Signet Unveils Protocol for Responsible Diamond Sourcing

140 95 Rapaport News

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.

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