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Diamond Source Warranty Protocol formed for greater transparency in diamond jewellery supply chain
JA, JVC and DMIA form the Protocol
By: Diamond World News Service
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Oct 19 2012 4:42PM
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Reference: 7332  

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In the effort to maintain greater transparency in the diamond jewellery supply chain, and stop the flow of conflict diamonds, Jewelers of America (JA), the Diamond Manufacturers & Importers Association of America (DMIA), the Jewelers Vigilance Committee (JVC) along with other leading jewelry associations and companies have developed the Diamond Source Warranty Protocol, which is a voluntary approach to inventory management.

The Protocol is designed to help individual businesses exclude diamonds from questionable sources, as determined by them. Industry participants may elect to incorporate the Protocol into their contractual arrangements with vendors.

The Diamond Source Warranty Protocol will work alongside the Kimberley Process (KP), in its endeavours to eliminate conflict diamonds from the worldwide marketplace. "There is increased pressure in certain markets, including the United States - from the public, human rights groups and government - to bring greater transparency and accountability to the supply chains of jewelry and other products," says Matthew A. Runci, President and CEO of Jewelers of America. "The new Diamond Source Warranty Protocol is designed to be an effective tool to help businesses manage these issues and challenges in the context of their relationships with business partners and stakeholders."

Ronald Friedman, President, DMIA noted that while the KP has been effective in addressing issues of conflict diamonds, it cannot be taken a panacea for all issues in the diamond supply chain and as such, “businesses that feel the need for additional assurance can now use the Diamond Source Warranty Protocol."

The Protocol was developed to create a systematic and auditable approach to procurement management. Retailers and their suppliers incorporating the Protocol in their commercial arrangements determine that rough or polished diamonds used in their products were not obtained from questionable sources, referred to in the Protocol as "Subject Sources." The Protocol does not specify what is or is not a Subject Source, which is left to individual companies using the Protocol to specify sources they deem Subject Sources and inform their vendors. Subject Sources can include countries or persons - even if rough diamonds from these sources can be exported and imported with KP certificates. Companies would be expected to work closely with their suppliers on the practical implementation of the Protocol over time. Decisions that individual companies make as to Subject Sources may be based on factors including: protection of consumer confidence; concern over negative media attention; human rights abuses; and government action that bans or limits the use of products from a particular country or person(such as national or international sanctions). The Protocol is not meant for consumer audiences, though retailers who obtain Protocol warranties may choose to use such warranties as the basis for providing further assurance to their customers.

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