Promoting Excellence in the Jewelry Trading Business Literature Review Chapter

Jewelry trading can differ greatly from country to country. International rules or regulations are difficult to locate. There are various committees that aid in setting a jewelry trading standard. The committees and organizations mentioned in the following paragraphs aid in alleviating some confusion, and provide a general guide to standards and expectations.

The Jewelers Vigilance Committee has a section dedicated to standards and practices entitled "JVC Membership Standards & Compliance Practices And Logo Use Form" (Jewlers Vigilance Committee, 2006). The JVC has five standards for membership and they are as follows: "1. Make reasonable efforts to educate self and staff as to the applicable current legal requirements; 2. comply with all laws and regulations applicable to the jewelry industry; 3. make accurate representations about the products you buy and the products you sell; 4. communicate to business partners your commitment to compliance with the law; 5. resolve all customer complaints promptly and fairly" (Jewlers Vigilance Committee, 2006). Abiding by such standards aids in keeping the market fair, and maintaining customer and trader satisfaction.

The International Gemological Institute at New York provides certificates of authenticity to help maintain this standard of excellence in jewelry trading. The International Gemological Institute at New York is, "…recognized as the world's foremost authority in the gemstone industry" (Royal Jade, 2004). Examples of certificates of authenticity and further instructions can also be found on this website. When specifically speaking of diamonds, another website states,

While you make a purchase of diamond from the retailer, they must provide you with an original certificate of diamond or the report of grading given by the most recognized and valued diamond laboratory of certificate. you must also not forget that the worth of the certificate depends on the laboratory which is giving it for you, make sure that the certificate given by the trader is got from the most recognized labs like AGS, DCLA, GLA or HRD. The certificate of the diamond is very much essential for the purchaser to make comparisons and make a judgment about the worth of their purchase (Booker, 2011).

As previously mentioned, the IGI, along with the GIA (Geological Institute of America) are the forerunners in stone research and certification in…