Bermuda-headquartered Signet Jewelers Limited, the world’s largest retailer of diamond jewellery, recently submitted its fifth consecutive Conflict Minerals Report to the SEC in accordance with Section 1502 of the DoddFrank Act. Signet was one of only four companies to have its gold conflict-free filing with the SEC independently audited in line with the Section 1502 requirements in 2014, 2015, 2016 and 2017. Now Signet has extended its “conflict-free” reporting under Section 1502 for a fifth consecutive year.
“We know that our customers care about the responsible sourcing of their jewellery,” said Signet chief executive officer Virginia C. Drosos. “That is why we are committed to continuing our long-standing efforts to advance responsible sourcing throughout the global jewellery industry supply chain.”
Signet also aims to lead the continuous improvement in the integrity of the global jewellery supply chain. To this end, over the last five years, its accomplishments include:
- Signet is one of the founding members of the Organisation for Economic Co-operation and Development’s (OECD) Multi-Stakeholder Group, which developed the Due Diligence Guidance for Responsible Supply Chains on Minerals from Conflict-Affected and High-Risk Areas and which has been active in its further development and implementation. Signet is also a member of OECD’s expert working group developing the OECD Minerals Handbook covering guidance for all minerals.
- Signet has collaboratively developed and launched the open source Signet Responsible Sourcing Protocols for Gold, 3Ts, Diamonds, Silver and Platinum Group Metals. It is actively developing a Protocol for Coloured Gemstones, thereby covering all of the main materials used in the fine jewellery industry.
- • The company has instituted a process of ongoing dialogue and collaboration within the jewellery industry, governments, civil society, and other organisations, which has contributed to the consistency and harmonisation of responsible sourcing standards for the jewellery industry and beyond.
- Signet is the first major non-electronics industry company to be a member and support development of the Responsible Minerals Initiative (formerly the ConflictFree Sourcing Initiative).
- Signet’s position as a founding and certified member of the Responsible Jewellery Council (RJC) has enabled it to encourage all of its suppliers to become RJC members as well. The total number of Signet suppliers who are RJC members has nearly quintupled since 2014 and represents around 95% of all Signet purchases. Moreover, harmonisation of industry standards with Signet’s Protocols has resulted in more efficient and consistent verification of responsible sourcing standards across the jewellery industry.
- Signet is known for its active engagement in the development of responsible sourcing from artisanal sources: for diamonds through the Diamond Development Initiative (DDI) and for gold through the Responsible Artisanal Gold Solutions Forum (RAGSF).