After a Guinness Book of Records-type gestation, the Federal Trade Commission finally has issued its revised Guides for the Jewelry Industry. The request for an updating, with many suggestions for change, was filed with the FTC by the Jewelers Vigilance Committee in April 1986. The final rulings out of Washington are a mix of good news-bad news. The basic point is that the FTC, after years of deliberation and consultation with the industry (it received 263 direct comments after it asked for reaction to the original JVC proposals), says flatly that the Guides are needed and that their value to the industry far outweighs any compliance costs. We couldn't agree more. The Guides are nothing less than the ethical underpinning for every business practice and sales transaction that involves a jewelry product. The FTC recognizes the total applicability of the Guides when it says that "retail