Fashion

Save E-mail Print Most Popular RSS Reprints

Industry objects to broadening platinum definition

August 26, 2008

Similar Stories | Topics

New York—A number of industry organizations have filed a statement with the Federal Trade Commission (FTC) objecting to the FTC's proposal to broaden the definition of the word "platinum."

The FTC's proposal, filed on Feb. 20, would revise the Guides for the Jewelry, Precious Metals and Pewter Industries to allow the word platinum, or an abbreviation, to define an alloy of at least 500 parts per thousand platinum alloyed with base metals as long as it clearly discloses it contains other non-platinum group metals.

The FTC asked for comments from the industry on the proposed changes, and the Jewelers Vigilance Committee (JVC), Manufacturing Jewelers and Suppliers of America (MJSA), Jewelers of America (JA) and the American Gem Society (AGS) filed a response on Monday.

The associations' position maintains that the word "platinum" should be not be used to describe an alloy combining platinum with non-platinum group metals.

In its response, the groups state that they welcome new products to the market that blend platinum with other base metals but propose that marketers use terms other than "platinum" to describe alloys containing platinum and base metals.

"Adopting this approach will benefit consumers by providing a clear and easily understood signal distinguishing these two very different alloys," the response states.

According to a release from the JVC, the response to the FTC proposal was the result of consultation with the Platinum Task Force and co-chaired by the JVC, the MJSA and JA.

"The JVC, along with MJSA, JA and AGS, worked closely to determine the needs and views of the industry on this topic and to facilitate an appropriate response," JVC President, CEO and General Counsel Cecilia Gardner said. "We look forward to an early response from the FTC."
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

More Fashion

The Vivid Pink diamond ring by Graff
'Vivid Pink' up for sale at Christie's

Hong Kong--Christie's annual Fall Sale of Magnificent Jewels will feature more than 250 gemstones and pieces of jewelry valued in excess of $33 million. Read More

MJSA calls for entries to Vision Awards
Movado flexes jewelry muscle in new ad campaign
More Fashion News

More Like This

Keep it legal with appraisals based on fact
January 11, 2009 | National Jeweler Network
New Gemesis site offers 'retailer locator'
September 15, 2008 | National Jeweler Network
FTC gives mixed ruling on 'cultured' gems
July 22, 2008 | National Jeweler Network
Platinum Task Force holds forum on FTC proposal
March 11, 2008 | National Jeweler Network
FTC requests public opinion on platinum guides
February 28, 2008 | National Jeweler Network
TOPICS
Business | Consumer Protection

Design Portfolio

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Sponsored by:

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement