The American Gem Trade Association (AGTA) made amendments to its Code of Ethics and Principles of Fair Business Practice while recommending a new language to deal with source disclosure in commercial documents, Rapaport notes.
The amendments are related to due diligence such as requesting disclosure of treatments to gemstones, submitting new, unknown or questionable material to a reputable laboratory and responsible sourcing, according to a statement February 15.
Separately, the new source-disclosure wording for commercial documents comprises a statement that the seller has no reason to believe the gems in question were not imported or trading through law-abiding sources.
“For thirty five years, AGTA's Code of Ethics has served as a model for the entire industry,” said Douglas Hucker, chief executive officer of AGTA. “As a living document is was necessary and appropriate for us to amend them to strengthen our commitment to due diligence in the marketplace and to reflect our leadership role in the global efforts in supply chain integrity."
AGTA’s board of directors also voted to approve a request from the International Colored Gemstone Association to adopt the AGTA code of ethics as a basis for its own code.