Bridal & Engagement
Jewellers Vigilance Canada
The CJA participates in many forums with professional groups, including associations, businesses, schools and representatives of other industries. The association promotes the jewellery industry, its practices and business interests aggressively in these forums, allowing us to gain supporters and sponsors for our own members’ activities. Participants have included publications, insurance firms, security operations, and marketing professionals, among others.
The CJA monitors government activities that impact the Canadian jewellery industry. With the wide range of operations under that umbrella, this involves a broad set of agencies and relationships. Constant attention is paid to many areas, including the finance sector, international trade relations, taxes and duties, weights and measures, marketing and communications. The association offices maintain an on-going dialogue with all sectors of the industry, ensuring representation of all our interests to relevant agencies on a timely basis. Updates are supplied regularly to our members. In support of the industry, the CJA also provides information on all relevant activities on a regular basis through industry publications, newsletters, and other relevant media contacts.
The Canadian government works with international governments and agencies in order to better control money laundering, and other financial irregularities that are often tied to illegal activities—even terrorist group funding. This has resulted in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Which has legal implications for many businesses in the jewellery industry.
As a part of this effort, many industries are required to track and report on their money-handling procedures and information. Along with banks, life insurance companies, securities dealers, real estate brokers and developers, accountants and others, Dealers in Precious Metals and Stones (DPMS) are now required to create specific AML Compliance Regimes that demonstrate their plans and procedures in support of this act.
The CJA assists its members in learning more about this government requirement; creating appropriate AML Compliance Regimes. Join now to receive your AML Compliance Kit and other critical materials. This is just one way we ensure our members observe all government regulatory programs.
Historically in Canada, jewellery was considered a luxury item. As a result, a 10% excise tax applied to luxury goods was applied to items within the jewellery industry—including jewellery, watches and clocks.
Collaboration between the CJA and other industry associations/representatives effectively illustrated the damage the tax was doing to the competitiveness of the Canadian jewellery industry. At the same time, the group made it clear that jewellery was now a highly accessible category, and no longer appropriately considered a luxury by most of the Canadian public.
May 2, 2006: The government repealed the Excise Tax on jewellery, watches and clocks. Consumers benefited from the changes in pricing that this allowed. Incidentally, this has impacted the appraised values of some items over time, as earlier valuations took into account the excise tax impact, which is no longer an element of any current appraisal process or valuation.