Industry objects to broadening platinum definition

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Industry objects to broadening platinum definition

August 26, 2008

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New York—A number of industry organizations have filed a statement with the Federal Trade Commission (FTC) objecting to the FTC's proposal to broaden the definition of the word "platinum."

The FTC's proposal, filed on Feb. 20, would revise the Guides for the Jewelry, Precious Metals and Pewter Industries to allow the word platinum, or an abbreviation, to define an alloy of at least 500 parts per thousand platinum alloyed with base metals as long as it clearly discloses it contains other non-platinum group metals.

The FTC asked for comments from the industry on the proposed changes, and the Jewelers Vigilance Committee (JVC), Manufacturing Jewelers and Suppliers of America (MJSA), Jewelers of America (JA) and the American Gem Society (AGS) filed a response on Monday.

The associations' position maintains that the word "platinum" should be not be used to describe an alloy combining platinum with non-platinum group metals.

In its response, the groups state that they welcome new products to the market that blend platinum with other base metals but propose that marketers use terms other than "platinum" to describe alloys containing platinum and base metals.

"Adopting this approach will benefit consumers by providing a clear and easily understood signal distinguishing these two very different alloys," the response states.

According to a release from the JVC, the response to the FTC proposal was the result of consultation with the Platinum Task Force and co-chaired by the JVC, the MJSA and JA.

"The JVC, along with MJSA, JA and AGS, worked closely to determine the needs and views of the industry on this topic and to facilitate an appropriate response," JVC President, CEO and General Counsel Cecilia Gardner said. "We look forward to an early response from the FTC."

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