Report released in April 2016 studies risks to precious stone supply chain. While laudable efforts have been made by the jewelry industry to develop tools to support responsible sourcing of precious stones, there are still risks related to labor, human rights, the environment and commerce in colored stone supply chains. Responsibility for managing these risks rests with the businesses that create them, their regulators, and their customers. 

The Precious Stone Multi-Stakeholder Working Group (PS-MSWG) formed to study and address these risks to ensure the products from jewelry supply chains are ethically sourced and sold. At the inaugural meeting of the PS‐MSWG in April 2013, due diligence for precious gemstone supply chains was a core discussion. Due diligence involves gathering information about how a business’s activities are causing or may cause harm and taking action to mitigate these harms (e.g. through avoidance, reduction or remedy). By reporting on these risks and the meaningful measures undertaken, a company is demonstrating transparency and enabling accountability.

A key question was whether supplementary guidance demonstrating how due diligence could be conducted in precious gemstone supply chains would be useful to the jewelry industry. In theory, such guidance could help businesses more efficiently and effectively carry out due diligence and demonstrate to governments that (additional) regulations specific to the gemstone sector are unnecessary. 

In April 2016, the PS-MSWG released a comprehensive study and discussion paper, commissioned by Jewelers of America on behalf of the group, titled "Due Diligence for Responsible Sourcing of Precious Stones Discussion Paper." 

Download the Report

 

Follow Us: Facebook Twitter Pinterest Instagram Linkedin