Seminar to Address Compliance, Risks of Selling Colored Gemstones

The Jewelers Vigilance Committee (JVC) is presenting "Color Gemstone Sales: Are you Compliant or at Risk?" sponsored by American Gemological Laboratories at the JA/NY Summer Show, Jacob Javits Convention Center, Monday, July 28, 2008, 8:30 a.m. to 10:00 a.m. in room IEO3.

Panelists include Christopher Smith, vice president and chief gemologist, American Gemological Laboratories (AGL), and Cecilia Gardner, JVC's president, CEO and general counsel. Robin Spector, attorney for the Federal Trade Commission, will appear on video with comments she has previously made on the federal regulations governing gemstone disclosures. 

Topics to be discussed include: Disclosure of gemstone treatment to consumers, current legislation and initiatives on gemstones from Burma; updates on irradiated gemstones, including selling current inventories and legal compliance obligations on the part of manufacturers and retailers to disclose treatment of color gemstones. Knowledge of these obligations will avoid exposure to expensive lawsuits.

Smith and Gardner will examine some of the challenges the colored gemstone industry face today, particularly supply side integrity - conditions under which colored gemstones are produced and distributed.  Gardner will review material presented by the Federal Trade Commission at a color gemstone seminar presented by JVC earlier this year. There will be a Q&A period.

Seminar attendees will receive "The Essential Guide to the U.S. Trade in Irradiated Gemstones" brochure, co-authored by JVC and the American Gem Trade Association (AGTA).

Smith said, "Proper representation during the sale of gems is essential to be fully compliant with FTC guidelines. This relates to the proper identification of the gem, as well as the disclosure of gemstone treatments. Today, gemstone treatments are more extensive than ever before and they are becoming more and more complicated in terms of the techniques applied, means of identification and terminology for full and accurate disclosure. As a result, accurate gemological authentication and disclosure from independent third-parties is becoming increasingly more important."

Gardner added that the seminar focuses upon the issues facing colored gemstone manufacturers and retailers and the steps the industry must take to disclose colored gemstone treatment to consumers, securing distribution licenses for irradiated gemstones and current legal initiatives in the House and Senate regarding gemstones from Myanmar (also known as Burma.) "Failure on the part of retailers and manufacturers to disclose treatment to color gemstones can result can result in costly lawsuits and negative publicity to jewelry businesses and to the industry.  JVC urges all jewelers to protect themselves from risk by disclosing any and all treatments -- and the effects of the treatments -- to color gemstones."

This seminar is free to attend. No registration is required. For more information about JVC's free legal compliance seminars, products and services, visit JVC's Website: www.jvclegal.org.