Group says improvements in responsible sourcing are essential.
The Organisation for Economic Cooperation and Development (OECD) hosted a meeting for a multi-stakeholder group comprised of industry representatives, civil society organisationsand representatives from various governments in Paris on April 30 to discuss the development of a responsible supply chain for precious stones.
The multi-stakeholder group said that improvements in responsible sourcing are essential to ensure trade in precious stones does not contribute to conflict and serious human rights abuses – in line with the UN Guiding Principles on Business and Human Rights – and are fundamental to upholding the reputation of the jewellery industry.
According to the OECD the meeting presented an opportunity for participants to understand the OECD Due Diligence guidance and how it applies to precious stones, as well as discussing if and how other existing initiatives might be applicable to the precious stones sector.
To date, the OECD’s Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas has set a benchmark for responsible sourcing of gold and other minerals.
Significant progress has already been made in the gold mining sector using the OECD’s guidance. Various standards have incorporated the guidance including London Bullion Market Association Responsible Gold Guidance, the World Gold Council Conflict-Free Gold Standard and the Responsible Jewelry Council Chain of Custody Standard.