Czech Republic Signs New KPCS Law

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CZECH PRESIDENT SIGNED NEW LAW IMPLEMENTING KPCS PRINCIPLES

STATEMENT OF CZECH GEMOLOGICAL ASSOCIATION (CGA), JANUARY 26, 2005

New law allows harmonizing trade in rough diamonds regulation with money laundering and combat against financing of terrorism.

The Czech Gemological Association (CGA) with great pleasure announced the amendment of law implementing KPCS Principles into Czech legislation system. New version of the law has been prepared because Czech Republic has been incorporate as a new member of EU and trade in rough diamonds out of EU territory was stopped. The legislation allows re-open another window into EU. Prague will be fourth City together with London (Great Britain), Antwerp (Belgium) and Idar-Oberstein (Germany) where rough diamonds will flow in or out of EU area.

The law itself has been prepared with respect existence problem similarities such as money laundering and combat against financing of terrorism. Owing to this fact, Czech government and competent state administration receiving effective prevention tool for any criminal and illegal activities. This moment together with self regulation principles of industry stated in KPCS Document will have additional important effects such as consumer protection and minimizing unfair practice principles. The last principle will help insert all CIBJO rules into legislation system, so CGA is looking forward for the better future of jewelry industry in Czech Republic.

The worse time, affected by gem stone scandals, seems to be behind us and reputation of trade in gems and jewelry will be re-created, again.

Michal Košelja,

Executive Director CGA

www.cga.cz e-mail: cga@cga.cz; michalkoselja268@msn.com

Address: P.O.Box 72, 511 01 Turnov, Czech Republic

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