02/12/08
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) 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 Consumer
Protection Board, 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 and
resources. To join the CPB’s Do Not Call Reminder list,
send an e-mail to
donotcallreminder@consumer.state.ny.us.
Contacts:
Deborah Sturm Rausch, CPB
Amy C. Greenbaum, JVC
E-mail:
Deborah.Rausch@consumer.state.ny.us
E-mail:
agjvc@aol.com
Phone:
518-473-9472
Phone:
212-997-2002
