The US State Department may enact new regulations that would impact jewelry makers and sellers, according to National Jeweler, and it could be just the beginning.
The industry publication said sources told them of a meeting between regulators and a coalition of jewelers:
“According to those who attended the meeting, who asked not to be named, the department is looking to require a declaration of origin or provenance for every piece of finished jewelry or jewelry component imported into the United States, including precious metals, diamonds and all colored gemstones.”
Apparently the government did not want word to get out about the meeting, as sources did not wish to be named. National Jeweler said the Feds are looking to monitor other industries as well to look for ties to money laundering and terrorism.
The publication also warned its readers of measures to take with regard to sourcing and anti-money laundering protocols. If you import jewelry or jewelry components, take a look at the full article on NationalJeweler.com – and be on the lookout for regulations applying to other industries as well.