The World Diamond Council (WDC) is issuing a final call for industry members to transition to its revised System of Warranties (SoW) before the 21st September, 2024, deadline. This critical date marks the end of a three-year grace period for rough diamond sales.
The revised SoW is a global mechanism designed to ensure that diamonds traded adhere to the Kimberley Process Certification Scheme (KPCS), SoW Guidelines, and other responsible business principles. By adopting the new system, companies can demonstrate their commitment to conflict-free diamonds and ethical practices.
To transition to the revised SoW, companies must register on the WDC website, complete an online self-assessment questionnaire, and add the new warranty statement to their invoices and memo templates. The self-assessment process is tailored to fit businesses of all sizes and segments within the diamond and jewellery value chain.
“We strongly encourage all companies, especially rough diamond traders, to transition to the revised SoW before the deadline,” said Elodie Daguzan, WDC Executive Director. “By adopting the new system, diamond companies demonstrate leadership and support the industry’s commitment to responsible practices.”
“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 provides comprehensive support to companies transitioning to the revised SoW, including a dedicated hotline and online resources.