The World Diamond Council’s (WDC) updated System of Warranties (SoW) is approaching a pivotal milestone, with September 21 marking the mandatory implementation for all rough diamond sales.
Elodie Daguzan, Executive Director of the WDC, emphasized the importance of transitioning to the revised SoW before the deadline, particularly for rough diamond traders, to ensure compliance with the new regulations.
The revised SoW serves as a global mechanism to provide assurance that traded goods adhere to the Kimberley Process Certification Scheme, guaranteeing a conflict-free origin and compliance with responsible business standards throughout the supply chain.
To obtain the revised SoW warranty statement, companies must register on the dedicated WDC SoW website and complete an online self-assessment questionnaire tailored to their specific segment of the diamond and jewelry value chain, company size, and existing compliance with industry standards.
Upon successful completion, companies receive a unique identification number to be included on all invoices and memos, enabling business partners to verify compliance with SoW guidelines. Renewal of the self-assessment is required annually.
Registered industry members can verify the compliance status of their suppliers or clients through the SoW website database, enhancing transparency within the industry.
Daguzan highlighted the ease of registration and the availability of support resources, including a toolkit and hotline operated by an SoW Coordinator, underscoring the significance of SoW compliance as a demonstration of industry leadership in self-regulation and due diligence practices.
