FTC Begins Review of Diamond Nomenclature Standards
1 report, 1 independent
Updated Thu 00:00
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What happened
The Federal Trade Commission (FTC), a U.S. government agency, has been involved in setting industry standards for consumer protection. The FTC has been issuing Jewelry Guides since 1957, and it first approved the term ‘lab-grown’ in its 1996 guides. Currently, questions are being raised about the origin of terms like ‘lab-grown’ during the CIBJO Congress.
From jewellermagazine.com
Why it matters
The FTC oversees industry standards related to diamond nomenclature, which impacts the operations of the Gemological Institute of America. The scrutiny of these standards is viewed as a controversial matter within the diamond industry.
From jewellermagazine.com
Who's involved
- Federal Trade CommissionU.S. federal government agency responsible for consumer protection.
- Gemological Institute of AmericaResearch institute whose operations are impacted by industry standards.
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The entities involved
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Gemological Institute of America
research institute in Carlsbad, California
Nothing else this week.
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Federal Trade Commission
United States federal government agency