US Holiday jewelry sales expected to skyrocket

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17 september 2021

Australia becomes world’s biggest producer of gold for first time

Australia has become the world’s biggest producer of gold for the first time, having played second fiddle to China for the last decade. Australia unearthed 157 tons of gold in the first half of the year, pipping China by four tonnes.

17 september 2021

Nigerian minister mulls death penalty for gold smuggling – report

Nigeria’s deputy minister in charge of mines and steel development has called for the death penalty for gold smuggling in the West African country.

17 september 2021

Gemfields back to black

Gemfields is expected to register a net profit after tax of $23.8-million in the first half of the year compared with the net loss after tax of $56.7-million, a year earlier. Earnings per share are expected to be 2 US cents from a loss per share of 4...

17 september 2021

Debmarine Namibia's new diamond recovery vessel to arrive in SA next week

Debmarine Namibia’s new N$7 billion diamond recovery vessel, Additional Mining Vessel #3 (AMV3), is expected to arrive in Cape Town, South Africa next week ahead of commissioning early next year.

17 september 2021

Rosy Blue Group: First Corporate Social Responsibility Report to United Nations

25 may 2009

The Rosy Blue Group today celebrates the acceptance by the United Nations Global Compact Initiative of its very first Corporate Social Responsibility (CSR) report. For a company founded 45 years ago in humble beginnings, which has grown to the diamond industry's leading diamond manufacturing and marketing group, providing a livelihood to well over 10,000 people, this represents a further step in its un-abating efforts to anchor its social responsibilities to the countries and communities well beyond the direct stakeholders, as the essence of its corporate culture, says Chaim Even-Zohar, a diamond industry analyst, in his article posted on www.diamondintelligence.com.

This makes Rosy Blue the world's first diamond manufacturer to fully join Global Compact, a voluntary association that asks its corporate members to uphold ten principles relating to human rights, labor, the environment, and non-corrupt business conduct. The Rosy Blue Corporate Social Responsibility report documents how this global diamond player has integrated and instilled in its worldwide operations their own dedicated human rights policies, health and safety standards, and concern for the environment. Though CSR reports have become increasingly important in a variety of large multi-national corporations, the traditionally fragmented and mostly privately-owned diamond companies have only recently recognized the crucial importance of responsibility, transparency, and accountability in the diamond business.

"This is not just another corporate report," comments Dilip Mehta, the Group's Chief Executive Officer. "It shares with our stakeholder intimate details about our corporate governance structure. Headed by a Family Council and assisted by a CSR Advisory Board, we have created various corporate affairs, audit and anti-money laundering and anti-corruption committees throughout our company, supported by a team of compliance managers and officers in each of the 14 international regions in which we operate. This is a process that obviously commenced years ago, and is not related to the current global slowdown.

It is clear, however, that in the future all our stakeholders, including the end consumers, will simply expect social responsibility from their suppliers. Our policies are not just shaped solely by our inner beliefs and the traditions of our parents, but rather, we understand that consumers will only continue to give their trust and business to companies which are demonstrating commitment to their social responsibilities."

"As is true in many regulatory, ethical, and societal norms, the Rosy Blue Group believes that the maximum standards of yesterday will become the minimum standards of tomorrow. We are on a road that makes it worthwhile to go forward and every day gives more meaning to what we do. We hope that other industry players will follow in our footsteps and join us in the commitment that we have made," says Iris Van der Veken, Manager of Global Corporate Affairs.

Many of the activities of Rosy Blue in their surrounding communities are done quietly, without much publicity, but the report provides a glimpse into this area as well. There is a project in Palanpur (in Gujarat) where the company provides clothes, especially school uniforms, to some 125,000 schoolchildren. These kids feel encouraged to attend and stay in school so that they can receive the education needed to become self-reliant. Hospitals, medical care, and direct relief work during catastrophes, are only a few of the many manifestations which have become to many the very reason to associate themselves with the company. "One of the pleasant ‘spillover effects' of our business conduct is that we have the privilege to be able to attract employees of the finest and highest quality, who wish to be part of our team," reflects Dilip Mehta.

"The adoption of a variety of high standards and corporate policies is one thing. Ensuring full compliance is far more complex and requires extensive auditing of all business activities throughout the year. The report accounts not only for the great achievements, but also honestly notes areas where some infringements were still found, and where improvements need to be made. It is that level of transparency," says Dilip Mehta, “that makes the publication of this report a true celebration. It is only partly about what we have achieved. It is mostly about our commitment to continuously improve, to raise the bar and set higher benchmarks. That is our real challenge."