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
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
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.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Lab-GrownAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
SourcingJul 31, 2026
Gemfields’ H1 Revenue Jumps 72%The miner’s ruby and emerald auctions brought in a combined $102.9 million.
