{"id":26122,"date":"2024-05-22T12:19:40","date_gmt":"2024-05-22T06:49:40","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=26122"},"modified":"2024-05-22T12:19:40","modified_gmt":"2024-05-22T06:49:40","slug":"wdc-reiterates-upcoming-deadline-for-revised-system-of-warranties","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/wdc-reiterates-upcoming-deadline-for-revised-system-of-warranties\/","title":{"rendered":"WDC Reiterates Upcoming Deadline For Revised System Of Warranties"},"content":{"rendered":"

The World Diamond Council (WDC) has issued a reminder to all industry members that the transition period for the newly revised System of Warranties (SoW) is drawing to a close. With just four months remaining, the WDC is urging businesses to prepare for the upcoming deadline of 21st<\/sup> September, 2024, marking the date when the revised SoW becomes mandatory for all rough diamond transactions.<\/p>\n

The revised SoW serves as a global mechanism ensuring that diamond trade aligns with the Kimberley Process Certification Scheme (KPCS). It provides companies with a warranty that guarantees the conflict-free origin of their diamonds and adherence to responsible business practices throughout the supply chain.<\/p>\n

To issue the revised SoW Warranty Statement, companies must register on the WDC’s dedicated System of Warranties website and complete an online self-assessment questionnaire. Successful completion awards the company a unique identification number, which can be included on invoices and memos, allowing business partners to verify compliance with the SoW Guidelines.<\/p>\n

The self-assessment is tailored to the specific segment of the diamond and jewellery value chain in which a company operates, its size, and its existing compliance with other recognised industry standards, such as the Responsible Jewellery Council (RJC) Code of Practice and De Beers\u2019 Best Practice Principles (BPP). Diamond trading companies are required to renew this self-assessment annually.<\/p>\n

Registered SoW members can also verify the compliance of their suppliers or clients through the SoW website database, enhancing the transparency of the entire mechanism.<\/p>\n

Elodie Daguzan, Executive Director, WDC, said, \u201cWe 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. 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.\u201d<\/p>\n

The WDC remains committed to supporting its members through this transition and maintaining the integrity of the diamond trade on a global scale.<\/p>\n","protected":false},"excerpt":{"rendered":"

The World Diamond Council (WDC) has issued a reminder to all industry members that the transition period for the newly revised System of Warranties (SoW) is drawing to a close. With just four months remaining, the WDC is urging businesses to prepare for the upcoming deadline of 21st September, 2024, marking the date when the…<\/p>\n","protected":false},"author":1,"featured_media":26123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-26122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\nWDC Reiterates Upcoming Deadline For Revised System Of Warranties - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/wdc-reiterates-upcoming-deadline-for-revised-system-of-warranties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WDC Reiterates Upcoming Deadline For Revised System Of Warranties - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"The World Diamond Council (WDC) has issued a reminder to all industry members that the transition period for the newly revised System of Warranties (SoW) is drawing to a close. 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