DIAMOND 30 DISTRICT · ew York City’s Diamond District has an economic impact that reaches well...

D IA M O ND D I S T R I C T

MONTHLYVol.30November 2012

30

As part of the BID’s ongoing efforts to bring shoppers to the District we hosted members of the Partnership for

New York City at a meet-and-greet breakfast at the Diamond Dealers Club. The Partner-ship is a nonprofit membership organization comprised of a select group of two hundred CEOs (“Partners”) from New York City’s top corporate, investment and entrepreneurial firms. Partners are committed to working closely with government, labor and the nonprofit sector to enhance the economy and maintain New York City’s position as the global center of commerce, culture and innovation.

The event began with an buffet breakfast where members of the BID’s Buyers Bill of Rights Program broke bread with members of the Partnership. “ The Diamond District is a city treasure that even long time New Yorkers do not fully understand

or appreciate. After our visit, members of the business community felt much more com-fortable shopping in the district and better understood the great contribution it makes to the city economy,” said Kathryn Wylde President of the Partnership.

After breakfast the assembled group moved from the Cafe to the Diamond Dealers Club trading floor. Each Partnership member was given a copy of the most recent Diamond District Monthly and a Shopping Guide which listed all members of the Buyers Bill of Rights and included an explanation of the 4c’s of diamond buying and ads from a select group of retailers. “This guide will help me tremendously when I’m shopping for jewelry,” said Partnership member, Vanessa Van Brunt - Senior Vice President of Wells Fargo. I’ve

always been intimidated by the overwhelming amount of options available here -- now I have a

The Partnership For New York City Visits The Diamond District

The Economic Impact Of New York City’s Diamond DistrictBY NEw YOrk STaTE COmPTrOllEr ThOmaS P. DINaPOlI

New York City’s Diamond District has an economic impact that reaches well beyond the single block of West 47th street. Despite its compact size, the Diamond District is home

to one of the city’s most prime locations for the buying, exchanging and selling of high-end jewelry goods. While New York City’s economy continues to recover from the Great Reces-sion, we must support industries that are important to New York City’s identity.

There are 4,136 firms in New York City with more than 32,000 em-ployees working in the related industries, according to a study of the diamond and jewelry industries’ economic impact.

Kathryn Wylde President & CEO Partnership for NYC.

Friday Sept. 21, 2012 • 9:00 aM - 11:30 Diamond Dealers Club Cafe• 580 5th Ave - 10th Floor

Complimentary Kosher Breakfast

reservations required—e-mail [email protected]

the 47th Street Bid annual MeetingMonday, noveMBer 12, 2012 • 10:00 aM

The McGraw-Hill Conference Center: 1221 Ave of the Americas, 2nd Fl 49th St. Entrance

Keynote SpeaKer:new york State Comptrollerthomas dinapoli

Complimentary Kosher Food and refreshments will be served

SponSored By:iJu agenCy ltd.

IGT-GEM AD-8.12_8.25x10.125 8/10/12 10:46 AM Page 1

NOVEMBER 2012 DIAMOND DISTRICT MONTHLY 3

After a year of planning and development a more user-friendly version of the federal legislative branch’s online reference site has relaunched

and is functional. The new release, which succeeds the 17-year-old THOMAS system, is designed to give users a more simple and straightforward search experience. It will utilize an individual Google-esque search bar that returns smarter results and an interface to sort for particular details.

The system had to be redesigned because there were problems with its use of an aging obsolete technology infrastructure. The new site will benefit from a responsive design, which automatically formats Web pages for whatever type of device is accessing them. It will also have more readable and standardized URLs which will allow for better indexing by external search engines and easier sharing on social networks. These changes will allow easier access for the general public and enable users to be better informed about the legislative process. The new site will also include newly made educational videos that provide an overview of the legislative process. The site will include a legislative glossary that links in a context sensitive manner throughout the whole site so individuals can have a better understanding of what webpage they are on.

The new congess.gov website also includes a legislative bill status tracker which will help individuals see where in the legislative process a piece of legislation currently is. The website will continue to be developed and new features added . The next phase of the relaunch will include access to the congressional record through the same front-page search bar is expected to come online in about three months.

www.congress.gov

a New User Friendly Congressional website launched

4 DIAMOND DISTRICT MONTHLY NOVEMBER 2012

By Michael R. litteNBeRg

All Seminars are held at Field Center, 55 Lexington Avenue, Suite 2-140 NYC 10010

The Baruch SBDC and Field Center offer free workshops geared towards start-ups and established businesses. These non-credit-bearing workshops

are offered year-round and are taught by the Field Mentors who serve as faculty at the Zicklin School of Business and other established professionals.

Download the full Fall 2012 Seminar brochure by going to: http://blsciblogs.baruch.cuny.edu/fieldcenter/workshops/

PLANNING THE LAUNCH NovEMBEr 1, 2012 6-8 PMINSrUCTor: EMrE vErAL, ProFESSor oF MANAGEMENTThis workshop is intended to aid participants to systematically create a project plan and a timeline for all the tasks that need to be com-pleted before their business can start operating. The principles and tools presented are applicable to any project, including new business ventures, launching new products/product lines, expanding current product/service portfolios, or moving from manual to automated management control systems. The covered techniques are intended to serve two purposes: (1) to aid the business to create systematic and comprehensive plans for managing their time and resources efficiently; and (2) demonstrate clearly and concisely to investors (or lenders) that the business plan can be executed within the projected time frame.

IDENTIFYING NEEDS AND FINDING rESoUrCES NovEMBEr 5, 2012 6-8 PMINSTrUCTor: THoMAS LYoNS, FIELD FAMILY CHAIr IN ENTrEPrENEUrSHIP This seminar will provide entrepreneurs a tool for assessing their own resource needs, information and insights on how to fulfill those needs. Participants are introduced to the Entrepreneurial Needs Diagnostic Matrix, which helps entrepreneurs understand the resources actually needed to successfully run a business and the obstacles one faces in getting and using those resources.

BASIC PrINCIPLES oF MArKETING NovEMBEr 7, 2012 6-8 PMINSTrUCTor: STANLEY KoHLENBErG, rETIrED MArKETING ExECUTIvE Workshop attendees will be exposed to the operating principles of the most important activity they must engage in once a business has started. Marketing may be generally defined as the systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products. Whether attendees are in the start up or expansion phase of their small business, an effective marketing strategy will ensure that they reach the goals set for the enterprise.

WHY BUY A FrANCHISE? NovEMBEr 12, 2012 6-8 PMPrESENTED BY roBErT FoSKEY, LECTUrEr This workshop will introduce entrepreneurs to the different types of franchising. Participants will learn about the trends in franchising, as well as the advantages and disadvantages of buying a franchise.

BArUCH CoLLEGE ZICKLIN SCHooL oF BUSINESS

FrEE WorKSHoPS AND

By Michael R. litteNBeRg

AN oPErATIoNAL vIEW oF CASH FLoWS NovEMBEr 13, 2012 6-8 PMPrESENTED BY EMrE vErAL, ProFESSor oF MANAGEMENT This presentation provides a unique look at a company’s cash flows: Businesses’ cash-to-cash cycle are viewed from the perspective of process flow analysis principles. Participants may take-away simple to implement tools which help identify specific problem areas across the many facets of their businesses.

FrANCHISING & THE LAW NovEMBEr 14, 2012 6-8 PMPrESENTED BY roBErT FoSKEY, LECTUrEr This workshop will help the entrepreneur to understand the laws related to franchising. Participants will learn about the Trade regulation rule, Uniform Franchise offering Circular, Franchises Contracts, and Franchise Fraud.

FINANCING YoUr SoCIAL ENTErPrISE NovEMBEr 19, 2012 6-8 PMINSTrUCTor: THoMAS LYoNS, FIELD FAMILY CHAIr IN ENTrEPrENEUrSHIPA social enterprise is a nonprofit, for-profit, or hybrid organization that uses the mindset, tools and techniques of entrepreneurship in pursuit of a social or environmental mission. While a variety of financial resources may be available to these enterprises, they present special financing challenges to their entrepreneurs.

BUSINESS PLAN BASICS NovEMBEr 26, 2012 6-8 PMPrESENTED BY ALLISoN LEHr, LECTUrErThis seminar introduces the entrepreneur and small business owner to the basic format and concepts expected in a business plan. Partici-pants will learn tips on how to think like a potential investor as well as have a chance to start writing their own plan.

MANAGING YoUr CoMPANY’S FINANCES NovEMBEr 28, 2012 6-8 PMPrESENTED BY ALLISoN LEHr, LECTUrErThis seminar offers practical do-it-yourself methods of managing the finances of start-up companies. Participants will explore simple ways to set up record-keeping systems, develop budgets and generate reports that will help them control costs, improve cash flow and contribute to the ongoing strategic planning for their businesses. Basic techniques and a quick look at QuickBooks will be discussed.

LANCE N. FIELD CENTEr For ENTrEPrENEUrSHIP

SEMINArS



ExEcutivE committEEHarvey Nagin – Nagin Jewelry PresidentSteven Grauer – Gold Art 18 Kt LLc Chairmanmichael toback – myron toback inc.Vice ChairmanAvery Weinschneider - Weisz JewelersVice President Dennis marlow – Solitaire creations SecretaryJeffrey mordekai – Petra Jewelers Treasurer Richard Winick – manny Winick & SonKen Kahn – KenArt RealtiesRichard Friedman – i. Friedman & SonsRonnie vanderLinden – Diamex inc.Robert Hadi – ABS Partners Real Estate, LLc BoARD mEmBERSS. David Belsky – S.D.Belsky Associates Chair 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 – ABcmarc Beznicki – Kingmark JewelersAlon mor – mor DiamondsJules Fleischer – Jewelry by Alexander

mayor michael Bloombergchristine Quinn - Speaker of the NYc council John Liu - New York city comptroller manhattan Borough President Scott Stringer matthew Schneid – Representative of community Board 5John Glaister - ResidentReuven Kaufman - Diamond Dealers club

StAFFmichael Grumet – Executive DirectorNatalia cheviakova – Executive Administrator

Federal authorities are inves-tigating the sale of 10 phony

gold bars to Ibrahim Fadl, owner of Express Metal Refining, located at 2 West 47th St. - Suite 804A. The bars were composed of tungsten, a metal whose value at the time of the sale was slightly over $1 an ounce. The bars were covered with a fine layer of gold. Gold’s price was at $1,774.80 an ounce when the bars were sold. The manufacturing in-dustry has learned that tungsten is an environmentally friendly and durable metal.

What is most important to in-dividuals in the gold and jewelry industries is that its density of 19.25g/cm3 is almost identical to the density of gold (19.3g/cm3). Tungsten also has nearly the iden-tical specific gravity of gold. These

c h a r a c t e r i s t i c s m a k e gold-plated tungsten bars and tungsten alloy golden bars the best substitute for gold for those seeking to defraud purchasers.

The surest and simplest way to tell that a bar is not simply tungsten covered with gold is to puncture the bar. Tungsten has a silver color and is easily discernible from gold by the naked eye.

When this story first circulated there was much specu-lation on how the bars came to be manufactured and passed off as gold to an experienced gold buyer. Further research has found that the product can easily be acquired. Anyone can purchase them from

ChinaTungsten Online Manu. & Sales Corp. They are produced as souvenir paperweights which can be engraved with a company’s name or logo.

Gold dealers are recommended to be extra careful when purchasing gold bars.


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good place to begin my search for the piece I want and a listing of recommended jewelers that I know I can trust.”

BID executive director Michael Grumet presented the assembled group a short history of the diamond and jewelry industries in New York. Then he and BID Chairman Ste-ven Grauer presented the findings of the Economic Impact Survey that the BID commissioned in 2011. “I’m here very often as a shopper” said Denise Richardson, managing director of The General Contractors Association of New York, “but I had no idea the dia-mond and jewelry industries were such significant contributors to the local economy.”

Each of the attending jewelers took turns at the podium and told the story of their family’s history and involvement on 47th St. BID executive committee member Richard Friedman, head of the esteemed jeweler, I. Friedman and Son, had this to say about the event.”This is exactly the type of people we need to attract to the district. Let’s

do more of them.”After a spirited question and answer period the Partnership members were taken on a tour of The Julius Klein Group’s diamond manufacturer’s facil-ity and were able to view firsthand how rough stones are

transformed into gem quality diamonds.

After the event the Partner-ship graciously distributed the Shopping Guide to their c o m p l et e m e m b e r s h i p. “ I have received, and continue to receive calls and emails from Partnership members seeking advice on merchants for particular items,” said BID executive director Michael Grumet. “I think this might have been the most successful event we’ve run yet. I’m plan-

ning numerous similar events with other business and civic organizations during the coming year. We’re always open to new Diamond District retailers joining our Buy-ers Bill of Right Program who would then be eligible to take part in these events.”


PARTNERSHIP continued from page 1

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Small businesses are increasingly finding themselves the targets of “credit card fraudsters.” They find

themselves losing revenue as stock leaves their stores, card-issuing banks reimburse customers for fraudulent activity while leaving the merchant to pick up the cost.

It is estimated that on average each small business an-nually loses over $66,000 as a result of credit card fraud. Putting in place safeguards to limit fraudulent credit card activity will go a long way towards reversing this increas-ing expensive criminal development.

Small business merchants can institute the fol-lowing best practices so they are better prepared to identify fraudulent charges:

1. Utilize fraud prevention tools in the credit card charge process and back-office systems to detect fraud will spot-light orders that contain potential fraudulent activity.

2. Carefully review past orders found to be fraudulent to identify specific characteristics that would be red flags for your business.

3. For every credit card transaction require card iden-

tification (CID) information -- the extra three or four digits used for security on the back of all credit cards. Also verify shipping addresses on all orders paid by credit card. Performing these two steps helps to ensure the purchaser actually has the card in hand and is shipping to the ad-dress associated with the card holder. Where an item is being sent to is a separate ship to/gift to address, collect the “bill to address” to confirm authenticity.

Small Business retailers should look closely at all orders and be conscious of these warning signs of fraud:

• Orders that are significantly larger than the average size

• First-time buyers

• Orders shipping internationally

• Search for orders without a CID number or a CID that doesn’t match the credit card number

• Overnight requests

A little diligence when processing credit card orders makes a big difference to your bottom line.

Protecting Your Business against Credit Card Fraud

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The report, from the New York Industrial Retention Network, also finds that the majority of those employed in those in-dustries are also residents of New York City. Opportunities for careers and resi-dency in the same city are a great recipe for local spending.

High-quality diamonds and jewelry serve as a main attraction for visitors to the Diamond District. Those who shop for jewelry are also likely to patronize sur-rounding shops, restaurants and hotels - another critical component to fueling the economy.

Those who are employed on 47th Street or its supporting industries have specific skill sets which include crafting, whole-sale and direct-consumer sales. Impor-tantly, the jewelry and diamond indus-

tries offer well-paying jobs that permit workers to realize the American Dream.

It is well known that New York City is highly regarded as an economic engine for the entire state, but the city also sets design trends for the nation and the world. The jewelry and diamond manu-facturing and wholesaling industries in Manhattan are no exception, accounting for nearly 30 percent of all employment in these industries nationally.

I applaud the 47th Street Business Im-provement District for its efforts to ad-vance the Diamond District by making it safer, cleaner and even more successful. It is important for the future of the city, state and the country that we continue to support industries that play important roles in our economy and our identity.


NY STATE ComPTRollER DINAPolI continued from page 1


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DIAMOND 30 DISTRICT · ew York City’s Diamond District has an economic impact that reaches well...

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