanimously. Mr. Nagin thanked the BID’s staff for the tremendous amount of work they do day in and day out; Michael Grumet, the Executive Director of the BID and the BID’s Adminis-trative Director, Natalia Cheviakova.

Michael Grumet introduced the keynote speaker, Congresswoman Carolyn Maloney.

Representative Maloney said that she stands ready to help the BID in any way through governmental programs. She informed the assembled group that when she was serving in the City Council she drafted the first bill empowering the formation of BIDs. Mr. Grumet presented Representative Maloney a Diamond Award in recognition of all the good work she does for the Diamond District.

The second keynote speaker was, Nick Minchin, Consulate General of Australia. He spoke of diamond production in Australia. He emphasized the preeminence of the Ar-gyle diamond mines which produces some of the world’s finest colored diamonds. He also enlightened the group about Australian gold production.

The next speaker was New York State Assemblyman Dan Quart, who represents New York City’s Upper East Side. He em-phasized the work of the state legislature in boosting tourism by funding marketing and promotion programs.

BID Chairman Steve Grauer introduced, NYPD Deputy Commissioner John Miller.

He presented crime statistics that show a steady decline in crime in the Diamond District. He informed the group that 1,400 new police officers have been hired to rein-force our existing police force. Mr. Miller is also in charge of anti-terrorist programs and has been assigned an additional 400 officers trained in anti-terrorism to safeguard New York City from threats.

Michael Grumet presented a Diamond Award to Michael Toback, of Myron Toback, Inc. for his lifetime of service to the Diamond District Community and his years of work as the BID’s Vice Chairman.

Fred Dixon, CEO and President of NYC & Co. (the City’s marketing organization tasked with promoting NYC worldwide and increasing international tourism) presented the most recent statistics concerning travel and tourism to New York City.

Robert Hadi, the BID’s Treasurer, gave a brief summary of the BID’s income and expenses for the past year and presented the budget for the upcoming Fiscal Year.

The meeting then adjourned.

47th St. BID Annual Public Meeting FY 2015 CONTINuED FROM PAGE 1

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Country2013 2014 Percent

ChangeIn actual dollarsWorld 9,087,872,438 9,747,722,063 7.26%Hong Kong 2,357,005,186 2,886,158,456 22.45%Switzerland 1,448,358,071 1,720,557,000 18.79%France 349,584,374 630,267,410 80.29%Japan 510,406,395 615,414,380 20.57%united Kingdom 729,436,868 542,044,202 -25.69%Canada 527,770,038 530,250,310 0.47%Italy 153,340,228 283,541,144 84.90%united Arab Emirates 298,618,370 237,403,520 -20.50%India 248,341,533 236,541,640 -4.75%Qatar 304,940,813 223,170,380 -26.82%China 140,616,473 220,192,510 56.59%Sint Maarten 192,099,630 206,926,031 7.72%Singapore 259,352,819 201,885,554 -22.16%thailand 93,563,420 155,263,979 65.95%Mexico 175,955,494 147,543,785 -16.14%Dominican republic 107,625,431 111,643,160 3.73%Australia 121,190,240 103,311,774 -14.75%taiwan 95,296,729 99,856,505 4.78%South Korea 68,867,683 67,009,971 -2.69%Germany 54,871,799 45,817,978 -16.50%netherlands 40,391,269 39,215,790 -2.91%Bolivia 38,332,665 38,663,174 0.86%Israel 19,714,994 32,301,522 63.84%

tOP MARkets FOR u.s. exPORts OF JeWelRY


L to R: BID Executive Director Michael Grumet, BID President Harvey Nagin, BID Executive Committee Member Richie Winick

L to R: Michael Toback, Congresswoman Carolyn Maloney & Myron TobackL to R: BID Chairman Steven Grauer,

BID President Harvey Nagin

Fred Dixon President & CEO NYC & Co.


Deputy Police Commissioner John Miller

L to R: Congresswoman Carolyn Maloney & BID Executive Director Michael Grumet

Assemblyman Dan Quart

L to R: Australian Consulate General Nick Minchin, Michael Grumet, Steven Grauer

Lto R: BID Board of Directors — Michael Oistacher, Ilan Elishayev,

BID Secretary Dennis Marlow,Jules Fleischer, Mayoral Representative Leon Fonfa, BID Treasurer Robert

Hadi, BID President Harvey Nagin, BID Executive Director

Michael Grumet, Lucy Orozco, BID Chairman Steven Grauer, BID Audit

Committee Chair S. David Belsky, BID Executive Committee Member

Richard Winick,Michael Toback, BID Executive Committee Member

Jeffrey Mordekai & Yale Zoland

AnnuAl Public

Meeting FY 2016


2013 to 2014 (% Change in value of U.S. exports, HS Code 7113 articles of jewelry & parts, of precious metal or clad)

totaL 4%

711319—JEWELRY AND PARTS THEREOF; OF OTH PRECIOUS METAL* 0%

711311—JEWELRY AND PARTS THEREOF; OF SILVER* 27%

711320—JEWELRY AND PARTS; BASE METAL CLAD W PREC METAL 645%

HistoricaL excHange rate of iep / U.s. doLLarYear rate

2010 0.58

2011 0.572012 0.612013 0.59

2014 0.59

*HTS 711319 (Jewelry and parts thereof; of precious metal excluding silver) made up 85.54% of export value in Year to Date of 2014.

YTD EXPORT VALUE OF HS 7113

IEP/US DOLLAR

YTD(MAR) 2012

YTD(MAR) 2013

YTD(MAR) 2014

0

500,000

1,000,000

1,500,000

2,000,000

$1,612,190

$1,793,452

$1,444,595

Valu

e in

thou

sand

s of

US

Dol

lars

Exch

ange

Rat

e

0.55

0.56

0.57

0.58

0.59

0.60

0.61

0.62

2010 2011 2012 2013 2014

fineJewelryMarket Ireland

Ytd export vaLUe Hs 7113item YTD 2012 YTD 2013 YTD 2014

totaL 1,612,190 1,793,452 1,444,595

711319—JEWELRY AND PARTS THEREOF; OF OTH PRECIOUS METAL* 1,320,960 1,591,755 1,180,096

711311—JEWELRY AND PARTS THEREOF; OF SILVER 291,230 201,697 240,548

711320—JEWELRY AND PARTS; BASE METAL CLAD W PREC METAL 0 0 23,951


annUaL export vaLUe of Hs 7113item 2012 2013 2014

totaL 7,125,488 6,780,589 7,085,471

711319—JEWELRY AND PARTS THEREOF; OF O TH PRECIOUS METAL* 6,020,150 5,762,739 5,750,383

711311—JEWELRY AND PARTS THEREOF; OF SILVER 1,101,838 1,010,917 1,283,436

711320—JEWELRY AND PARTS; BASE METAL CLAD W PREC METAL 3,500 6,933 51,652

trade sHows in ireLandname date Link description

showcase ireland 2016

January 24-27, 2016 http://www.ntradeshows.com/show-case-ireland/

An annual trade only event, Show-case Ireland draws professional visitors from all over Europe looking to purchase or outsource in Ireland. International Exhibitors are also wel-comed. The five main areas of exhibits at Showcase Ireland are: Craft & Gift, Interior & Tabletop, Jewelry, Fashion, Knitwear and Accessories, and the Celtic Showcase – with many thou-sands of products on display. Spon-sored by official bodies and particular-ly supportive of small producers and first-time exhibitors, Showcase Ireland has been running since 1976.

YTD EXPORT VALUE OF HS 7113

IEP/US DOLLAR

YTD(MAR) 2012

YTD(MAR) 2013

YTD(MAR) 2014

0

500,000

1,000,000

1,500,000

2,000,000

$1,612,190

$1,793,452

$1,444,595

Valu

e in

thou

sand

s of

US

Dol

lars

Exch

ange

Rat

e

0.55

0.56

0.57

0.58

0.59

0.60

0.61

0.62

2010 2011 2012 2013 2014

fineJewelryMarket Ireland

*HTS 711319 (Jewelry and parts thereof; of precious metal excluding silver) made up 85.54% of export value in Year to Date of 2014.


R E G I S T R A T I O N I S N O W O P E NFor more information and for registration go to:www.jewelryindustrysummit.com

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Y O U R PA R T I C I PAT I O N M AT T E R S�e Summit is from the evening of March 10 until noon on March 13, 2016

at the Fashion Institute of Technology in New York City. Your registration for the summit includes a registration to

the JA/NY Trade Show and MJSA Expo at the Javits Center, which immediately follows the summit.

B E P A R T O F T H E C H A N G EJ O I N T H E D I S C U S S I O N

Congresswoman Carolyn Maloney Speech to the 47th St. BID CONTINuED FROM PAGE 1

what makes this place so special.But another thing that makes you special

is the fact that you have joined together to form a business improvement district.

The BID has installed and maintained 19 distinctively designed street lights and four corner diamond shaped pylons. Its sanitation program is one of the highest rated in the city and keeps the district free of excess debris. The BID installs flowers, holiday decorations and banners to greet consumers entering the Diamond District - and helps people see that this is a singu-lar area. The BID has developed a strong relationship with the New York City Police Department which increases security in the Diamond District.

When businesses come together and work together, good things happen - and I know that the issues that face small business are important to the economic health of our nation. They are the lifeblood of New York City and our country, and I’m working in Congress to support entrepreneurs and business owners:

I have led the charge to reauthorize the

Export-Import Bank.All major exporting countries have an

export credit agency-which helps busi-nesses finance transactions with foreign customers. But this year an obstructionist Congress allowed ours to lapse. This means that our businesses aren’t competing on a level playing field with Germany, with South Korea, with Japan, with China.

That isn’t fair.And it is already hurting American work-

ers. GE has announced that it is moving 500 jobs overseas because Ex-1m Bank wasn’t there to provide a line of credit - instead it got the line of credit from the French and the US lost jobs, including some from up-state New York. Just in my Congressional District, 66 businesses have used the bank in recent years. We need to extend this crucial support for American businesses. Two weeks ago, some Republicans joined with Democrats to force a vote to renew the Bank, and I’m confident that we can get it done.

We also need to replenish the Highway Trust Fund.

American business depends on the ability of people and products to get around our country, and to our ports and airports - the diamond business is an export/import business - and I’m sure you travel often and have seen how our airports, trains and infrastructure is old, crumbling and out-of-date.

Yet Congress has allowed us to get dan-gerously close to the deadline for transpor-tation funding at the end of this month. Here in New York, we need this money to complete the Second Avenue Subway and East Side Access for the Long Island Rail-road, as well as repair bridges and highways.

I’m pushing for solutions to help entre-preneurs finance their ideas. In the wake of the financial crisis, I authored the Investing in America’s Small Businesses Act, to help boost micro lending through CDFls.

These loans-up to $25,000-can help en-trepreneurs get the seed money they need to grow their businesses, hire workers, and boost our economy.

Mazel un brokhe [Maz-ul uhn Bruh-He] –luck and a blessing.

DIAMOND DISTRICT MONTHLY JANUARY 2016 17DIAMOND DISTRICT MONTHLY JULY 2015 13

Manhattan Borough President Gale Brewer CoNTiNueD froM PAGe 1

13

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that, “Over the past few years, however, the future of the city’s small businesses—and specifically street-level retail stores and restaurants—has begun to look murky. High rents, corporate competition, and real estate development deals are creating challenges over and above the ones small businesses typically face.” She continued by saying that,” Supporters of small businesses note that commercial landlords regularly try to evict small businesses to make space available to corporate franchises or a na-tional bank which has the deep pockets and ability to pay higher rents. Vast stretches where mom-and-pop stores once prevailed have disappeared from Clinton and Chel-sea to Little Italy and the Bowery. Empty storefronts persist for weeks, months and even years, and more and more street corners are claimed by major banks and corporate chains.”

Ms. Brewer made four recommenda-tions to help small businesses: l) Have government help small businesses cope in

the current real estate market. 2) Improve government interaction with small busi-nesses. 3) Reform the city’s Commercial Rent Tax which unfairly targets only com-mercial businesses below 92nd Street in Manhattan. 4) Maximize resources among government agencies.

To obtain the entire report, contact: Gale A. Brewer, Manhattan Borough

President, 1 Centre Street, New York, NY 10007, (212) 669-8300.

After Ms. Brewer’s presentation, a lively discussion ensued — with the main complaint expressed from the commercial tenants in the District being that after many years of successful operation of a business in one location many property owners have recently given notice to ten-ants that the tenant must vacate their space in sometimes as little as 30 days. Ms. Brewer’s legislation would require much more lenient tenant notification terms and also call for mediation in the case of commercial rent increases. Commercial

tenants also complained that their square footage was often recalculated much to the property owners benefit without a standard form of calculation, which left them no recourse to challenge a higher rent based on a newly declared larger square footage of the commercial unit.

Another complaint lodged to the Bor-ough President by the commercial tenants was the City’s reissuance of licensure to comply with laws requiring repairs to fa-cades but no requirement that the repairs be done in a timely manner.

Borough President Brewer took copious notes from the commercial tenants pres-ent and promised to take their concerns into consideration in the legislation that is being formed. She also promised to continue the dialog with the Diamond District Community and use her powers to help this iconic economic engine of New York City retain its vibrancy and importance as a manufacturing, retailing, wholesaling and exporting center.

ה”בRadio City Synagogue

Chabad of the diamond diStRiCt

times for Prayer and torah Study(Monday-Thursday)

12:40p.m Mincha 1:00 followed by Daf Yomi Shiur

1:45p.m. Mincha followed by Chassidus and Musar

4:15/4:45p.m Mincha/Maariv followed byTanya Shiur

30 W 47th Street, suite 305

Every Wednesday at 2:00p.m “Lunch and Learn” Shiur on the Parsha

For more info: 347-415-2271 or 612-968-1229 or email [email protected]

www.chabad47.com

A DiviSion of ChAbAD LubAviTCh of MiDTown MAnhATTAn

What Qualifies As Income for Individual Retirement Accounts (IRAs) Contributions

What qualifies as compen-sation for contributing

to an individual retirement account? Wages and self-em-ployed income are the two ways to qualify for an IRA contribution. Unemploy-ment payments and Social Security benefits do not qualify as compensation for the purpose of making an IRA contribution.

Unemployment compensation is taxable income, but is not considered an eligible source that qualifies to make an IRA contribution. Social Security benefits, even though they are earned, do not qualify as compensation for IRA contribution eligibility.

Alimony and maintenance payments are

considered earned income. As such, they can be used to make IRA contributions. Using alimo-ny and maintenance payments to contribute to a traditional or Roth IRA is allowable even if the person making the contribution has no other income.A person with qualifying income

compensation for contributing to an IRA cannot make any contribu-

tions in the year in which they turn 70 and a half . This applies only to traditional

IRAs, but not to Roth IRAs. However, contribu-tions to a Roth IRA are not allowed once earned income exceeds certain limits. These limits are $191,000 for married-filing-jointly and $129,000 for single taxpayers.


Over the three decades that followed, the United States – the world’s largest retail diamond jewellery market – was critical to building consumer demand for these colored gems, which had pre-viously been considered inferior to the ‘gin and tonic’ colored white diamonds that were considered ideal.

Argyle’s rare pink diamonds now command more than 50 times the price of an equivalent white diamond. They are likened to works of art, rare books and unique icons, and they are the most concentrated form of wealth on Earth.

Australia has been a diamond produc-er since the nineteenth century, and is one of 54 participants in the Kimberley Process Certification Scheme.

With around 16 per cent of the world’s Economic Demonstrated Resources (EDR) of industrial quality diamonds, we are the sixth largest producer by weight globally.

There is active diamond exploration within Australia, including at the Merlin Diamond Mine in the Northern Territo-ry. Merlin is famous for producing large, high clarity, super white, and high value diamonds – Australia’s largest diamond, a 104.73 carat stone, was discovered there in 2003.

Two diamond mines currently op-erate in Australia, both located in the Kimberley Region of Western Australia: Argyle, which I have already mentioned, and Ellendale Mine.

The Ellendale Mine, owned and oper-ated by Kimberley Diamond Company, is the world’s leading producer of fancy yellow diamonds, accounting for 50 per cent of global supply in 2013.

In 2010, Tiffany & Co. negotiated exclusive rights to the yellow diamond production for the full economic life of the mine.

The Argyle Mine, owned and oper-ated by Rio Tinto, is Australia’s largest and most economic diamond deposit, which I visited when I was Australia’s Minister for Resources. It generates the

vast majority of Australia’s rough dia-mond production (around 80 per cent by volume), and has produced more than 800 million carats of rough diamonds.

Argyle has some of the highest diamond grades in the world, and is the world’s largest supplier of natural colored diamonds. The best stones are cut and polished by skilled artisans in Perth, Western Australia, and 100 per cent of the product is sold direct to the world market.

Argyle is famous for producing vir-tually the entire world’s supply of pink diamonds. No other diamond mine produces the range and variety of pink color seen at Argyle.

Just one tenth of one percent of dia-monds from the mine is pink. They are so rare that an entire year’s worth of Argyle pink diamonds – over half a carat – would fit in the palm of your hand.

The rarest of the pinks are sold in what is known as the most exclusive diamond sale in the world – the Argyle Pink Diamonds Tender. Earlier this year, Rio Tinto previewed the Tender in New York and my wife and I were fortunate to see the diamonds, which were truly exceptional.

Unlike other colored diamonds, the phenomenon of pink diamonds is yet to be discovered – it is one of Earth’s greatest mysteries.

In 2014, Rio Tinto generously gifted 500 carats of rough Argyle diamonds to the Smithsonian Institution in Washing-ton DC, which houses the world’s largest museum and research complex, and is home to the most notable diamonds and diamond jewelry in the world.

The donation will be used for exhi-bition and research purposes, and the Smithsonian is particularly focused on researching the origin of the pink color. This is an important piece of Australian mining history, which has now been shared with the people of the United States.

Australia also has a productive gold

industry, and gold is mined in all Austra-lian states and in the Northern Territory.

The first discovery was made in New South Wales in 1851, and we are now the world’s second largest gold producer, after China.

Australia is estimated to have about 11 per cent of the world’s Economic Demonstrated Resources (EDR) of gold; the second largest after Chile and ahead of Russia, the United States and Indonesia.

In 2014-15, gold mine production in Australia was 272 tonnes, accounting for 9.4 per cent of global gold production. In the same year, Australia’s gold export volumes were estimated at 284 tonnes earning A$14 billion, making gold Australia’s sixth largest export earner.

According to US Geological Survey estimates, Australia’s reserves of gold were 9,800 tonnes in 2014; the highest of any country and almost 18 per cent of global reserves. On current production rates, the resource life of Australia’s gold resources is approximately 36 years.

Gold attracts Australia’s second largest exploration expenditure, and continued interest in exploration is attributed to Australia’s potential to host significant deposits and because the high price of gold has been sustained for a number of years.

Recent gold discoveries include the Tropicana deposit in Western Australia (2005), the Carrapteena copper-gold deposit in South Australia (2005) and the McPhillamys deposit in New South Wales (2006)

Gold and diamonds are just one part of Australia’s substantial resources industry.

Australia’s abundant resources and proximity to Asia underpins our position as a major global exporter of minerals and energy resources and products.

In 2012-13, Australia’s total resources and energy exports exceeded A$170 billion, with around 85 per cent of those exports (A$145 billion) going to Asia.

Australian Consul-General Speech to the 47th St. BID CONTINuED FROM PAGE 1

Continued on next page


In recent years, the Australian min-erals industry has accounted directly for up to 8 per cent of GDP, upwards of 20 per cent of business investment and around 50 per cent of national exports.

Australia is ranked number one in the world for its reserves of iron ore, gold, uranium, zinc and nickel; second for copper and bauxite; fifth for coal (black), and sixth and seventh for shale oil and shale gas, respectively.

While resource investment is expected to fall over the next few years, commodity exports and production should continue to grow strongly as Australia becomes a much larger producer of iron ore and one of the largest exporters of LNG.

Australia’s Free Trade Agreements with China, Japan and South Korea will reinforce minerals trade worth approxi-mately A$120 billion a year to Australia.

China is Australia’s largest export market, worth $108 billion in 2013-14, comprising almost one-third of Aus-tralia’s total exports. Minerals exports account for nearly three-quarters of this total (A$80 billion) with iron ore alone accounting for more than half (A$57 billion).

Once in force, the China-Australia Free Trade Agreement (ChAFTA) will eliminate tariffs on minerals imports from Australia that are worth around A$16 billion annually. ChAFTA will also consolidate a growing investment rela-tionship, with the total stock of Chinese foreign investment in Australia at A$32 billion in 2013, including substantial investment in the minerals sector.

Trans-Pacific Partnership (TPP) Agreement concluded in October 2015 with the United States, Australia and

ten other Asia-Pacific countries will also promote trade links.

The TPP will lead to more made- in-America exports and will support US domestic jobs by cutting over 18,000 taxes on American products in some of the fastest growing markets in the world. For example, the United States Trade Representative (USTR) estimates that tariffs on jewelry will be reduced by up to 30 per cent.

Australia very much hopes the US Congress will approve the TPP so the United States and Australia will be well positioned to benefit from a rapidly growing Asian middle class.

Australians are blessed to have such great reserves of gold and diamonds, and we are proud to be such reliable ex-porters of these and other commodities to the world.

Australian Consul-General Speech to the 47th St. BID CONTINuED FROM PREVIOuS PAGE

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There has been a growing trend among many gem and jewelry professionals

that there is a mystical box that labora-tories use that will, at a moments notice, produce the results of any gemstone, revealing its identity, treatments, or even where in the world it may come from. Since most testing is done behind closed doors, I thought it would be helpful to shed some light on what actually hap-pens when gemstones undergo analysis. Although this short article isn’t meant to provide a comprehensive step-by-step, it will give the reader a better idea of the various tests that are involved and why a seemingly simple analysis can take hours or even days to complete.

Some gemstones are more laborious and thought provoking than others, but the lineage of tests, for the most part, remain somewhat the same in the begin-ning. But what is it that we are looking for and where do we start? If there is one common denominator among gemologists when testing a gemstone, it would be OBSERVATION. Physical observation is absolutely critical before determining anything definitive about a gemstone. Many clients will ask when submitting a gemstone, “How long will this take?” I, most often, will request to see the stone first, so I can take a quick glimpse under a microscope before I give them an indication of when they could expect their results. That first peek into the fascinating world of internal and surface characteristics can be infinitely helpful in providing a mental check list of tests that will need to be performed. Looking for things such as: body color,

inclusion types, growth features, specific patterns that are present within a break, or the sharpness of facet junctions, for example, are all clues to the nature of the tiny pebble in question and the many mysteries it might possess. Moving for-ward, I might obtain a refractive index and check for other simple optical prop-erties such as light polarity, pleochroism and/or fluorescent reactions. Although not too time consuming, the results can be indicative and sometimes even conclusive based on a couple or more of these tests alone; however, most often, this isn’t how it works out.

Some gemstones are inherently chal-lenging to determine certain attributes about its identity. Differentiating syn-thetic quartz or synthetic alexandrite from their natural counterpart for in-stance, or even identifying some types of polymer fillers, low temperature heating, or the country of origin are other exam-ples in an endless list that may require a much more sophisticated arsenal of tests.

EnTEr THE “mAgIc mAcHInES” Spectrometers and spectrophotometers as they are more commonly referred to, are used to study the properties of light emitting through or reflecting from a given material. By using different types of lasers and/or various wavelengths of light, used in conjunction with finely tuned sensors, the material in question produces a signature of sorts, unique to the very nature of its chemical and structural makeup. I won’t go into the principles of how and why it works (another article, maybe,) but I will say,

without these wonderfully complicated pieces of equipment, a lot of what gem-ologists do on a daily basis wouldn’t be possible. With that in mind, and much to some people’s surprise, there is no magic involved. In fact, without the proper training and a fair understanding of chemistry and physics, these mystical boxes would only serve as very heavy, and enormously expensive paperweights. The dozens or even hundreds of scans that the gemstone in question is subject-ed to will ultimately yield what can only be assumed to be a manic line graph of squiggly bumps and dips, all of which are representative of the specimens structural and chemical identity. The time and patience it takes to learn and recognize such patterns can take years to master, and with an ongoing onslaught of new treatments and technologically advanced synthetics emerging into our growing market, this field of study is never ending and requires a lot of time and education, not to mention ongoing personal research, gaining as many ref-erence samples as possible.

So there you have it. A modest glance into the analytical world of gemstone testing and identification. Although there are many points of interest which could not be addressed within the scope of this article, I hope this demystifies, even if just a small bit, the process your gemstones undergo when submitted for testing. I hope this article sparks your analytical curiosity and I encourage the reader to openly ask questions to help better understand this captivating field of study.

The Magical Machine BY JOSHUA D. LENTS, FGA, GG [email protected] GEMOLOGICAL APPRAISAL LABORATORY OF AMERICA, INC.

Gem Spectrometer

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