28 Mar 2023
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WDCs Revised SoWs Presented at DMCC
The bylaws have been amended such that all members can adopt the upgraded System of Warranties
By: Diamond World News Service
Dec 24 2022 12:08PM
Reference: 26675  


World Diamond Council Executive Director Elodie Daguzan presented the WDC's revised System of Warranties at the DMCC or the Dubai Multi Commodities Centre on December 13, 2022. Martin Leake, the DMCC's Precious Stones Special Advisor, and the DUBAI DIAMOND EXCHANGE, amended its bylaws so that all members could adopt the upgraded SoW.

The System of Warranties (SoW) is a self-regulation system created by the World Diamond Council (WDC) to protect the integrity of the natural diamond supply chain. It does so by ensuring that all diamonds traded are Kimberley Process compliant, and also have been handled in accordance with universal principles of human rights, labor rights, anti-corruption and anti-money laundering.The SoW is applied each time ownership of any natural diamond changes hands within the industry and trade, both when exported or imported, and when being sold in the same country.

The SoW was developed by the WDC in 2002 as an industry self-regulation system that would indicate that diamonds being sold comply with the minimum requirements of the KPCS. Last year on the 40th anniversary of the United Nations 2021 International Day of Peace the World Diamond Council or WDC launched its upgraded System of Warranties (SoW). An interim period was announced during which companies could decide to accept older warranties from clients; which would be three years in the case of rough purchases and five years in the case of all other purchases.

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