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Magazine > Industry News > News Content

JVC: Only public companies face conflict gold regs

7/22/2010 7:40:32 PM

Washington--As the Wall Street bill became law Wednesday in Washington, D.C., the New York-based Jewelers Vigilance Committee (JVC) issued a statement indicating that only public jewelry companies would be impacted by the law's "conflict gold" provisions.

President Obama has signed into law the "Dodd Frank Wall Street Reform and Consumer Protection Act," legislation designed to overhaul the nation's financial regulatory system that contains an addendum affecting the jewelry industry.

According to the JVC, the provision of the bill addressing "conflict minerals"--gold, coltan, cassiterite and wolframite mined in the Democratic Republic of Congo (DRC) and nine neighboring countries--requires disclosure to the Securities and Exchange Commission (SEC) as to the source of gold and other materials used in manufacturing processes. But this new mandate, designed to keep conflict gold out of the United States, applies only to publicly traded manufacturers, not retailers, as previously reported, according to JVC, which serves as the legal watchdog organization for the jewelry industry.

"While the regulations implementing the bill are yet to be drafted, only companies traded on a U.S. stock exchange will be implicated by the legislation and required to file reports on gold sourcing with the SEC," the release states.

Jewelers of America (JA) sounded an alarm about the hastily added provision to the Wall Street bill last week, stating that if the conflict gold provision passed as part of the proposed legislation, it would be a "nightmare" for the jewelry industry.

When asked on Thursday to respond to the JVC's claim, JA issued a statement noting that it had obtained "more detailed information" which clarifies that the bill applies to public companies that use gold or other minerals from the DRC or surrounding countries in the manufacture of their products. But that doesn't mean publicly traded retailers won't get roped into the requirements in the future, JA adds.

"We believe that once the regulations have been promulgated by the U.S. Securities and Exchange Commission, that they could apply to any publicly-traded company involved in the manufacture of jewelry, including major retailers," the statement read.

The organization also notes that while it strongly believes in the goal of the bill--to keep conflict gold out of the United States--JA is concerned that as it is written now, the bill could encourage jewelry companies to avoid in trading in gold from this area of Africa.

"Of course, this unintended consequence will help no one, and end up hurting legitimate miners and their communities," the statement read. "Jewelers of America remains fully committed to responsible sourcing of gold and other minerals that make their way into jewelry products."

Publicly traded gold manufacturers will have to file reports annually with the SEC, disclosing whether gold used in their products originated in any of the 10 designated countries, the JVC says. If a company does source from those companies, it must provide information on the steps it took to ensure the gold did not benefit armed groups.

According to the JVC, the Conference Report accompanying the legislation makes clear that disclosure to the SEC on the issue of conflict minerals is only required of those companies that are "otherwise required to file with the SEC." One of the original co-sponsors of the provision, U.S. Sen. Russ Feingold, states on his Web site that the provision applies only to "companies on the U.S. stock exchange for which these minerals constitute a necessary part of a product they manufacture."

The JVC also notes that, as written, publicly traded manufacturers covered by the legislation will need to determine whether gold in their existing inventory originated in the DRC.

This story has been updated to include a newer statement from Jewelers of America.

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