Signet Jewelers Limited has launched the Signet Responsible Sourcing Protocol for Diamonds (D-SRSP), which it described as “a protocol that provides increased transparency and further commitment to the continuous improvement in the integrity of the global diamond supply chain”.

The D-SRSP was developed and piloted by Signet in collaboration with inputs from experts in the diamond industry, civil society and governments. The entities which helped formulate the protocol included   the De Beers Group, Rio Tinto, Dominion Diamond Corporation, the World Federation of Diamond Bourses (WFDB), the United States Jewelry Council, the International Diamond Manufacturers Association, Partnership Africa Canada, the Diamond Development Initiative, Jewelers of America, officials from the Organisation for Economic Cooperation and Development (OECD), Governments and Signet diamond suppliers from around the world.

“The D-SRSP builds on existing diamond industry standards, the UN Guiding Principles on Business and Human Rights and the OECD’s Due Diligence Guidance for Responsible Supply Chains to ensure transparency through a collaborative process that is practical and workable,” said Mark Light, Signet CEO. “We have been active in the development of harmonised industry guidance and standards for many years and with the new Responsible Sourcing Protocol for Diamonds, we are asking our suppliers to carefully map their supply chains more rigorously than ever before.”

Signet acknowledged that the Protocol – which requires suppliers to undertake due diligence on the sources of the diamonds they deliver to Signet – “builds on years of initiatives by industry and governments”.

“Over time, Signet envisions that the collaborative, workable and practical manner in which the Protocol was designed will lead the D-SRSP to become an accepted industry reference for responsibly sourced diamonds,” the Company said in its announcement. “All companies involved in the diamond industry are encouraged to adopt the D-SRSP and use it in their own supply chains.”  

“Today’s consumers increasingly expect that companies act as responsible corporate citizens, held accountable for ensuring the integrity of our supply chain,” said Light. “Signet has been at the forefront of responsible sourcing in the jewellery supply chain, and as the D-SRSP becomes more engrained across the industry, the diamond supply chain will continue to become more transparent.”

Welcoming the move, Ernie Blom, President of the WFDB said: "The initiative has extremely strong foundations, being based on the UN Guiding Principles on Business and Human Rights and the OECD’s Due Diligence Guidance for Responsible Supply Chains. We believe it is an excellent example of the industry working together to create an unimpeachable standard of cooperation that puts to bed any claims that the proceeds from diamond sales are being used for illicit purposes and will have a positive impact for WFDB members. The industry knows it must take steps to assure consumers that it has nothing to do with any human rights issues or illegal labour practices in diamond-mining states. It also fits in perfectly with the themes of the World Diamond Congress to be held in Dubai in May,”