The KAY commitment to responsible sourcing
The KAY Commitment to Responsible Sourcing
At KAY, we take jewelry sourcing very seriously. And we know that our customers do, too. As a customer, you can be confident that concrete and comprehensive measures are being taken to ensure the products we sell do not include Conflict Diamonds. But what are Conflict-free Diamonds? What does responsible sourcing look like for KAY? These are important questions, and we want to provide clear answers to them. Below is more detailed information about our responsible jewelry sourcing.
What are Conflict-free Diamonds?
In African countries where rebel forces sometimes have control of diamond mines, proceeds from the sales of rough diamonds produced from those mines can be used to finance weapons purchases. Such diamonds are estimated to currently account for less than 0.2% of the world diamond production. We are active in the prevention of violence in countries where proceeds from the sale of diamonds and other natural resources (e.g., oil, timber) are being used to fund rebel activities. All nations with significant involvement in the diamond trade agreed on a global certification system to control the export and import of rough diamonds mined. This system is aimed at preventing criminals from introducing contraband diamonds mined in African combat zones into the legitimate supply chain. Since 2003, the Kimberley Process Certification Scheme (KPCS), supported by national and international legislation, has sought to certify the legitimate origin of uncut diamonds. We welcomed this important development and are actively supporting the system designed to safeguard our products' integrity.
Role of Governments
The Kimberley Process (KP) has 55 participants, representing 82 countries, with the European Union and its 27 Member States counting as a single participant, represented by the European Commission. KP members account for approximately 99.8% of the global production of rough diamonds. It requires that each shipment of rough diamonds -- before stones are cut and polished -- be transported in tamper-resistant container and accompanied by a government-validated certificate. Each certificate is uniquely numbered and contains data describing the shipment's contents. Participating countries have pledged to turn back or impound shipments of rough diamonds from any nation that fails to subscribe to the KPCS standards. Shipments lacking proper certification will be treated in a similar way. The KPCS is designed so that rough diamonds are packaged with a certificate of origin soon after they are mined. At later stages of the diamonds' journey to market, rough diamonds also carry a certificate describing the shipment's contents and confirming that the stones are coming from a Kimberley Process participant. Any country declining to participate is effectively barred from the international diamond trade. Learn more at www.kimberleyprocess.com and www.diamondfacts.org.
Our Source of Diamonds
We comply with the Kimberley Process and require all our trade suppliers of diamonds and diamond jewelry to provide us with a warranty that they do not supply us with Conflict Diamonds. The warranty is as follows: "The diamonds herein invoiced have been purchased from legitimate sources not involved in funding conflict and in compliance with United Nations Resolutions. The seller hereby guarantees that these diamonds are conflict free, based on personal knowledge and/or written guarantees provided by the supplier of these diamonds." KPCS certificates for rough diamonds and warranties for polished diamonds received from suppliers are kept at our central office. Compliance with KPCS regulations, the World Diamond Council, the Diamond Manufacturers and Importers Association, and the World Federation of Diamond Bourses is reviewed annually by our company's internal audit department. The results are reported to the Corporation's Audit Committee. You can be confident that concrete and comprehensive measures are being taken to ensure the products we sell do not include Conflict Diamonds.
Role of the Retailer
All of the diamonds we buy are warranted to be sourced from KPCS compliant countries. Retailers who support the Kimberley Process must buy diamonds and diamond jewelry from dealers and manufacturers who adhere to the World Diamond Council (WDC) System of Warranties. Signet Jewelers and its store banners are founding members of the WDC. We follow this policy. All diamonds and diamond jewelry merchandise that we buy that is derived from rough diamonds must be accompanied by a warranty from the supplier. This warranty assures us that the supplier vouches for the legitimacy of the merchandise and that the supplier, in turn, has required the same warranty from their sources of merchandise.
More Responsible Sourcing
We work with governments, trade associations, non-governmental organizations and jewelry suppliers around the world to develop, implement and continuously improve responsible sourcing standards. We are a Founding and Certified Member of the Responsible Jewellery Council (RJC), which offers suppliers an internationally recognized standard to audit and certify their business practices. We require all of our suppliers to become Certified RJC Members, over time. In 2018, Signet, our parent company, was one of only four companies, and the only jewelry company, to report a conflict-free gold supply chain for the fifth consecutive year to the U.S. Securities and Exchange Commission. We collaborated with industry partners in the supply chain to advance rigorous sourcing standards through the Signet Responsible Sourcing Protocol (SRSP). The SRSP was developed to establish a global, best-practice standard for our entire supply chain. This comprises legal requirements, United Nations guiding principles and a process of continuous improvement. The SRSP is designed to ensure that our supply chain is free of any contribution to conflict or human rights abuses. It goes beyond the legal requirements to implement best-practice standards for supply chain due diligence. You can read more about the SRSP at https://www.signetjewelers.com/corporate-responsibility/. If you have further questions, please contact Customer Care at 1-800-527-8229.