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Industry News: Top Event Planner Colin Cowie At Centurion; Global Leaders Address Conflict Minerals January 29, 2014 (0 comments)

Colin Cowie To Speak At Centurion

Scottsdale, AZ—In partnership with the Platinum Guild International, renowned celebrity event planner and style expert Colin Cowie will share information on the current marketplace, the importance of the client/consumer relationship, and will offer tips—based on his own experience—to develop and maintain customer relationships that will help differentiate your business. 

His session will be held Monday, February 3 at 9:00 a.m. in the Camelback Ballroom.

Cowie launched a partnership with PGI in April 2013. Within the program, Cowie illustrates the qualities of platinum bridal jewelry through a curated gallery of handpicked platinum jewelry designs, social media engagement, and branded event appearances. Additionally, he highlights platinum jewelry in broadcast interviews and commentary on celebrity and everyday bridal style.

 

Global Industry Leaders Address Conflict Minerals

Vicenza, Italy—A blue-ribbon panel of experts at last week’s Vicenzaoro fair discussed a potential storm for the gold jewelry industry, with new legislation in both Europe and the United States targeting minerals from conflict areas in Africa. The seminar was hosted by Fiera di Vicenza; CIBJO, the World Jewellery Confederation; the Responsible Jewellery Council; and Confindustria Federorafi.

The two specific pieces of legislation under the spotlight was Section 1502 of the Dodd-Frank Act in the United States, and similar legislation pending in Europe.

Signed into law in 2010, Section 1502 is a disclosure requirement that requires publicly traded companies to determine whether their products contain conflict minerals, and conduct inquiries into country of origin of those minerals. Starting, this year, they need to make formal disclosures to the Securities and Exchange Commission (SEC).  

In Brussels, the European Commission's Directorate-General for Trade is currently putting the final touches to a legislative proposal on conflict minerals that may parallel Dodd-Frank, though it intends to build on international initiatives like the OECD Due Diligence Guidance.

"What this means is that quite a significant percentage of the jewelry traded in the United States will end up in the display cases of publicly traded companies, who according to Dodd-Frank need to monitor their supply chain. In other words, if you export or are looking to export to the United States, it is more than likely that, ultimately, Dodd-Frank will matter to you," noted Corrado Facco, managing director of Fiera di Vicenza, in his opening address to the seminar.

Philip Olden, head of responsible sourcing for Signet (parent of Kay Jewelers and Jared The Galleria of Jewelry) said his company, as a publicly-traded entity, is obliged to ensure that any company from which it buys jewelry has itself introduced a due diligence system by which it can accurately trace the origin of the gold. Signet, he noted, has developed a detailed set of protocols according which its clients are obliged to operate. "If you are not able to demonstrate that you can meet our requirements, we will not be able to buy from you," he said.

The critical juncture for due diligence in the supply chain is the gold refineries, said Marieke van der Mijn, standards coordinator for the Responsible Jewellery Council.  RJC has been working collaboratively to institute an internationally acceptable system to demonstrate the refined gold they produce is conflict-free.

In its efforts to ensure that its supply chain remains free of conflict minerals, the Gucci luxury conglomerate took a somewhat different approach, said spokesman Marco Falezza. Instead of requiring its clients to demonstrate due diligence in the origin of the gold, Gucci acquired the gold itself after examining the sources of the material, and then provided it to the companies that produce its jewelry. 

Speaking on behalf of the Italian government, Maria Benedetta Francesconi addressed the difficulties faced by the small and medium sized enterprises that make up the bulk of the local jewelry sector. There are real cost factors involved, she stated, and the task of verifying the movement of gold through the pipeline is not a simple one.

"My concern, which is one that I feel strongly needs to be addressed, is that by placing another substantial burden upon the industry we are again raising the bar of entry.  We have to develop systems by which all participants in this industry are reasonably able to meet the requirements of due diligence. It is already difficult enough for young entrepreneurs to gain a foothold in the business. We do not want to create artificial obstacles that are too high to climb, or prevent less established companies from gaining entry into certain markets or market sectors."

But van der Mijn disputed the notion that supply chain assurance was a luxury available only to only larger companies; 40% of RJC's members are small and medium-sized enterprises.

"Above all we need to consider the commitment we have as members of a responsible business community to society," stated Gaetano Cavalieri, president of CIBJO. "If the end result of conflict minerals legislation is that, as a rule of thumb, companies avoid trading with the central African gold producers because it is the easiest way to achieve compliance, then we may have avoided doing the wrong thing, but we certainly did not do the right thing."

 

The seminar was opened by Fiera di Vicenza's new president Matteo Marzotto, who noted his organisation commitment to serving both the Italian and international jewellery sectors.