Susan M. Jacques, GIA President and CEO, Receives Prestigious Stanley Schechter Award for Upholding Jewelry Industry Ethics
The integrity and ethical backbone of the global jewelry industry were profoundly celebrated on January 10, 2020, in New York City, as the Jewelers Vigilance Committee (JVC) proudly honored Susan M. Jacques, President and CEO of the esteemed Gemological Institute of America (GIA), with the prestigious Stanley Schechter Award. This significant recognition, presented at the JVC’s annual meeting and luncheon, underscores Jacques’ tireless dedication to maintaining the highest standards of ethics, integrity, and legal compliance within the jewelry community. Through the unwavering efforts of visionary leaders like Jacques, and the steadfast mission of organizations such as the JVC, the industry consistently fortifies its reputation, ensuring trust and confidence both in the United States and across the international stage. This esteemed award serves not only as a testament to individual achievement but also as a powerful affirmation of the foundational values that define a trustworthy and respected jewelry market.
The Stanley Schechter Award: A Legacy of Unwavering Integrity and Courage
Established in 2002, the Stanley Schechter Award stands as a perpetual tribute to the remarkable legacy of its namesake, Stanley Schechter, a figure whose profound commitment to integrity and courage indelibly shaped the jewelry industry for over five decades. Schechter’s invaluable contributions to the JVC and the broader sector laid a robust foundation of trust and ethical conduct that continues to inspire current and future generations of industry professionals. The award itself is specifically designed to acknowledge and celebrate individuals who mirror Stanley’s unwavering dedication, hard work, and steadfast support for the JVC’s vital mission. It recognizes those who actively champion legal compliance, ensuring that the intricate world of jewelry manufacturing, advertising, and sales adheres to rigorous ethical guidelines. By spotlighting such exemplary leadership, the JVC reinforces its commitment to an industry where honesty, transparency, and accountability are not merely desirable traits, but fundamental business practices. The presentation of this esteemed award by Joel Schechter, Stanley’s son and former chief executive officer of Honora—the company his father founded—added a poignant layer of continuity and profound respect to the ceremony, beautifully bridging generations of dedicated industry leadership.
Susan M. Jacques: A Visionary Leader Championing Excellence and Trust
In accepting the Stanley Schechter Award, Susan M. Jacques not only expressed her deep honor but also reinforced her profound understanding of the values it represents and her personal commitment to upholding them. Joel Schechter, in his heartfelt commendation, eloquently described Jacques as “a true industry treasure who deeply embodies Stanley’s core values of integrity, hard work, commitment and industry involvement.” His words resonated deeply with attendees, highlighting her relentless pursuit of excellence, which he noted has been “a gift for GIA but for the industry” as a whole. Such praise underscores the profound impact Jacques has had in her various leadership roles, particularly at the helm of an institution as critical as GIA, which sets global standards for gemological research, education, and objective grading. Expressing her profound gratitude, Jacques humbly stated, “It is a distinct honor to be recognized with this coveted award,” and thoughtfully added, “Stanley Schechter reflected the best in all of us – integrity, ethics, high morals and a genuine concern for others.” Her words not only honored Stanley’s enduring memory but also served as an inspiring call to action for every professional in the industry to uphold these essential principles.
Jacques further elaborated on her insightful vision for the jewelry industry, particularly in an era characterized by rapid digital transformation and evolving consumer expectations. While acknowledging the imperative of evolving with technology and embracing digital innovations to remain relevant and competitive, she powerfully emphasized a crucial and enduring truth: “the fundamentals of our business have not changed.” She articulately defined the core essence of the jewelry world as being deeply rooted in “passion, emotion, love and – most importantly – trust.” This foundational perspective is a cornerstone of her leadership philosophy, serving as a vital reminder to industry players that despite technological advancements, the profound emotional connection consumers have with jewelry and the foundational promise of trust remain absolutely paramount. To underscore this critical point, she recounted a profound piece of wisdom shared by legendary investor Warren Buffett, under whom she previously served: “it takes years to earn your reputation and only minutes to lose it.” This powerful statement serves as a constant and stark reminder of the inherent fragility and immense value of a strong reputation, urging continuous vigilance and unwavering adherence to ethical practices to safeguard consumer confidence and industry credibility.
The Enduring Power of Trust in the Luxury Jewelry Market
The sentiment so eloquently expressed by Susan M. Jacques, particularly her invocation of Warren Buffett’s timeless wisdom, perfectly encapsulates the delicate yet crucial balance required to thrive and sustain success in the discerning luxury jewelry market. Unlike many other consumer goods, jewelry is uniquely imbued with profound emotional significance, often representing deeply personal milestones, enduring commitments, and heartfelt sentiments. This inherent emotional and symbolic value makes the aspect of trust not merely a desirable trait, but an absolute, non-negotiable necessity for the industry’s continued prosperity and consumer loyalty. When a consumer makes an investment in a piece of jewelry, they are not simply purchasing a material item; they are investing in a promise—a promise of impeccable quality, unquestionable authenticity, ethical sourcing, and lasting value. Therefore, the erosion of trust, even through a single incident of non-compliance, misrepresentation, or ethical lapse, can have far-reaching and devastating consequences, impacting the entire sector’s reputation and jeopardizing consumer faith. Organizations like GIA play an indispensable role by providing impartial, scientific evaluation and rigorous education, ensuring transparency and setting globally recognized standards for diamonds, colored stones, and pearls. Simultaneously, the JVC acts as a vigilant guardian, offering essential legal guidance and robust compliance frameworks that help businesses navigate complex regulatory landscapes, thereby preventing potential pitfalls that could compromise consumer confidence. Together, these vital entities, guided by ethical leaders, form a robust ecosystem meticulously designed to uphold the integrity of every transaction and meticulously preserve the jewelry industry’s esteemed standing as a purveyor of beauty and trust.
Susan M. Jacques: A Career Defined by Exemplary Leadership and Profound Influence
Susan M. Jacques’s remarkable journey to becoming one of the most influential and respected figures in the global jewelry industry is unequivocally marked by a consistent dedication to visionary leadership, impactful innovation, and unwavering ethical stewardship. Her appointment as GIA’s president and CEO in January 2014 was the culmination of a truly distinguished career characterized by significant achievements across various critical facets of the sector. Prior to assuming her leadership role at GIA, Jacques spent an impressive two decades as president and CEO of Borsheim’s Fine Jewelry and Gifts in Omaha, Nebraska. During her highly successful tenure at Borsheim’s, she reported directly to the legendary investor Warren Buffett, an invaluable experience that undoubtedly honed her exceptional business acumen and profoundly reinforced her understanding of long-term value creation, customer-centric strategies, and the paramount importance of an unblemished reputation. Her transformative leadership at Borsheim’s propelled it into a nationally recognized retail powerhouse, setting new benchmarks for unparalleled customer service and operational excellence.
Beyond her demanding executive roles, Jacques has been the proud recipient of numerous prestigious accolades that speak volumes about her profound impact and enduring contributions. In 2010, she was deservedly honored with the Women’s Jewelry Association’s (WJA) Lifetime Achievement Award, a significant recognition of her enduring contributions and inspiring leadership within the industry, paving the way for future generations. Earlier, in 1997, her pioneering spirit and unparalleled retail expertise were celebrated with her well-deserved induction into National Jeweler’s Retailer Hall of Fame, an honor that solidifies her status as a retail luminary. Her deep-seated commitment to GIA extends far beyond her CEO role; she initially joined the highly respected GIA Board of Governors in May 1996 and served with immense distinction, eventually ascending to the pivotal position of Chair from 2008 to 2013. This extensive, hands-on involvement vividly demonstrates her profound belief in GIA’s mission and her steadfast dedication to its groundbreaking scientific research and unparalleled educational endeavors long before assuming its top leadership post. Furthermore, her foundational technical knowledge is firmly rooted in academia and practical expertise, having earned her highly respected Graduate Gemologist diploma from GIA in 1980, and being a distinguished Fellow of the Gemmological Society of Great Britain. This unique and powerful blend of extensive retail experience, executive leadership, and deep gemological expertise unequivocally positions Susan M. Jacques as a truly comprehensive and exceptionally well-rounded leader, uniquely equipped to skillfully guide the complex jewelry industry through its ongoing challenges and capitalize on its immense opportunities.
The Jewelers Vigilance Committee: A Century of Safeguarding Industry Standards and Consumer Trust
The unwavering dedication and commitment to ethical practices so prominently recognized by the Stanley Schechter Award are intrinsically linked to the crucial mission of the Jewelers Vigilance Committee (JVC), an organization that has served as the jewelry industry’s ethical compass and legal guardian since its establishment in 1917. For over a century, the JVC has played an indispensable and proactive role in promoting truth, transparency, and rigorous legal compliance across all diverse segments of the trade. Its core function is to provide essential legal education and comprehensive compliance guidance to jewelers, manufacturers, retailers, and other stakeholders, ensuring that all adhere to the highest standards. The jewelry industry operates within an incredibly complex web of local, national, and international laws and regulations pertaining to everything from the responsible and ethical sourcing of materials, accurate and truthful product descriptions, and fair advertising practices, to robust anti-money laundering regulations and stringent environmental standards. Navigating these intricate legal landscapes can be a daunting and challenging task for businesses of all sizes, from artisanal jewelers to multinational corporations, and the JVC serves as an absolutely crucial resource, helping to interpret complex legislation, disseminate industry best practices, and actively advocate for fair, honest, and ethical trade. By fostering an environment of accountability, integrity, and shared responsibility throughout the supply chain, the JVC plays a vital role in preventing fraud, rigorously protecting consumers, and steadfastly safeguarding the reputation of legitimate businesses, ultimately contributing to a robust, trustworthy, and globally respected jewelry market. Its enduring commitment ensures that the profound legacy of integrity, so admirably exemplified by individuals like Stanley Schechter and Susan M. Jacques, continues to define and elevate the industry for generations to come.
News Source: diamondworld