An effort by the U.S. Federal Trade Commission to broaden the use of the word “platinum” to include alloys combining platinum with base metals has drawn strong criticism from a number of jewelers, which believe that such widened interpretation will cause confusion among jewelry buyers.
Mineweb reports that the agency proposed to amend the platinum regulations to allow the use of the word “platinum” to describe alloys of platinum and base metals containing at least 50 percent of platinum. The FTC platinum regulations have not been revised since 1997.
The FTC has suggested that full composition and percentage of each element in such alloys be specified as well. If the product does not have the same attributes as platinum jewelry containing at least 85 percent of platinum, that information must also be disclosed.
In their joint response to the FTC, the Jewelers Vigilance Committee (JVC), Manufacturing Jewelers and Suppliers of America (MJSA), Jewelers of America (JA) and the American Gem Society (AGS) urged that the current platinum regulations should be retained and clarified and a supplement added to address descriptions of platinum and non-PGM alloys.
In their response, the associations said they welcome new products to the marketplace that blend platinum with base metals, but the use of the word “platinum” to describe alloys containing non-PGM “creates the risk of deception.”
The associations asserted that recent studies reveal that “reasonable consumer is unlikely to comprehend information about alloy content. Thus, the suggested disclosures are the equivalent of no disclose at all. Further, the practical impediments required to make these disclosures means that the consumer will likely not receive the information. The result will be consumers who believe that they are buying high-content platinum products - and they are not.”
The associations are asking the FTC to ban the use of the word “platinum” for alloys containing both platinum and base metals.
Platinum Guild International (PGI-USA) is once again helping celebrities to outfit themselves in platinum for the annual Emmy Awards.
On September 18-20, PGI-USA hosted its annual Red Carpet Platinum Jewelry Preview, while the 60th Primetime Emmy Awards went on the air on September 21.
Attendees including celebrities and their stylists had the opportunity to select unique and never-before-seen platinum jewelry and watches totally worth more than $40 million made by such designers as Erica Courtney, Franck Muller, Neil Lane, Kwiat and Piaget.
