Vincenzaoro to host seminar on impact of new EU regulation on jewellery trade
The World Jewellery Confederation (CIBJO) and the Italian Exhibition Group, will present a seminar on the EU’s new regulation on conflict minerals at this year’s Vincenzaoro show.
The new legislation is expected to impact the operating procedures of both jewellery companies in the European Union and those supply them from outside the EU.
On Sunday 24 September, the two organisations will present a seminar intended to provide members of the jewellery trade background on the new legislation and its impact, and present strategies for incorporating the new regulations in their businesses.
The new EU regulation imposes certain obligations on companies importing gold, tin, tantalum or tungsten from conflict-affected and high-risk areas.
It becomes the third major regulatory framework impacting the jewellery industry, joining the Kimberley Process and the Section 1508 of the United States’ Dodd Frank Act.
While the legislation has already been approved, the EU lawmakers provided a four-year phase-in period, which gives companies until 1 January 2021, to adopt the new requirements.
The EU also ruled that the regulation will apply to all metal and mineral importers whose annual import volumes are above a threshold amount. The threshold means at least 95% of the total imported volumes into the region of each metal and mineral will be subject to the regulations.
Companies importing small amounts of gold will be exempted from the requirements of the legislation.
According to the new law, European importers of gold above the threshold will need to apply due diligence steps that must be consistent a due diligence scheme that is approved by the European Commission.
That could include the chain of custody standards of the Responsible Jewellery Council or the London Bullion Market Association.
Gaetano Cavalieri, president of CIBJO, said: “This is an extremely important seminar. The new EU regulations are going to affect a substantial number of the jewellery companies doing business in Europe, and it imperative that they be properly prepared.
“Our goal is to provide a them with an initial roadmap, and to present the various alternatives that they will have at their disposal.”