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Social, ethical & environmental matters

Industry initiatives

As already stated above Signet believes it can be most effective in influencing improvements in the supply chain by working together with other industry representatives. One such industry initiative where Signet is playing a leading role is the CRJP.

The Council for Responsible Jewellery Practices

The CRJP is an industry group representing the entire length of the diamond and gold jewellery industry supply chain from the mine to retail. More information is available on the CRJP website (www.responsiblejewellery.com).

In 2004 Signet was one of the signatories to a Statement of Intent that formed the basis of an agreement for further co-operation to promote increased consumer confidence and integrity in diamond and gold jewellery by promoting responsible business practices throughout the industry. As a result, during 2005, the CRJP was formed as a not for profit organisation whose members are participants in all aspects of the diamond and gold jewellery industry.

The CRJP for the first time seeks to bring together all participants of every aspect of the diamond and gold supply chain from mining to retail to promote responsible business practices. The CRJP aims to maintain consumer confidence in diamond and gold jewellery products and the trust of all interested stakeholders in their industry. The CRJP believes that a co-ordinated worldwide industry approach to improving business practices will provide increased clarity to the diamond and gold jewellery industry and be most effective in implementing the industry standards necessary to maintain consumer confidence and the integrity of the product.

The CRJP mission statement is to promote responsible practices relating to business ethics, social, human rights, and environmental performance throughout the diamond and gold jewellery supply chain, from mine to retail. In accordance with its mission the CRJP has developed a Responsible Practices Framework which consists of:

• The Mission Statement: High Level Introduction to the purpose;
• The Principles: Fundamental ethical, social, human rights and environmental standards;
• Code of Practices: Detailed provisions under the Principles;
• Guidance Documents: An overview of the content, processes and steps for implementing the Responsible Practices Framework; and an introduction and guidance on each of the issues to be monitored under the Code of Practices; and
• Assessment Tools: mapping, centralisation and risk assessment, self assessment and monitoring workbook.

The CRJP will endeavour to implement its mission statement and, seek to reinforce confidence in the diamond and gold jewellery supply chain by:

• the introduction of its Responsible Practices Framework, that will define the ethical, social and environmental standards according to which all members commit to conduct their business;
• making it a condition of membership that members apply the Responsible Practices Framework through an implementation model the key feature of which will be independent third-party monitoring of member organisations from mine to retail;
• working with industry participants to advise on business responsibility issues as they arise and by offering guidance on the use of the Responsible Practices Framework to implement responsible business practices;
• promoting awareness and understanding of key ethical, social and environmental business responsibility issues by working with all stakeholders including, but not limited to, industry participants, trade organisations, governments, and civil society representatives;
• acting as an advocate for business responsibility within the industry and developing initiatives to address ethical, social and environmental challenges through publicly and privately financed projects;
• working with stakeholders and industry participants to continuously improve conformance with the standards and processes set out above and ensuring that they are relevant and achievable, while addressing key ethical, social and environmental challenges with due regard to the business objectives of the industry;
• encouraging members to promote the adoption of the Responsible Practices Framework amongst their business partners; and
• seeking to be inclusive and extending the opportunity for membership throughout the industry.

The CRJP remains dedicated to the objective of reinforcing consumer confidence in the diamond and gold supply chain. The Group believes it is in this forum that it can be most effective in considering environmental and supply chain issues and where, together with other industry constituents, it can more successfully promote responsible business practices in order to reinforce customer confidence and the integrity of the product. From an initial membership of fourteen companies there are now approximately eighty companies encompassing all aspects of the supply chain from the mining companies to retailers. A key membership requirement of the CRJP will be an independent assessment of compliance with the Code of Practices (in accordance with the Responsible Practices Framework) which was adopted after extensive consultation, in September 2006. The CRJP is currently developing the implementation system for the Responsible Practices Framework which is expected to be launched during the course of 2008/09. In anticipation of and in preparation for this assessment the Group in progressing its corporate responsibility agenda developed a self-assessment process against the Code of Practices during 2007, the results of which were favourable.

The Diamond Development Initiative

The Diamond Development Initiative aims to find sustainable methods to ensure that alluvial diamonds produced by artisinal methods are mined and distributed for the benefit of local communities and governments. Signet has contributed to a specific project of this initiative and continues to support it.

Madison Dialogue

The Madison Dialogue is a US based cross-sector initiative in which Signet participates. It promotes communication and collaboration within the jewellery sector among companies, both retail and miners; industry bodies such as Jewelers of America and CRJP; non-governmental groups and other interested parties. It seeks to encourage:

• best practices;
• sustainable economic development; and
• verified sources of responsible gold, diamonds and other minerals.

Initiative for Responsible Mining Assurance

The Initiative for Responsible Mining Assurance ("IRMA") is working to develop and establish a voluntary system to independently verify compliance with environmental, human rights and social standards for mining operations. It seeks to build on existing research, tools, and initiatives including the Framework for Responsible Mining, the ICMM Sustainable Development Framework, the Global Reporting Initiative and research conducted by the International Institute for Environment and Development, the Extractive Industries Transparency Initiative, the World Bank and the Mining Certification Evaluation Project. IRMA participants include mining companies, jewellery retailers, non-governmental organisations and trade associations including the CRJP and Jewelers of America, both of which represent Signet. It is hoped that IRMA will provide standards and an independent verification framework for mining operations that will be complementary to the CRJP Code of Practice.