EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
SourcingSep 16, 2016
US Expected to Lift Ban on Burmese Rubies, Jade
After a recent visit with Myanmar’s leader, the White House announced that it plans to lift the remaining financial and trade sanctions against the country.
The United States likely soon will lift its import ban on rubies and jade mined in Myanmar. This is the Sunrise Ruby, a 25.59-carat Burmese ruby that set three world auction records in May 2015 when it sold for $30.3 million at Sotheby’s Geneva.
Washington, D.C.--The remaining financial and trade sanctions against Myanmar likely will soon be lifted, meaning Burmese jade and rubies again could be imported to the U.S.
The announcement came from the White House after President Barack Obama’s recent meeting with Myanmar State Counsellor Daw Aung San Suu Kyi to discuss the country’s change and development over the past five years.
The ban on jade and rubies from Myanmar (Burma) is part of the Tom Lantos Block Burmese JADE Act of 2008.
Though the act expired in 2013, eliminating almost all the sanctions against the country, Obama signed an executive order reinstating the prohibition on the importation of any jade or rubies mined or extracted from Myanmar or any articles of jewelry containing them.
The ban won’t officially be lifted, however, until the president signs an executive order, so it remains in place for now.
Though no timeline for the signing has been given, it is is imminent, American Gem Trade Association CEO and President Doug Hucker told National Jeweler.
“For Obama to make that announcement and for it not to happen would be shocking,” he said, adding that it “would be a slam dunk” for the industry.
Still, Hucker doesn’t expect to see a sudden influx of Burmese rubies into the U.S. market once the ban is lifted.
“This is a very strong relationship business,” he said, noting that many people who moved on from Burmese rubies once the ban was enacted likely will have to take some time to re-establish their relationships at the source.
He also noted that even once the sanctions are removed, the industry still would have a role in ensuring that the supply chain is as transparent and beneficial as possible.
The AGTA, along with other trade organizations such as Jewelers of America and American Gem Society, aim to aid and to make recommendations to the government of Myanmar on the supply chain.
This could be especially important now based on the recent developments in the country.
According to local reports, this summer the Ministry of Natural Resources and Environmental Conservation in Myanmar announced that for the time being, it would not be renewing mining permits after they expire, opting instead to focus on changes to the rules and regulations to create a safer environment for its workers.
More on Sourcing
The Latest
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
