Signet Jewelers strengthens sustainable diamond supply chain

By Nye Longman
Signet Jewelers Limited announced it had launched the Signet Responsible Sourcing Protocol for Diamonds (D-SRSP), which will promote supply chain transp...

Signet Jewelers Limited announced it had launched the Signet Responsible Sourcing Protocol for Diamonds (D-SRSP), which will promote supply chain transparency.

Signet Jewelers operates roughly 3,600 stores worldwide under the brands Kay Jewellers, Zales, Jared The Galleria Of Jewellery, H.Samuel, Ernest Jones, Peoples, and Piercing Pagoda, as well as a range of regional retailers.

Signet Chief Executive Mark Light said: "The D-SRSP builds on existing diamond industry standards, the U.N. 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. Today's consumers increasingly expect companies [to be] held accountable for... the integrity of our supply chain."

Signet’s new protocol was developed with from a number of key diamond industry player, including:

  • De Beers
  • Rio Tinto
  • Dominion
  • The World Federation of Diamond Bourses (WFDB)
  • 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)
  • Governments
  • Signet diamond suppliers from around the world
     

The protocol requires suppliers to perform greater due diligence and supports the efforts of the industry, as well as governments, to track where diamonds come from.

Light added:

"We have been active in the development of harmonised 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."

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SOURCE: [Cleveland.com

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