HAMILTON, Bermuda, 2017-Jun-02 — /EPR Retail News/ — Signet Jewelers Limited (“Signet”) (NYSE:SIG), the world’s largest retailer of diamond jewelry, recently submitted its fourth consecutive Conflict Minerals Report to the SEC in accordance with Section 1502 of the Dodd-Frank Act.
Signet was one of only four companies to have its Gold “Conflict-Free” filing with the SEC independently audited in line with the Section 1502 requirements in 2014, 2015 and 2016. Now Signet has extended its “Conflict-Free” reporting under Section 1502 for a fourth consecutive year.
Signet believes that a responsible, conflict-free supply chain is fundamental to the reputation of the jewelry industry. Signet is, therefore, committed to continuing our longstanding efforts to advance responsible sourcing throughout the global jewelry industry supply chain.
Coupled with Signet’s efforts to source “conflict free” gold, we also aim to lead the continuous improvement in the integrity of the global jewelry supply chain. To this end, over the last four years, our accomplishments include:
- Signet is one of the founding members of the OECD’s Multi-Stakeholder Group which developed the Due Diligence Guidance for Responsible Supply Chains on Minerals from Conflict Affected and High-Risk Areas and which has been active in its further development and implementation. Signet is also a member of OECD’s expert working group developing the OECD Minerals Handbook covering guidance for all minerals.
- We have collaboratively developed and launched the “open source” Signet Responsible Sourcing Protocols for Gold, 3Ts, Diamonds, Silver and Platinum Group Metals. We are actively developing a Protocol for Colored Gemstones, thereby covering all of the main materials used in the fine jewelry industry.
- We have instituted a process of on-going dialogue and collaboration within the jewelry industry, governments, civil society, and other organizations, which has contributed to the consistency and harmonization of responsible sourcing standards for the jewelry industry and beyond.
- Signet is the first major non-electronics industry company to be a member and support development of the Conflict Free Sourcing Initiative.
- Signet’s position as a Founding and Certified Member of the Responsible Jewellery Council (RJC) has enabled us to encourage all of our Suppliers to become RJC members as well. The total number of Signet Suppliers who are RJC members has more than quintupled since 2014. Moreover, harmonization of industry standards with Signet’s Protocols has resulted in more efficient and consistent verification of responsible sourcing standards across the jewelry industry.
Signet believes that Section 1502 has been a global driving force in the supply chains of 3TG to establish and maintain responsible, conflict-free supply chains. Signet acknowledges that Section 1502 has had some unintended consequences leading some industry participants to avoid minerals from the DRC and neighboring countries. However, Signet believes that this can be corrected by amending Section 1502 to align with the OECD’s Due Diligence Guidance, whereby US companies are required to undertake and report on due diligence in their supply chains in accordance with the OECD Guidance. Thus, supplies from these “covered countries” can be sourced providing they are verified and certified as “conflict-free.”
For additional information on Signet Jewelers’ Responsible Sourcing efforts, please see our 2016 Corporate Social Responsibility Report: http://www.signetjewelers.com/CSRreport2016
About Signet Jewelers:
Signet Jewelers Limited is the world’s largest retailer of diamond jewelry. Signet operates approximately 3,600 stores primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry, H.Samuel, Ernest Jones, Peoples and Piercing Pagoda. Further information on Signet is available at www.signetjewelers.com. See also www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk, www.peoplesjewellers.com and www.pagoda.com.
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Source: Signet Jewelers Limited