Since its origins in Israel in 1963 to the establishment of its headquarters in Hong Kong some 15 years ago and its rapid expansion in Asia, the story of Malca-Amit tracks the globalisation and the dramatic increase in private wealth worldwide. The company today has 70 offices in 45 countries worldwide and provides the luxury goods industry, high-net-worth individuals and international banks with a seamless, secure logistics service for the movement and storage of high-value, precious items. Hubbis recently met with Ariel Kohelet, Managing Director, who recounted the company’s history, explained the uniqueness of its services and highlighted the company’s priorities for future growth in the Asia region.
Some of the common risks for travelling sales agents are, thefts due to carelessness or premeditated distractions, and violent robberies.
The incidents often take place around commercial jewellery districts, near airports, car rentals and hotels. Criminals regularly lurk at observation posts in attempt to locate potential victims.
In July 2018, the Federal Trade Commission (FTC) issued updated its Guides for the Jewelry, Precious Metals, and Pewter Industries. The Jewelry Guides give marketers detailed information about how to make non-deceptive claims about their products – including jewelry made with mined, laboratory-created, and simulated diamonds.
Since such time the FTC has RECENTLY issued warning letters to eight companies advising them that their advertisements are raising compliance concerns with the recent changes to the jewelers guide.
On March 4, 2019, the Office of the United States Trade Representative (USTR) announced that the U.S. intends to terminate the Generalized System of Preferences (GSP) program for India and Turkey. India and Turkey, the largest and fifth-largest beneficiaries of the agreement, will be terminated from the program after the mandatory 60-day waiting period. As per the USTR, the termination of India from GSP stems from market access and other trade barriers. The USTR found that Turkey has developed sufficiently economically. The USTR cites increased Gross National Income per capita, declining poverty rates, and export diversification as evidence of economic development.
Effective January 1, 2019, U.S. customs and border protection without any prior notification implemented newly added unit of measure requirements for 3,393 harmonized tariff codes. The reporting quantity of “X”, which didn’t require any further quantity information, has been replaced with units of measure (i.e. KG, NO, DOZ, G, etc.). Although many commodities across the spectrum were affected by this U.S. customs has update, the importation of jewellery was majorly affected as “unit of measure” is required in order to obtain a U.S. customs release.