The Federal Trade Commission is aiming at Jewelry Guide this time. They try to prevent business practices from being anticompetitive or rather deceptive to the customer. When a business becomes unfair, that's when they come in, to enhance informed customer choice and general understanding of how a competitive process should be.
This time, the Federal Trade Commission is making changes to their Jewelry Guide to avoid business from making dishonest claims about precious metal, pewter, diamond, gemstone, and pearl products. The U.S. economy tends to have a very strong competition among producers and customers. The best scenario consists in a producer offering very high-quality products at a very low price, to encourage efficiency and be appealing to the buyer.
The problem comes when, in jewelry, producers take advantage of that aspect of the business. Many different jewelry producers can claim that they are selling a certain piece of precious metal, when it's not near close to be that kind of material. They can use imitations to deceive the customer. Most of those who are ignoring how to really recognize the material they want to buy (or even have seen it before) would actually buy the product blindly, without knowing they have been deceived.
The Federal Trade Commission made several changes to the Jewelry Guide, especially making emphasis in the misuse of the word "gem". They try to make the vocabulary a lot more specific and less deceiving to the customer. It is very common to hear a jeweler claim that they are selling gems, when the term can be applied to both high quality gems and imitations or lesser quality products. This might sound like a minor problem, but it's not. Throughout the year, countless of "gems" were sold at a wide variety of prices, taking advantage of the misuse of the word and the customer's ignorance.
With the changes on the Jewelry Guide, the Federal Trade Commission hopes to make the business star ethical and legal for everyone. This is a very important step towards that change, since it will make a big impact on the business in general. Another issue that was addressed was cultured diamonds. These kinds of diamonds are synthetic, and their quality is not as valuable as natural diamonds, which are created by geological processes. It could be hard to distinguish between either of those if the right and honest information about their origin is not provided. Yet, many people claim that cultured diamonds should permanently be the higher demand, to avoid diamond mining and abuse the many human-rights abuses that the activity has inflicted all over the world.
Customers can only hope for the best with the modifications on the Jewelry Guide, especially those who were planning to make an important purchase soon. This great news will change the way everyone gets access to jewelry. It is advised to wait until the changes are fully published, to enjoy their benefits fully. Their work will ensure that any attempt of dishonesty will remain illegal and completely out of business, as soon as possible.