NYS Consumer Protection Board and Jewelers Vigilance Committee Release Jewelry Buying Guide to Protect Consumers

Contact: Deborah Sturm Rausch (518) 473-9472	For Immediate Release: February 12, 2008

NYS Consumer Protection Board and Jewelers Vigilance Committee Release Jewelry Buying Guide to Protect Consumers

With Valentine’s Day two days away and shoppers scrambling to find just the right gift for their sweetheart, the NYS Consumer Protection Board (CPB) has teamed up with the Jewelers Vigilance Committee (JVC) of New York City to release its Jewelry Buying Guide providing tips for consumers.

The National Retail Federation reported in January that U.S. consumers would spend an estimated $17.02 billion on Valentine's Day this year, up from $16.9 billion spent in 2007. In 2006, About.com reported consumers spent an average of more than $100 on Valentine's Day-related goods and services with about 22.4 percent of men and approximately 7.3 percent of women planning to purchase jewelry.

“Big ticket item purchasing for a loved one around Valentine’s Day makes it more important that consumers purchase with their heads and wallets as well as their hearts,” said Mindy A. Bockstein, Chairperson and Executive Director of the CPB. “With so much money at stake, it is important that consumers know what they are buying and from whom they are making the purchase. Consumers who are in a hurry to make last minute jewelry purchases need to know how to get quality for their money. Therefore, the CPB is pleased to join with the JVC to provide consumers with important tips to follow before making a purchase.”

Cecilia L. Gardner, Esq., President, CEO and General Counsel of the JVC said, “It is a pleasure to team up with Mindy Bockstein and the CPB to bring consumers tips about jewelry buying. JVC members operate under the highest standards of business practice after pledging to comply with all laws applicable to the jewelry industry and make accurate representations about the products they sell. The bottom line is that when you see the JVC logo and door decal, you can rely on our members' promise to uphold the ethics and integrity of the jewelry industry through their own business practices.”

According to a poll conducted by Constant Contact, as reported by Jewelry News on February 2, 2008, 46 percent of retailers expect consumers to shop the week of Valentine's Day, and 11 percent expect consumers will wait until the final day to pick up gifts. Valentine’s Day is considered the second most celebrated day in the United States, preceded by Christmas and followed closely by Thanksgiving.

Jewelry has been a traditional gift on Valentine’s Day for many years, mostly earmarked for women. However, USA Today reported that men want jewelry too, according to trends described in a 2006 jewelry report by a Pennsylvania marketing firm showing men's jewelry sales are growing. The research also illustrated that men who buy jewelry for women are also more likely to purchase it for themselves.

The World Diamond Council (WDC), which represents the global industry in diamond trading, created Diamondfacts.org to educate consumers about conflict diamonds. The 2003 Kimberly Process regulation requires certification of rough to polished diamonds as conflict-free stones.

The CPB and JVC are advising consumers to be aware of and follow important jewelry purchasing tips, as detailed in the Jewelry Buying Guide. The Guide discusses what to look for when purchasing diamonds, gemstones, pearls and precious metals, and provides suggestions for assuring that purchases are made from a reputable jeweler. Among the more important tips for consumers to consider:

Knowing the jeweler is reputable, regardless if the purchase is from a jewelry store, online or from a television shopping channel.
Understanding the terms of their purchase.
Inquiring about the return or refund policy of the jewelry.
Requesting a warranty or guarantee when buying expensive jewelry.
Getting an appraisal with your jewelry purchase.
Being savvy about marketing techniques offering products at wholesale prices. New York State Law prohibits the use of the word “wholesale” in retail advertisements as it is misleading to consumers.
Protecting your investment. Look into insurance to cover the loss or theft of any expensive jewelry. You may be able to add jewelry to a homeowner’s or renter’s insurance policy.
Cleaning and caring for the jewelry you have chosen.
Keeping your jewelry and appraisal documents in a safe place.

The full Guide is available on the CPB’s website at www.nysconsumer.gov.

The JVC, founded in 1917, is a not-for-profit legal trade association fulfilling its mission to maintain the jewelry industry's highest ethical standards. JVC offers dispute mediation services for trade and consumers, compliance monitoring and precious metals testing, among many other services. JVC, long considered the industry's guardian of ethics and integrity, is a resource for the entire jewelry industry and its customers as well as an industry representative before government agencies, media and adjunct fields. For more information visit: www.jvclegal.org.

The CPB, established in 1970 by the New York State Legislature, is the State's top consumer watchdog and think tank. The CPB's core mission is to protect New Yorkers by publicizing unscrupulous and questionable business practices and product recalls; conducting investigations and hearings; enforcing the “Do Not Call Law”; researching issues; developing legislation; creating consumer education programs and materials; responding to individual marketplace complaints by securing voluntary agreements; and, representing the interests of consumers before the Public Service Commission and other State and federal agencies.

To file a consumer complaint with the NYS Consumer Protection Board (CPB), call our toll-free hotline at 800-697-1220 or visit CPB’s website at www.nysconsumer.gov. In addition to the online complaint form, the website is home to important consumer safety information. To join the CPB’s Do Not Call Reminder list, send an e-mail to CPB's Do Not Call Reminder list