Letter from FJA to the Security Exchange Commission in the USA in support of traceability in the gold supply chain from Great lakes Region

OPEN LETTER TO ELIZABETH MURPHY, SECURITY AND EXCHANGE COMMISSION, FROM THE MEMBERS OF FAIR JEWELRY ACTION

Comments Regarding File Number S7-40-10 on Conflict Minerals

Santa Fe, New Mexico USA and Chichester England, UK. ( March 1, 2011)

We are writing to urge the SEC to institute robust and comprehensive rules on conflict minerals under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Fair Jewelry Action is a cross sector initiative, a coalition of jewelers, supply companies and civil society groups working within the jewelry sector for ethical sourcing.   Our core goal is traceability and transparency.   We strongly support any legislation which would stop conflict minerals from entering our supply chain.   Gold and other metals often come at a great cost to communities and the environment.

Conflict gold from areas of armed or militarized conflict, in particular, is not only unethical; but it makes our industry rightfully vulnerable to bad publicity.  Even a small percentage of conflict gold entering our supply chain is a betrayal to our customers.  Who would want to wear a wedding ring that financed wars?   This issue is particularly important to all our customers; but especially to the younger generation, the future of our business.  They are increasingly sensitive to environmental and social issues around the globe.

Therefore, we strongly urge you not to bend to the short term interests of those in our industry who would say that this legislation would be bad for business.   Exactly the opposite is true.  We need this act to be mandated for the good of the jewelry sector and for the good of society.  We strongly support all efforts that would create and implement a supply chain transparency that will provide independent verification documenting that a company is not sourcing precious metal that is financing armed conflict and human rights violations.

If you would like additional information on this important topic critical to our industry, please contact us.

Below is a list of businesses and civil society organizations that belong to Fair Jewelry Action and have signed on to this letter.