The World Diamond Council’s revised System of Warranties is set to reach its first critical deadline on September 21, 2024, when it becomes obligatory for all rough diamond sales.
The global mechanism created by the organization helps companies provide assurance that the goods they are trading are in alignment with the Kimberley Process Certification Scheme (KPCS), by passing down the supply chain the warranty of a conflict-free origin, and adherence to other responsible business standards.
To be able to issue the revised SoW Warranty Statement, a company must register on the dedicated WDC System of Warranties website, and thereafter complete an online self-assessment questionnaire. Upon successful submission of the questionnaire, the company will be issued a unique identification number that can be applied on all their invoices and memos, so that their business partners can confirm their compliance with the SoW Guidelines.
The self-assessment is customized according to the segment(s) of the diamond and jewelry value chain in which the industry member is involved, the size of their company, and whether they are already compliant with other recognized industry standards, such as the Responsible Jewellery Council (RJC) Code of Practice and De Beers’ BPP (Best Business Principles). The diamond trading companies are required to renew the self-assessment on an annual basis.
SoW-registered members of the industry are in turn able to confirm by searching the SoW website database, via their account, whether their suppliers or clients are also compliant with the SoW, providing added transparency to the mechanism.
“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.”
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
