The US FDA has determined that glitter is a color additive which is not listed on their list of approved color additives. This means that a glitter product is not allowed for use in any cosmetic in the USA. Consumers have expressed confusion over this, as it is obvious that there is glitter in all kinds of cosmetics sold currently in the USA and there are no known reports of harm caused by glitter.
The FDA has not explained itself to our company, but it has advised us that it recognizes that the cosmetics industry has been largely unaware of this determination and it is essentially providing the cosmetic industry a grace period during which FDA enforcement is "discretionary". This grace period allows the cosmetics industry to "respond". The FDA has not provided us with any information on how long this grace period has been in effect, nor how long it will be in effect. They simply state the the issue is "active".
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What is the end result with a pressed eye shadow of mica and glitter mixed together?
Well, I suppose it depends. In your shoes, I would simply try it. However I can offer the following points of observation:
Mica and Glitter are different materials and different shapes (mica is in a shard and glitter is cut like a hex). As such they are unlikely to naturally want to "stick" together.
In my experience, a pressed glitter is more successful when it is blended with some kind of sticky substance, for example glycerine is a popular option. It does not press well with just a binding oil and press base, which is generally how we recommend you press mica. For that reason, I would probably start with a "pressed glitter" recipe, not with a pressed mica powder recipe. The popular one floating around on the internet includes glycerine, aloe vera, and preservative, among other things.
The glycerine and aloe vera as a base for a pressed glitter are more transparent than what we normally use for a pressed mica powder. This allows all the glitter to really sparkle and shine. For that reason as well, I would also start with the pressed glitter recipe.
Hope this helps, for sure a small experiment on your part will start to reveal any potential problems.