CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
SourcingSep 16, 2016
US Expected to Lift Ban on Burmese Rubies, Jade
After a recent visit with Myanmar’s leader, the White House announced that it plans to lift the remaining financial and trade sanctions against the country.
The United States likely soon will lift its import ban on rubies and jade mined in Myanmar. This is the Sunrise Ruby, a 25.59-carat Burmese ruby that set three world auction records in May 2015 when it sold for $30.3 million at Sotheby’s Geneva.
Washington, D.C.--The remaining financial and trade sanctions against Myanmar likely will soon be lifted, meaning Burmese jade and rubies again could be imported to the U.S.
The announcement came from the White House after President Barack Obama’s recent meeting with Myanmar State Counsellor Daw Aung San Suu Kyi to discuss the country’s change and development over the past five years.
The ban on jade and rubies from Myanmar (Burma) is part of the Tom Lantos Block Burmese JADE Act of 2008.
Though the act expired in 2013, eliminating almost all the sanctions against the country, Obama signed an executive order reinstating the prohibition on the importation of any jade or rubies mined or extracted from Myanmar or any articles of jewelry containing them.
The ban won’t officially be lifted, however, until the president signs an executive order, so it remains in place for now.
Though no timeline for the signing has been given, it is is imminent, American Gem Trade Association CEO and President Doug Hucker told National Jeweler.
“For Obama to make that announcement and for it not to happen would be shocking,” he said, adding that it “would be a slam dunk” for the industry.
Still, Hucker doesn’t expect to see a sudden influx of Burmese rubies into the U.S. market once the ban is lifted.
“This is a very strong relationship business,” he said, noting that many people who moved on from Burmese rubies once the ban was enacted likely will have to take some time to re-establish their relationships at the source.
He also noted that even once the sanctions are removed, the industry still would have a role in ensuring that the supply chain is as transparent and beneficial as possible.
The AGTA, along with other trade organizations such as Jewelers of America and American Gem Society, aim to aid and to make recommendations to the government of Myanmar on the supply chain.
This could be especially important now based on the recent developments in the country.
According to local reports, this summer the Ministry of Natural Resources and Environmental Conservation in Myanmar announced that for the time being, it would not be renewing mining permits after they expire, opting instead to focus on changes to the rules and regulations to create a safer environment for its workers.
More on Sourcing
The Latest
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
