The World Diamond Council (WDC) System of Warranties (SoW) has entered a public review period following the completion of an industry review.
The SoW review and reform process is part of the WDC’s strategic plan and is intended to help industry participants better implement and demonstrate their commitment to responsible business conduct when buying or selling rough and polished diamonds.
The reforms establish a new level of adherence for members and call on users of SoW statements to ensure their trading activities maintain strict adherence to universally accepted principles on human and labour rights, anticorruption and anti-money laundering in support of the obligatory Kimberley Process Certification Scheme implementation.
“Maintaining the integrity of the legitimate diamond supply chain requires constant vigilance and an ongoing progression of policies and practices to ensure that we address the modern challenges facing our industry, today and tomorrow,” WDC acting president Stephane Fischler said in a statement.
He further noted that, while the definition of conflict diamonds as those used to fund rebel movements has provided the necessary focus to drive important change, it was a heartbreaking and indisputable truth that the nature of what constitutes conflict has evolved.
“These SoW reforms reflect our commitment to uphold the duty of care owed to diamond communities by helping ensure safe and secure working conditions, fair labour practices and sustainable development. It also serves as our promise to consumers that they can trust the diamonds they purchase to have been sourced responsibly and ethically.”