The diamond industry is on the clock as the World Diamond Council (WDC) gears up for a crucial deadline, Diamond World reports. By September 21, 2024, the revised System of Warranties (SoW) will be in force, mandating compliance for all rough diamond sales.
To comply with the updated SoW, companies must register on the dedicated WDC System of Warranties website and complete an online self-assessment questionnaire. Upon successful completion, they receive a unique identification number to be included on invoices and memos, offering assurance of SoW compliance to partners. Tailored to different sectors of the diamond and jewelry value chain, the self-assessment considers factors like company size and adherence to recognized industry standards such as the Responsible Jewellery Council (RJC) Code of Practice and De Beers’ Best Business Principles (BPP). Companies must renew this assessment annually to stay compliant.
Elodie Daguzan, Executive Director of the WDC, stressed the urgency for industry players to embrace the revised SoW: “We strongly urge all companies, but especially rough diamond traders, to transition to the revised SoW before the September 21 deadline. Registration is remarkably easy, with a full toolkit available and dedicated support through the SoW Coordinator hotline […].”
