The World Diamond Council (WDC) is sounding the alarm for industry members to expedite their transition to the revised System of Warranties (SoW). The critical deadline for rough diamond sales under the new system is rapidly approaching on 21st September, 2024.
The SoW is a global framework established by the WDC to ensure that diamonds traded are conflict-free and adhere to responsible business practices such as human rights, labour rights, and anti-money laundering regulations. The revised system offers enhanced transparency and accountability within the diamond supply chain.
To facilitate the transition, the WDC has outlined a three-step process: registration on the dedicated website, completion of an online self-assessment, and incorporation of the new warranty statement into invoices and memos.
“We strongly urge all companies, but especially at this very moment rough diamond traders, to transition to the revised SoW, if they have not done so yet, to be ready for the September 21 deadline,” said Elodie Daguzan, WDC Executive Director. “Registration is remarkable easy. There is a full toolkit available as well as a SoW Coordinator who operates a hotline for anyone requiring support. By abiding to the SoW, diamond companies demonstrate leadership, upholding the baseline of industry self-regulation at a time where due diligence practices have never been so important.”
The WDC has emphasised that the self-assessment process is designed to be adaptable to businesses of all sizes and segments within the diamond and jewellery value chain. Comprehensive support, including a dedicated hotline and resources, is available to assist companies in meeting the deadline.
With less than two months remaining, the diamond industry is urged to prioritise the transition to the revised SoW to maintain compliance and uphold the highest standards of ethical practices.