WFDB supports Signet’s Responsible Sourcing Protocol for Diamonds

The World Federation of Diamond Bourses (WFDB) has announced its support for Signet Jewelers Ltd.'s Responsible Sourcing Protocol for Diamonds (D-SRSP), a protocol which aims to increase transparency in, and the integrity of, the global diamond supply chain. Signet launched the protocol on February 16, 2016.

Signet had developed the protocol in consultation with various trade bodies, one being WFDB. "We believe this is an extremely important development and we are pleased to have been involved in developing the protocol," commented WFDB President Ernie Blom. "Signet, which is the world's largest retailer of diamond jewellery, is leading the way in requiring its suppliers to map their supply chains, mitigate risks and ensure complete transparency. This is critical in strengthening consumer confidence and, we hope, will lead other companies to follow this lead.”

Speaking further on the protocol, Blom noted that, “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 of transparency, responsibility and sustainability and it will be on our agenda”

“The global diamond sector has proven over the past decade or so, since the establishment of the Kimberley Process, that it is among the best self-regulated businesses in the world.” Blom added.