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A recent report from the World Jewellery Confederation (CIBJO) touches on the global ramifications of recent revisions to the U.S. Federal Trade Commission’s (FTC’s) Guides for the Jewelry, Precious Metals, and Pewter Industries.
Part of a series of reports leading up to CIBJO’s 2018 Congress in Bogotá, Colombia, the Ethics Commission Special Report was authored by commission representatives Tiffany C. Stevens and Sara E. Yood. It extensively explores the specific changes made to the guides (such as new regulations on precious metal plating, terminology for lab-grown and natural diamonds, and minimum thresholds for gold), as well as noting how those changes interface with the standards of the international trade.
The authors acknowledge concerns that the guides run counter to international harmonization, but point out their primary purpose is to protect U.S. consumers.
“The FTC tries to harmonize its guidance with international standards when possible, but it must base its guidance on Section 5 of the FTC Act. In contrast, many international standards are developed through industry consensus-building processes that are based [on] … other considerations, such as facilitating trade and promoting international co-operation,” the report reads. “Be that as it may, the FTC Guides definitely have a global impact, hence the decision to focus upon them in this year’s Ethics Commission Special Report.”
However, CIBJO also acknowledges these guidelines are not the only important standard for the global gems and jewellery industries. Standards set by the International Organization for Standardization (ISO) and those in the CIBJO Blue Books will both be discussed in detail at the CIBJO Congress (scheduled for October 15 to 17).
The full report is available online.
