The World Jewellery Confederation (CIBJO) has released a report analysing the global impact of the new European Union (EU) mineral conflict legislation on the jewellery trade.
The new legislation, passed in April, is designed to eliminate the import of gold, tin, tantalum and tungsten that has been used to finance conflict.
The legislation has a four-year phase-in period and will come into full effect in January 2021. Importers are encouraged to apply them as soon as possible.
Ahead of the CIBJO Congress later this year, the Special Reports – put together by CIBJO president Gaetano Cavalieri and Karina Ratzlaff, vice president of the organisation’s Precious Metals Commission – focuses on the background of the new regulation.
According to the new law, European importer of gold above a certain threshold will need to apply ‘due diligence’ steps that must be consistent with the OECD Guidance or another diligence scheme approved by the European Commission.
The CIBJO will be putting together a seminar at this year’s Vincenza on 24 September to discuss the changes and assist the industry in adapting to them.
The report states: “The new EU regulations are indicative of the increasing prominence of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, which rapidly becoming is becoming the standard bearer for multiple industries.”