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Our guests are Tiffany Stevens, the CEO & President of Jewelers Vigilance Committee, and Sara Yood, the Senior Counsel for JVC.
In this episode, we cover the new 2018 “Jewelry Guides” which have just been released by the Federal Trade Commission.
The “Jewelry Guides” haven’t been revised in 22 years.
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Question #1 – Tiffany, first off welcome back to the show! Before we get into the “Jewelry Guide”, I was hoping you could take a few minutes and tell us how does the FTC gather information, what’s the process they go through, and what role did the Jewelers Vigilance Committee play in the outcome of this “Jewelry Guide?” Timestamp: [4:10]
Question #2 – Tiffany, the headline-grabbing portion of the Jewelry Guides was obviously centered around the mined diamond vs lab-grown diamond terminology. Now that the revision has been sent down, how do you see the diamond narrative changing going forward? And how does this revision provide greater clarity for the U.S. consumer in your opinion? Timestamp: [5:34]
Question #3 – Tiffany, we’re concerned that some independent jewelers will view the revised “Jewelry Guide” as just that, a guide, and continue on with business as usual. If you were delivering a keynote speech to a room full of independent jewelers, what advice would you give them going forward? Timestamp: [7:41]
Question #5 – Sincerely, it’s a real pleasure to bring Sara Yood, the Senior Counsel for Jewelers Vigilance Committee to the show today. Sara, first off, thank you for sharing your wisdom and experience with our audience today! So, before we get into the nuts and bolts of the revised “Jewelry Guide”, could you take us behind the scenes of this Federal Trade Commission process that started back in 2012? Timestamp: [10:08]
Question #6 – Sara, since you’ve worked closely with the FTC for this “Jewelry Guide”, can you take us through the changes? Timestamp: [11:33]
Question #6 – Sara, clearly the mined diamond vs lab-grown diamond clarification garnered all the headlines and for obvious reasons. But I believe the rhodium disclosure portion is going to be an issue for many independent jewelers right now. What should we be doing to avoid future legal issues? Does it have to be on marketing materials, does it have to be on receipts? And should we be getting metal treatment disclosures now from our vendors? Timestamp: [16:12]
Question #7 – Sara, thank you for all your efforts advocating for the jewelry trade on our behalf with the Federal Trade Commission. Can you peel back the curtain a bit on the process from an advocate’s perspective? There are so many powerful interests jockeying for power, prominence, and influence with, in many cases, millions of dollars riding on the approval sometimes of a single word by the FTC. How does a nonprofit organization like the Jewelers Vigilance Committee stand toe to toe with international, multi-billion dollar corporations? Any behind-the-scenes insights you could share? Timestamp: [18:35]
Question #8 – Sara, you’ve devoted several years to this project and have no doubt fielded countless questions from reporters recently about this topic. But is there a question you wished someone would have asked you but didn’t or perhaps a key point you want to leave us with? Timestamp: [20:25]
Connect With Jewelers Vigilance Committee:
Website
Mentioned In The Show & Links
Jewelers Vigilance Committee: The same goals that started the Jewelers Vigilance Committee a hundred years ago, still guide it today. They educate and protect all levels of the jewelry industry against liability, litigation, and stop negative publicity. The JVC is a not-for-profit legal trade association whose mission is to ensure the highest ethical standards are maintained in the jewelry industry. The JVC is considered the industry’s watchdog for ethics and integrity and provides resources and assistance for the jewelry industry as a whole. They even act as industry representatives before the government.
8 Key Changes the FTC Made to the Jewelry Guides – Article was written by Michelle Graff, Editor-In-Chief of National Jeweler. Published in National Jeweler on August 26, 2018.
FTC Issues New Guides for Jewelry Industry – Article was written by Rob Bates, JCK News Director. Published in JCK Magazine on July 25th, 2018.
Our “Inside the Jewelry Trade” Radio Show Episodes
The host of “Inside the Jewelry Trade” Radio Show – Jewelry Business Strategist – President of Four Grainer LLC. Author of the business books “A Reason To Chant,” and “A Reason to Chant – Jewelry Trade Edition.” Rod lives in Atlanta with his wife and two almost-human cats.