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Press Release: The Precious Stones Multi-Stakeholder Working Group (PSMSWG), an open, non-exclusive coalition of companies, associations, NGOs and governments sharing an interest in responsible sourcing and supply-chain due diligence for precious stones, held a meeting at the AGTA GemFair Tucson on February 6, 2014. This open meeting provided an opportunity for the precious stone community to learn and discuss if and how existing initiatives might be applicable to the precious stones sector. The working group was launched by numerous stakeholders at a meeting held at the Organisation for Economic Cooperation and Development (OECD) in Paris in April 2013. The group, whose members cover the entire value chain for precious stones, meets twice monthly by teleconference. The prevention of trade in precious stones from financing conflict and associated violence and human rights abuses is a vital objective for the precious stone industry. The PSMSWG believes that industry and stakeholders must address this issue comprehensively and credibly. Meeting attendees discussed how these issues are impacting the precious stone industry and shared ideas on how to meet these challenges. The PSMSWG also provided an update on the study commissioned by the group to review due diligence efforts in the precious stones supply chain, including the OECD’s due diligence guidance. The study is expected to identify current due diligence approaches or guidance employed within and by the industry and identify any gaps in current approaches or guidance. The final report is expected to be published in late spring. To learn more about the PSMSWG's key principals or to request to join the meetings, contact Signet Group's corporate affairs administration assistant, Teresa Fullerton, at tfullerton-at-jeweles.com.
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