The World Diamond Council (WDC) System of Warranties (SoW) has completed an industry review, and is now entering a public review period, according to Gem Konnect. The new reforms are planned to be implemented beginning in 2019.
The review process and reforms aim at helping “industry participants better implement and demonstrate commitment to responsible business conduct when buying or selling rough and polished diamonds”. In short, the reform “establish a new level of adherence for members and call on users of SoW statements to ensure their trading activities maintain strict adherence of universally accepted principles on human and labor rights, anti-corruption and anti-money laundering in support of the obligatory Kimberley Process Certification Scheme (KPCS) implementation”.
The WDC SoW was created in 2000 as part of industry self-regulation, and extends the Kimberley Process Certification Scheme (KPCS) “by providing added assurances against conflict diamonds entering the legitimate supply chain”. The WDC SoW require “all diamond suppliers and diamond jewellery manufacturers to pass on a conflict free warranty statement each time diamond goods (rough or polished) change hands, assuring the next buyer that the diamonds originated within the Kimberley Process system”.
