Signet Unveils Protocol for Responsible Diamond Sourcing

Feb 17, 2016 5:49 AM By Rapaport News

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RAPAPORT... Signet Jewelers launched a responsible diamond sourcing protocol that it claims will increase transparency and improve the integrity of the global supply chain.

The U.S.-based jeweler, the world’s largest retailer of diamond jewelry, developed the Signet Responsible Sourcing Protocol for Diamonds (D-SRSP) with input from exporters in the diamond industry, civil society and governments, according to a statement February 16. These included miners De Beers, Rio Tinto and Dominion Diamond Corporation.

Among others who gave input were the World Federation of Diamond Bourses, the United States Jewelry Council, the International Diamond Manufacturers Association, Partnership Africa Canada, the Diamond Development Initiative, Jewelers of America, officials from the Organisation for Economic Cooperation and Development (OECD), as well as governments and Signet diamond suppliers from around the world.

“The D-SRSP builds on existing diamond industry standards, the UN Guiding Principles on Business and Human Rights and the OECD’s Due Diligence Guidance for Responsible Supply Chains to ensure transparency through a collaborative process that is practical and workable,” said Mark Light, Signet’s chief executive officer. “We have been active in the development of harmonized industry guidance and standards for many years and with the new Responsible Sourcing Protocol for Diamonds, we are asking our suppliers to carefully map their supply chains more rigorously than ever before.”

The protocol requires suppliers to undertake due diligence on the sources of the diamonds they deliver to Signet. The company envisages it becoming an accepted industry reference for responsibly sourced diamonds. All companies involved in the diamond industry are encouraged to adopt the protocol and use it in their own supply chain, Signet added.

Tags: Fair Trade, Rapaport News, responsible sourcing, Signet, Signet Jewelers