The future impact of mineral legislation on US and European companies.
New and proposed conflict minerals legislation due to come into effect in 2014 will be discussed at the VicenzaOro winter show in Italy this month, with a seminar set to assess legislations’ impact on domestic and export businesses.
The regulation of minerals from areas of conflict in Africa, including gold, will come into effect in 2014, influencing the businesses of thousands of jewellers directly or indirectly supplying the US and European markets. The impact of these processes will be the subject of a seminar that will take place on Monday January 20 at the VicenzaOro jewellery trade show.
The seminar has been organised by Fiera di Vicenza, the Responsible Jewellery Council (RJC), the World Jewellery Confederation (CIBJO), and the Confindustria Federorafi. It is titled Conflict mineral legislation in the Europe and the United States: How it impacts on both the domestic and export jewellery business.
According to the conflict mineral rules contained in Section 1502 of the Dodd-Frank Act, publicly-traded companies in the United States, including major jewellery retailers, will for the first time in 2014 have to file a report with the Security Exchange Commission, tracing their supply chain. US companies will need to determine whether their supply chain includes gold sourced from the Democratic Republic of Congo and neighbouring countries.
Another legislative proposal on conflict minerals is being developed in the European Union and is being led by the European Commission’s Directorate-General for Trade. It is expected to build on existing efforts and guidelines like the OECD Due Diligence Guidance and the US conflict minerals legislation. It is forecast that a formal regulatory proposal will be brought for consideration before the college of EU commissioners early in 2014.
The seminar in Vicenza will include a panel presented by managing director of Fiera di Vicenza Corrado Facco, CIBJO president Gaetano Cavalieri, the RJC’s Marieke van der Mijn, and Birmingham Assay Office assay master and chief executive, and CIBJO precious metals commission president Michael Allchin.
Philip Olden, who is responsible for managing the development and implementation of responsible sourcing protocols for gold at Signet Group, the world’s largest speciality jewellery retailer, will also be part of the discussions.
The seminar will take place on January 20 between 11am and 12pm in the Palladio Room at Fiera di Vicenza.