Policies & IssuesMar 08, 2022
De Beers Parent Company Speaks Out Against Russia’s Invasion of Ukraine Policies & IssuesMar 10, 2022
Open Letter Calls for Heightened Gold Supply Chain Vigilance
Penned by the Global Gold Transparency Initiative, it outlines steps the industry can take to ensure it’s not sourcing Russian gold.
New York—The jewelry industry needs to make sure the Russian government can’t use the gold supply chain to evade sanctions and fund its ongoing invasion of Ukraine, several organizations said in an open letter to the trade.
Included on the list of U.S. sanctions are diamond miner Alrosa and its CEO along with several key Russian banks, measures taken to cut Russia off financially.
To ensure gold doesn’t provide a way around sanctions, a group of experts recently met to evaluate the risk and identify possible actions the jewelry industry can take to avoid being exploited by Russia.
The group, referring to itself as the Global Gold Transparency Initiative, includes industry experts and groups working in responsible jewelry supply chains, the Jewelers Vigilance Committee, Amazon Aid Foundation, Jewelers of America, MJSA, Responsible Jewelry Transformative, the U.S. State and Treasury Departments, the Organisation for Economic Co-operation and Development, and experts on global anti-illicit trade and security.
In the letter, the groups said Russia may already be liquidating its gold reserves or using them for barter or trade, as the Bank of Russia has returned to buying domestic gold for the first time in two years.
Reports also indicate increased Russian gold buying activity in Venezuela for the first time since the war against Ukraine started.
The groups said they believe Russia, the third largest gold producer in the world, will push its gold through jewelry supply chains since jewelry accounts for nearly 39 percent of global gold demand, second only to gold purchased for investment.
“We call on all worldwide jewelry industry organizations to be vigilant,” the groups said in their letter.
Related stories will be right here …
Included on the list of U.S. sanctions are diamond miner Alrosa and its CEO along with several key Russian banks, measures taken to cut Russia off financially.
To ensure gold doesn’t provide a way around sanctions, a group of experts recently met to evaluate the risk and identify possible actions the jewelry industry can take to avoid being exploited by Russia.
The group, referring to itself as the Global Gold Transparency Initiative, includes industry experts and groups working in responsible jewelry supply chains, the Jewelers Vigilance Committee, Amazon Aid Foundation, Jewelers of America, MJSA, Responsible Jewelry Transformative, the U.S. State and Treasury Departments, the Organisation for Economic Co-operation and Development, and experts on global anti-illicit trade and security.
In the letter, the groups said Russia may already be liquidating its gold reserves or using them for barter or trade, as the Bank of Russia has returned to buying domestic gold for the first time in two years.
Reports also indicate increased Russian gold buying activity in Venezuela for the first time since the war against Ukraine started.
The groups said they believe Russia, the third largest gold producer in the world, will push its gold through jewelry supply chains since jewelry accounts for nearly 39 percent of global gold demand, second only to gold purchased for investment.
“We call on all worldwide jewelry industry organizations to be vigilant,” the groups said in their letter.
Recommended actions for the industry made in the letter are as follows:
--Verify sources of gold;
--Contact refiners and suppliers to communicate that a double-check of their sources of gold is expected; and
--Make it clear to supply chain partners that those who assist Russia by buying its gold or using it in trade will not be tolerated.
The groups also noted the industry in some countries merits “heightened attention”—China, India, and the United Arab Emirates, for example, abstained from voting on the UN Security Council resolution condemning Russia’s invasion (though UAE later voted to condemn them during the UN General Assembly), and Turkey indicated it has no intention of imposing sanctions on Russia.
While the reasoning behind these decisions are complicated and don’t necessarily indicate support for Russia, these countries are key jewelry-producing and trading countries, and it is important to let suppliers in these regions know that gold sources are expected to be well-documented and not purchased from Russian origin after Feb. 24, 2022, the letter states.
To read the full letter and view the organizations’ complete guidance, visit GlobalGoldTransparency.com.
A communications toolkit has also been created, which can be accessed online here.
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
