Industry Organizations Say No to FTC Plan to Broaden Platinum Definition

A group of U.S. jewelry organizations filed on Wednesday a submission to the Federal Trade Commission (FTC) opposing FTC’s proposed amendment to the platinum section of the FTC Guides for the Jewelry, Precious Metals and Pewter Industries.

The FTC’s proposal would allow jewelry marketers to use the term “platinum,” or an abbreviation, to describe platinum and non-platinum group metal alloy products.

The Jewelers Vigilance Committee (JVC), Manufacturing Jewelers and Suppliers of America (MJSA), Jewelers of America (JA) and American Gem Society (AGS) maintain that the word “platinum” should not be used to describe an alloy combining platinum with non-platinum group metals.

The submission was the result of consultation with the Platinum Task Force, established in 2005, co-chaired by JVC, MJSA and JA, to provide industry comments to specific questions the FTC posed in connection with the proposed revisions to the Jewelry Guides.

In a release, JVC’s president Cecilia Gardner said the four organizations “worked closely to determine the needs and views of the industry on this topic, and to facilitate an appropriate response. We look forward to an early response from the FTC.”

If adopted, the amendments would be added to the platinum section of the FTC Guides for the Jewelry, Precious Metals, and Pewter Industries, 16 CFR Part 23, at Section 23.7(b)(4).