Responsible Sourcing in the Jewelry Supply Chain
The Investor Alliance has issued a statement on Responsible Sourcing in the Jewelry Supply Chain.
The jewelry industry generates over $300 billion in revenue each year, yet few jewelers are able to provide assurance that their gold and diamonds have been sourced responsibly. The adverse human rights impacts associated to the jewelry supply chain have documented in, The Hidden Cost of Jewelry, a Human Rights Watch report launched in Feb. 2018.
The investor statement calls on companies in the jewelry industry to review their policies and practices and take action to ensure responsible sourcing of gold, diamonds, and other precious minerals and gems. Specifically, we urge:
- Jewelry manufacturers and retailers to conduct human rights due diligence in line with the UN Guiding Principles on Business and Human Rights and the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas; and
- The Responsible Jewellery Council (JRC) to strengthen its standards to set a high bar for responsible sourcing practices in the industry.