Promoting Excellence in the Jewelry Trading Business

Jewelry trading can differ greatly from country to country. International rules or regulations are difficult to locate. There are various committees that aid in setting a jewelry trading standard. The committees and organizations mentioned in the following paragraphs aid in alleviating some confusion, and provide a general guide to standards and expectations.

The Jewelers Vigilance Committee has a section dedicated to standards and practices entitled "JVC Membership Standards & Compliance Practices And Logo Use Form" (Jewlers Vigilance Committee, 2006). The JVC has five standards for membership and they are as follows: "1. Make reasonable efforts to educate self and staff as to the applicable current legal requirements; 2. comply with all laws and regulations applicable to the jewelry industry; 3. make accurate representations about the products you buy and the products you sell; 4. communicate to business partners your commitment to compliance with the law; 5. resolve all customer complaints promptly and fairly" (Jewlers Vigilance Committee, 2006). Abiding by such standards aids in keeping the market fair, and maintaining customer and trader satisfaction.

The International Gemological Institute at New York provides certificates of authenticity to help maintain this standard of excellence in jewelry trading. The International Gemological Institute at New York is, "…recognized as the world's foremost authority in the gemstone industry" (Royal Jade, 2004). Examples of certificates of authenticity and further instructions can also be found on this website. When specifically speaking of diamonds, another website states,

While you make a purchase of diamond from the retailer, they must provide you with an original certificate of diamond or the report of grading given by the most recognized and valued diamond laboratory of certificate. you must also not forget that the worth of the certificate depends on the laboratory which is giving it for you, make sure that the certificate given by the trader is got from the most recognized labs like AGS, DCLA, GLA or HRD. The certificate of the diamond is very much essential for the purchaser to make comparisons and make a judgment about the worth of their purchase (Booker, 2011).

As previously mentioned, the IGI, along with the GIA (Geological Institute of America) are the forerunners in stone research and certification in the U.S. Internationally, the HRD is well-known for the same reasons. "The Hoge Raad voor Diamant (HRD), translated as the 'Diamond High Council', was established in Antwerp in 1973 as the European counterpart to the GIA. In addition to monitoring the import and export of more than half of the world's loose diamond supply, the HRD issues widely recognized certificates for diamonds and gemstones based on internationally accepted standards" (Hoge Raad voor Diamant, 2011). Because of organizations such as those mentioned above, is the jewelry trading industry able to maintain its standards for excellence. An informational article on gold trading tells a typical consumer how the price of gold should be calculated. It states, "Let's say the current good price is $500 per ounce. To calculate the cost of gold for a piece of 14 karat gold jewelry that weighs 3 gram without any stones, we first divide the price per ounce by 31.5, to get the price per gram, which is $15.87. This is the price of pure gold. To convert this to 14K gold, knowing that there are 24 karats in pure gold, we divide $15.87 by 24 and multiply the result by 14. The price per gram for 14k gold is roughly $9.26" (The American Eagle Gold Bullion Coins, 2010). Websites such as this also aid in keeping the industry steady by keeping the consumer informed. There are many different resources on the industry standards of jewelry trading. These mentioned above are only a few of the major organizations involved, but these few shed significant light on how the industry maintains its standard of promoting excellence in jewelry trading.