Gem Pricing Report

The September crackdown on pro-democracy demonstrations in Burma has sparked calls to strengthen the sanctions imposed on its military government. Current law allows importation of gems mined in Burma into the United States if they are cut and polished outside Burma. The U.S. Customs Department created this loophole soon after Congress enacted the Burmese Freedom and Democracy Act of 2003, which blocked importation of Burmese products. In 2003, Tiffany & Co. was one of a small number of firms to enact policies in adherence to the spirit of the Burmese Freedom and Democracy Act. Tiffany instructed suppliers to confirm in writing that all gemstones provided to the firm are mined outside Burma. In October 2007, Jewelers of America advised members to “seek written assurances from their suppliers that they will not knowingly supply any gems mined in Burma, until the process of democra
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