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
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
