FTC Revises Rules on Platinum Jewelry Marketing
Source: Platinum Today (12/21/10)
"Marketers must disclose the full composition of base metal alloys."
As a result of the ruling, which was made on December 16th, marketers have been told they must mark or describe the full composition of base metal alloys which contain between 50% and 85% platinum.
They must also "disclose that the product may not have the same attributes or properties as traditional platinum products, which are comprised of at least 85% pure platinum," said the FTC.
While the authority accepted that adding base metals, such as copper and cobalt, to platinum jewelry has made it more affordable, it stressed that it has also increased the need to prevent deceptive trading practices.
Meanwhile, jewelry must be composed of at least 95% pure platinum to be described as "platinum" with no qualification.
The Platinum Guild USA welcomed the news, with President Huw Daniel saying: "The FTC's decision will go a long way to ensure that consumers can make confident choices when purchasing platinum jewelry, while also benefiting members of the platinum jewelry industry on the manufacturing and retail sides."