Diamonds across time

Not so long ago, the global library of professional publications on precious stones was replenished with a unique book about rare diamonds and diamond jewelry published by the World Diamond Museum. Alex Popov, the founder and director of the museum told...

Today

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WDC calls for industry stakeholders to review new SoW Toolkit

03 february 2020

wdc_logo.pngThe World Diamond Council (WDC) requests industry stakeholders to review the WDC System of Warranties (SoW) Toolkit after its unanimous adoption as a working draft by the WDC Board of Directors and its review by WDC members, as per a press note by WDC.
The comments are to be submitted by March 31.
“The stakeholder review is the final stage in the rollout of the new SoW Toolkit, and is a most critical one,” explained WDC President Stephane Fischler. “Our goal is to strengthen the System of Warranties, and in so doing reinforce the integrity of the diamond distribution chain. For this we are seeking the perspective of a range of experts. I call our colleagues to contribute.”
The SoW Toolkit is meant to help the industry participants comply with the revised WDC SoW, that was approved in 2018 and is scheduled to be phased in over a five-year period.
According to the press note, the SoW Toolkit is self-assessment questionnaire, where the questions that need to be answered depend upon the business model of the respondent and number of employees at work in the firm. That will help the companies react to questions that are relevant to their businesses and assist members of the industry in properly evaluating how they are complying with the process.
It takes into consideration the stage or stages of the diamond and jewelry value chain in which the member is involved, the size of the member's business, and whether the member is already compliant with other due diligence systems.
It is also mentioned that the SoW self-assessment must be completed by every company that includes the revised SoW statement on their invoices, and it will need to be done annually.
The companies will need to fill out several or all of following sections: the KPCS Section - for companies who buy or sell rough diamonds; the SoW Section, for all companies; the compliance section, for all companies, although firms with more than 100 employees will be required to respond to more questions than their smaller counterparts; and a section for companies who source rough from artisanal mining operations.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg