US squeeze on the import of stones and jewelry: it could have a huge impact on the gold industry ♦
Export alarm for Italian, French, Spanish, Indian, Chinese suppliers and jewelers … In short, for everyone. The siren at full volume and the flashing red light lit up after the news, bounced from the USA, of a meeting between the representatives of New York of the State Department of the United States with some great jewelery operators. There are no official statements at the moment, but it is good to take note of what is unofficially whispered.
In essence, the United States would have decided to request greater traceability by origin or origin of each item of jewelry imported into the United States, including gold, diamonds and precious stones.
No component, according to what would have been said, is excluded. Official objective: to combat money laundering and trade in gold and stones that are not ethically correct, ie useful for subsidizing criminal or terrorist activities. In the viewfinder there is, in particular, the Kimberley Process, a system designed to control the licit origin of diamonds.
But there are also those who think that the greatest severity translates actually in a wall against imports. The controls, in short, would end up reducing the volume of jewels or elements such as chains, closures and imported stones, given that many jewelers will not have the tools to accurately certify every single element of a jewel. According to early comments, anonymous, by US jewelers, the measure will have “a huge” impact on the jewelry industry.
In the meantime, suppliers and jewelers were however invited to follow the Clean Diamond Act, the World Diamond Council’s System of Warranties and the Kimberly Process. Federico Graglia
