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.
More on Policies & Issues
The Latest
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
