The World Diamond Council (WDC) is urging industry members to hasten their transition to the new System of Warranties. The important date for raw diamond sales under the new system is swiftly approaching: September 21, 2024.
The SoW is a global framework developed by the WDC to ensure that diamonds traded are conflict-free and follow responsible business practices such as human rights, labor rights, and anti-money laundering rules. The redesigned method improves openness and accountability throughout the diamond supply chain.
To make the transition easier, the WDC has specified a three-step process: register on the dedicated website, complete an online self-assessment, and include the new warranty statement into bills and notes.
“We strongly urge all companies, but especially at this very moment rough diamond traders, to transition to the revised SoW, if they have not done so yet, to be ready for the September 21 deadline,” noted Elodie Daguzan, executive director of the WDC. “Registering is remarkably simple. There is a whole toolset available, as well as a SoW Coordinator who runs a hotline for anyone who needs assistance. Diamond firms display leadership by adhering to the SoW, which serves as the foundation for industry self-regulation at a time when due diligence standards have never been more vital.”
The WDC has stated that the self-assessment approach is intended to be flexible to firms of all sizes and segments of the diamond and jewellery value chain. Comprehensive support, including a dedicated hotline and tools, is available to help businesses achieve the deadline.
With fewer than two months remaining, the diamond sector is advised to prioritise the transition to the amended SoW in order to preserve compliance and the highest ethical standards.