We are strongly committed to a conflict-free supply chain. This commitment is evidenced by the fact that we are one of only four listed corporations, and the only jewelry company, that has submitted annual conflict mineral reports (on Form SD) four years in a row to the U.S. Securities and Exchange Commission (SEC) under the provisions of section 1502 of the Dodd-Frank Act and undergo an independent audit.
In 2017, we worked through the World Diamond Council (WDC) to promote reforms to the Kimberley Process Certification Scheme (KPCS) that will enable it to remain meaningful in addressing important challenges in the diamond supply chain. The KPCS is a joint government, industry and civil society initiative to stem the flow of conflict diamonds – rough diamonds used by rebel movements to finance wars against legitimate governments.
1 of only 4 companies to report and audit conflict-free gold in 2014, 2015, 2016, 2017
Over 99% of gold sourced by Signet is verified conflict-free
The KPCS is the foundation for transparency and integrity of the global trade in rough diamonds.
A key component of the reforms was to review the core documents to find ways to enhance administrative and financial support for the KPCS, including consideration of a Secretariat and a voluntary multi-donor fund to support participation by Least Developed Countries, civil society and experts who implement the KPCS work.
Blockchain: New Technology For Supply Chain Integrity
Signet believes that the jewelry supply chain should always follow the highest standards. Our Customers rightly expect that jewelry is sourced with the most advanced systems available, ensuring that materials are responsibly sourced. Blockchain represents the leading technology for supply chain transparency and has a substantial track-record in a wide range of industries. Signet is therefore very proud to be working in association with the De Beers Group to help create a blockchain platform for the diamond jewelry supply chain. Both companies share a passion for the integrity of diamond jewelry, and both believe that blockchain has the potential to deliver guarantees of provenance right throughout the diamond supply chain.
Signet Halts Trade in Rubies from Myanmar
Signet requires independent, third-party country-of-origin quality assurance testing for natural ruby jewelry. In accordance with the OECD Due Diligence Guidance and our own policies and principles, Signet informed its suppliers in November, 2017 that it was halting its trade in rubies originating from Myanmar, beginning January 1, 2018. Sadly, reports in 2017 indicated that the Myanmar military has and continues to commit serious human rights violations against the Rohingya people in Myanmar. There is legitimate evidence that the Myanmar military is, in part, financed by the sale of rubies. Signet’s policy will remain in effect until an international consensus is reached that the human rights violations have ceased.