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Post by rockpickerforever on Oct 19, 2018 8:03:57 GMT -5
Received this in an email yesterday. Don't know how much, if at all, this affects anyone here. If you make jewelry, or buy and sell items with gold, you need to read this article put out by the MJSA.
The current administration's Federal Trade Commission has folded the "gold standard". Under the new FTC guidelines, if a piece of jewelry has, virtually, any gold in it, it will now be classified as "GOLD".
This will really benefit the cheap Chinese jewelry manufacturers Karat Concerns The FTC dropped the 10k gold threshold. What will this mean for consumers and the industry?
By Shawna Kulpa When the Federal Trade Commission (FTC) released the finalized updates to its Guides for the Jewelry, Precious Metals, and Pewter Industries in late July, the jewelry industry was taken aback by at least one of the changes: The longtime thresholds for identifying alloys as “gold” or “silver” were gone. Read the article: mjsa.org/publicationsmedia/mjsa_journal/karat_concerns/
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Post by rockjunquie on Oct 19, 2018 8:42:16 GMT -5
Received this in an email yesterday. Don't know how much, if at all, this affects anyone here. If you make jewelry, or buy and sell items with gold, you need to read this article put out by the MJSA.
The current administration's Federal Trade Commission has folded the "gold standard". Under the new FTC guidelines, if a piece of jewelry has, virtually, any gold in it, it will now be classified as "GOLD".
This will really benefit the cheap Chinese jewelry manufacturers Karat Concerns The FTC dropped the 10k gold threshold. What will this mean for consumers and the industry?
By Shawna Kulpa When the Federal Trade Commission (FTC) released the finalized updates to its Guides for the Jewelry, Precious Metals, and Pewter Industries in late July, the jewelry industry was taken aback by at least one of the changes: The longtime thresholds for identifying alloys as “gold” or “silver” were gone. Read the article: mjsa.org/publicationsmedia/mjsa_journal/karat_concerns/
Seems like a bad idea to me. Very bad idea. I want to know what I am paying for.
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Post by parfive on Oct 19, 2018 10:42:32 GMT -5
Just what we need . . . homeopathic jewelry.
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Post by fernwood on Oct 19, 2018 10:44:39 GMT -5
We really need a thumbs down icon. Do not like this at all. Those who make quality items will hopefully continue to mark the gold content on their pieces. Simple to do with a stamp.
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Post by rockjunquie on Oct 19, 2018 16:39:04 GMT -5
So now, I can sell gold filled wire as just flat out gold. Legally. Whenever I buy anything gold now there's no telling what the content is and what I am paying for. Unless people still want to stamp it, but why would they? Stupid people will buy something cheap that is just called gold. Why bother with anything else. This just pisses me off. Think of all the Chinese crap that will be .01% gold which will be charged as if it were ACTUALLY gold.
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rxscram
spending too much on rocks
Member since August 2011
Posts: 484
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Post by rxscram on Oct 20, 2018 21:46:37 GMT -5
It's not as bad as you all are making it... the fineness of the gold/silver has to be disclosed in at least as conspicuous a way as the word "gold" or "silver". From the article linked above:
" The FTC removed the thresholds for gold and silver alloys. It now says sellers can use gold terms to describe a product (or part thereof) composed throughout of gold alloy, regardless of karat, if they qualify the term with an equally conspicuous, accurate karat fineness disclosure.
“You can have 8k gold and use the word ‘gold’ as long as the fineness is disclosed,” says Sara Yood, senior counsel for the Jewelers Vigilance Committee (JVC) in New York City.
The term “silver” can now be used to describe a product or part composed throughout of an alloy containing less than 900 ppt silver, as long as the term is accompanied by an equally conspicuous, accurate designation of the item’s silver content.
However, the Guides recommend a 925 ppt threshold for the terms “solid silver,” “sterling silver,” “sterling,” and the “Ster” abbreviation, while reserving “coin” and “coin silver” for products that are 900 ppt silver."
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rxscram
spending too much on rocks
Member since August 2011
Posts: 484
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Post by rxscram on Oct 20, 2018 21:50:21 GMT -5
So now, I can sell gold filled wire as just flat out gold. Legally. Whenever I buy anything gold now there's no telling what the content is and what I am paying for. Unless people still want to stamp it, but why would they? Stupid people will buy something cheap that is just called gold. Why bother with anything else. This just pisses me off. Think of all the Chinese crap that will be .01% gold which will be charged as if it were ACTUALLY gold. Actually, gold or silver plated objects are more restrictive than they used to be: "The previous Guides required only gold-plated items to be disclosed. Now, coatings of silver and platinum must also be disclosed (e.g., “sterling silver plated” or “850Pt. Plated”). The Guides also state that sellers should disclose the purity of the coating if it is under 24k gold, 925 ppt silver, or 950 ppt platinum."
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