03.2008 Newsletter.pub - Chicago Jewelers` Association

CHICAGO JEWELERS
CJA NEWS
Published by the Chicago Jewelers Association
President
Alvin L. Bell Jr.
(Freeman Jewelers)
Vice President
Howard Frum
(Howard Frum Jewelers)
Scholarship
Veronica Cardenas
(Cardenas Asset Mgmt.)
Past President
Gary Dolinko
(Mid-States Refining)
Secretary
Robert Sepiashvili
(SEP Jewelry Tools)
Treasurer
D. V. Rao
(Atlantic Diamond Co.)
Website Administrator
Ross Merritt
(Windy City Jewelry & Loan)
Membership Director
Don Strzepek
(Tucker Co.)
Board of Directors
Allen Lipscher
(Global Diamonds)
David H. Levine
(William Levine Fine Jewels)
M. Waseem
(A & B Watch Repair)
GOODBYE, BUT NOT FAREWELL
Thank you for allowing me to serve as president of the CJA these last two years.
It has been my extreme honor and pleasure to help revitalize an organization made up of
so many wonderful people that I have grown to call friends. Some of them have gone
beyond holding a membership with the association and honored me by serving on our
Board of Directors. To those of you, I cannot thank you enough. I hope that my service
represents a continued change of direction for our organization and its diversified
community, that serves all groups in our society and industry. We should all be proud to
have been able to participate in taking this first step.
The reason I have decided to support new leadership is that I have personal
issues in my life outside of the Chicago Jewelers Association that would hinder my ability to continue in this office. I
am not able to fully dedicate the attention and time that it deserves. My personal issues are serious in nature, ranging
from the health of my mother to new goals and fewer responsibilities in my business.
I have several pieces of advice for those of you who plan to remain in the business. It is very important to
find ways to survive in this ever-changing economy. Embrace change. Profit is not solely derived from the old
methods that seem to have always worked, but they can also be drawn from new methods. Emulate people with
winning strategies. Constantly review your work results and, more importantly, be willing to learn from and correct
them when needed.
I am supporting and endorsing Larry Hyman and his slate of officers in the upcoming election at our Annual
meeting, which I hope most of you will attend. If elected, I think he will be a great president. He will continue our
progress in restoring our organization to the prestigious position it once held in the community.
I will remain a member of the CJA and support its activities as long as I am a business owner. I am looking
forward to seeing you at our Annual meeting. I wish all of you the best of luck.
Sincerely,
Soon to be Past President of the Chicago Jewelers Association,
Alvin L. Bell Jr.
Sheldon Shapiro
(Sullivan Jewelry Co.)
Myriam Tashey
(Professional Gem Sciences)
PLEASE JOIN US AT OUR ANNUAL BANQUET MEETING ON
Vincent A. Innocenti, Sr.
(The Berco Company)
THURSDAY,
Frank Ingram
(Ingram Jewelers)
MAY 22, 2008
6:00 P.M.
Tom Foody
(Oro International, Inc.)
Larry Hyman
(Lubin-Bergman Org., Inc.)
516 NORTH CLARK ST.
1
Help Wanted!
Chicago Fine Jeweler, upper
Michigan Avenue, seeks
experienced sales
professional. Our ideal
candidate comes with: GIA
degree, and experience in
repairs, custom jewelry,
appraisals, and estate sales.
Part time available.
Annual
Statements
All business owners should review his
or her annual statements to compare
between year to year and cost to cost
results to see changes. Have an
accountant explain how your results;
compare specifically to your industry
and other trends. Good or bad, your
results enable you to understand your
business’ needs and point out
problems that need correcting.
Possible solutions can even be drawn.
Please call (312) 337-3500 or
email resume to:
[email protected].
Also seeking a messenger for package delivery.
JEWELRY
FASHION TRENDS
Fashion do and don'ts always catch our
attentions. Spring is coming so retailers
are stocking their shelves with what in
considered “in” this season. Even jewelry
has a fashion trend to follow and ballots
are in.
Doing this annually is a must, but
if you can afford performing this
assessment weekly, monthly, or
quarterly it is even better. Numbers tell
a very clear picture. Learn to see it.
This seasons hottest must haves are:
Hoop
Earrings
BRACELETS
Howard Frum Jewelers 5 S. Wabash, #814, Chicago
“WANNA BUY A WATCH?”
“WANNA SELL A WATCH?”
(312) 332-5999 www.howardfrum.com
I Want Your Business !
2
C J A MEMBER SPOTLIGHT
Normally this section of the CJA Newsletter is used to “Blow your
Horn” and tell the membership how the “Spotlight” member could
perhaps become an effective Vendor for other members. While as a
full line diamond merchant, I’d like to do that…I feel I can be of more
benefit by telling a little story.
We just completed a two day “Compliance Review” conducted by an
Internal Revenue Examiner in our offices. The agent was here to
check compliance with Form 8300, “Report of Cash Payments over
$10,000 received in a Trade or Business”. I believe that we are the first dealer/wholesaler in Chicago’s jewelry
community to be screened, but it was very clear to me that I won’t be the last. If you are baffled at what I am talking
about…it is The Patriot Act. I can thank the past President of the CJA, Gary Dolinko, for getting us started on the
path to get through the ordeal and coming out with a “Well done” from the examiner.
We attended the CJA sessions 2 years ago on the Patriot Act and subscribed to the Compliance Kit sold by the
Jewelers’ Vigilance Committee. We followed the instructions and put in place a program that had much of the data
required by the review. Many records are required and a simple statement like, “We don’t have any cash sales over
$10,000” won’t cut it with an IRS agent with 22 years of experience. You and your company can be easily put into a
situation to provide:
1. Every Bank Statement
2. Every Deposit Slip
3. Every Invoice
4. Every cash receipts journal, accounts receivable records, etc
In addition, this is all about IRS Form 8300 and your ability to not only know how to fill it out, but to understand the 6
pages of instructions and be able to convince the examiner that you do!.
Oh, I forgot to tell you the penalty if you don’t use Form 8300 when you are supposed to:
1. If you intentionally do not file the form 8300 when necessary the fines start at
$25,000 !!!
2. Every Deposit Slip
3. Every Invoice
67 E. Madison St.
Ste. 1814
Chicago, IL 60603
3
The Other Reason to Own
Gold
By James Turk of Goldmoney.com
Everybody knows that gold is an inflation
hedge. That’s why most people buy it. They know
from experience that the purchasing power of all
national currencies is being constantly eroded by
inflation and the exponential use of credit. But they
also know that their purchasing power is preserved
by owning gold.
For example, the price of crude oil has been rising
for sometime, but
when the cost of a
barrel of crude oil is
viewed in terms of
ounces or grams of
gold, its price is
essentially
unchanged. In other
words, the dollar
price of crude oil
and the dollar price
of gold are both
rising more or less
lockstep. By owning gold instead of US dollars, you
can today purchase basically the same amount of
crude oil as at any other time since 1945.
In other words, gold is an inflation hedge.
But that is only one of gold’s advantages. There is
also another valuable reason to own gold, and
significantly, this other reason is becoming
increasingly important. Gold is also a catastrophe
hedge. Gold enables us to protect our wealth from a
financial meltdown because it does not have
counterparty risk.
!"#
$%%& The monetary and financial system is rapidly
spinning out of control. We are witnessing the
unwinding of decades of reckless credit expansion.
Borrowers – corporations, hedge funds,
homeowners, etc. – who no longer have the
financial capacity to repay their debts are defaulting
on their obligations in increasing numbers. In that
environment, the safety of one’s wealth becomes
paramount, to protect against the catastrophe of
default in all types of financial assets.
'
4
In short, promises are being broken, so in an
environment in which financial assets are becoming
increasingly doubted, one needs to own tangible
assets. Own things instead of promises, and there
is only one money that is not dependent upon
someone’s promise and that’s gold. So buy gold; it
is the best catastrophe hedge. But also buy gold
Past CJA
Advertising
Sponsors
A&B Watch Repair, Inc.
(312) 263-9047
Chicago Watch Brokers
(N. Green & Sons)
(312) 759-8777
CPS Sports
(312) 346-2646
Howard Frum Jewelers
(312) 332-5999
LBO Financial, Inc.
ANNUAL BANQUET
(847) 673-4900
Maggiano’s
Mid-States Recycling
and Refining, Inc.
516 North Clark St.
(312) 644-7700
(847) 298-0010
Thursday, May 22, 2008
SEP Jewelry Tools
(312) 541-4554
Agenda
6:00-6:30
6:30-7:30
7:30-9:00
Meeting/Election
Cocktails
Dinner
Sullivan Watch Repair Co., Inc.
(312) 332-1489
The Berco Jewelry Co.
Cost
(312) 782-1050
Members
RSVP
- $ 15
CALL (312) 834-0219
United Precious Metal Refining, Inc.
(716) 683-8334
At the Door - $ 20
Windy City Jewelry & Loan
Non-members - $ 30
(773) 638-5414
5
Your options for membership:
_____ One Year ($100
$100)
$150)
$100 _____ Two Years ($150
$150
Payment Option:
Checks, please to :
Chicago Jewelers’ Association
P.O. Box 6379
Chicago, IL 60680-6379
Your Contact Information:
Contact Name: ______________________
Business Name: _______________________________
Phone/:
Phone/ (
E-Mail:
Mail ________________________________________
Fax
) _____________________/
/
___________________
Benefits for Your Business: Personal & Business growth, Networking
Events, Seminars, & Online Forums
6