The Federal Trade Commission announced that its planned revision of its guides for the jewelry, precious metals, and pewter industries will take place this year, according to a release from the Jewelers Vigilance Committee.
The guides were last revised in 1996.
This effort is part of the agency's systematic review of all FTC rules and guides, the JVC noted in a statement.
According to a statement on the FTC website, the agency will likely consider the economic impact of each rule and guide, examine any possible conflict with local laws or regulations, weigh the continuing need for the guides, and look at whether any rule or guide has been impacted by technological, economical, or industry changes.
“People should keep these standards in mind when thinking about things that should be changed in the guides,” says Cecilia Gardner, president and CEO of the Jewelers Vigilance Committee, which has created an industry association task force and consulting group to weigh in on possible changes.
The next step in the process will likely be an announcement from the FTC requesting public comments that generally concern the guides, as well as comments specifically addressing questions that will be posed by the Commission, the JVC says. That announcement is expected to also include a timetable for responses.