Companies involved the jewellery and gemstone sectors should develop or obtain a systematic and demonstrable due diligence procedure to understand and map their supply chains as far as possible. It should include including clear identification of their own suppliers, Know Your Counterpart (KYC) details, terms of business and any proof of provenance of materials, such as precious metals refinery certificates, invoices, Blockchain verification, etc.
To understand properly who their suppliers are and how they operate, it will necessary to obtain documented materials, such as company registrations, and study the supplier’s websites, etc. Written terms of business should be prepared and as much documentation as possible obtained about the provenance of products and/or materials.
A company’s Responsible Sourcing and/or supply chain policy should be incorporated into contracts and/or agreements with all suppliers.