Rest Assured – You Have Got A Good Diamond

ethical diamondIf you are a strong believer and supporter of ethical sourcing of diamonds, you will now get more assurance that the diamonds you are purchasing are conflict-free, at least in the US. This has been made possible with the new Diamond Source Warranty Protocol, formed by the jewelry associations in the country. Before this, Kimberley Process Certification Scheme used to assure about the issues regarding the source of diamonds, but that being found with some flaws which can be misused, the new Protocol has been developed.

The development of the Protocol has been brought about by the leading diamond and jewelry associations in the country like Jewelers of America, the Jewelers Vigilance Committee, the Diamond Manufacturers & Importers Association of America and other major jewelry firms and associations. The Protocol enables greater level of assurance by eliminating diamonds from debatable sources.

Government, human rights associations and public pressurize the diamond industry to bring more transparency in the jewelry supply chains and the Protocol will work as an effective measure to tackle these issues and thus retailers and others in the jewelry business can maintain healthy relations with their associates and consumers.

Diamond Source Warranty Protocol is an approach to be chosen voluntarily by jewelry industry participants. It will work beside the Kimberley Process (KP), which is a basis for the elimination of conflicted diamonds from the world market. Industry participants may choose to integrate the Protocol in their contracts with vendors.

Jewelers of America have urged to reform KPCS in a letter to the industry, because though its efforts in excluding conflict diamonds are commendable, it also should be aware of new challenges. The challenges include an increasing concern of public with any demonstration of violence regarding diamond mining and pressure from government regarding broad regulation and from NGOs. It has been said in the letter that without reform the KP will keep on eroding and can form gaps in customer confidence which is harmful for the industry. A growing number of customers have started feeling that KPCS is not adequate to confirm that a diamond is free of conflict.

Diamond Source Warranty Protocol has been developed to form an organized and auditable approach to manage procurement. Retailers and suppliers who elect to integrate the Protocol in their financial contracts will start getting greater assurance that the polished or rough diamonds used in their products were not sourced from doubtful sources. These doubtful sources will be defined by the company; the Protocol refers to them as “Subject Sources” but doesn’t specify them. They are to be specified by the individual company and inform about them to the vendors. These Subject Sources may be specific countries or persons, regardless of the KP certificates they have. Here companies and their suppliers are expected to work together closely for more practical execution of the Protocol.

The Protocol is not for consumers. However the retailers obtaining its warranties may use the warranties to provide further assurance to their consumers.

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