Press Releases

WFDB Endorses Signet’s Responsible Sourcing Protocol

Published

8 years ago

February 19, 2016

INSTORE Staff

(Press Release)
ANTWERP, BELGIUM – The World Federation of Diamond Bourses (WFDB) has announced its support for Signet Jewelers’ Responsible Sourcing Protocol for Diamonds (D-SRSP), which aims to increase transparency in, and the integrity of, the global diamond supply chain. Signet launched the protocol on Feb. 16.

The protocol was developed with input from the WFDB as well as other leading global diamond industry bodies.

"We believe this is an extremely important development, and we are pleased to have been involved in developing the protocol," says WFDB President Ernie Blom. "Signet, which is the world’s largest retailer of diamond jewelry, is leading the way in requiring its suppliers to map their supply chains, mitigate risks and ensure complete transparency. This is critical in strengthening consumer confidence and, we hope, will lead other companies to follow this lead."

Blom added: "The initiative has extremely strong foundations, being based on the UN Guiding Principles on Business and Human Rights and the OECD’s Due Diligence Guidance for Responsible Supply Chains. We believe it is an excellent example of the industry working together to create an unimpeachable standard of cooperation that puts to bed any claims that the proceeds from diamond sales are being used for illicit purposes and will have a positive impact for WFDB members. The industry knows it must take steps to assure consumers that it has nothing to do with any human rights issues or illegal labor practices in diamond-mining states. It also fits in perfectly with the themes of the World Diamond Congress to be held in Dubai in May of transparency, responsibility and sustainability, and it will be on our agenda.

"The global diamond sector has proven over the past decade or so, since the establishment of the Kimberley Process, that it is among the best self-regulated businesses in the world. It invests a great deal of time, effort and income in ensuring that diamonds are mined responsibly and sustainably with a fair income for workers and that the supply chain is transparent. We believe the Signet protocol will take this to an even higher global level and support it wholeheartedly."

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