Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Jewellery makers Chopard, Kering, LVMH, Richemont, Swarovski and Tiffany & Co. and coloured gemstone mining companies Gemfields and Muzo announced the launching of the Gemstones and Jewellery Community Platform.
The free platform is aimed at all companies who are part of the gemstone and jewellery industry, from mining through to cutting and polishing, trading and retailing. It provides resources that can be used to learn more about 40+ sustainability topics relevant for the coloured gemstone sector, from responsible sourcing and due diligence to human rights and labour rights, and environmental protection.
According to its developers, the site also includes self-assessment tools that enable a deeper understanding of a business’s areas of excellence and improvement; and provide steps to take towards improved sustainability practices.
The free platform is aimed at all companies who are part of the gemstone and jewellery industry, from mining through to cutting and polishing, trading and retailing
The information contained within the platform has been sourced from the Responsible Jewellery Council, the World Jewellery Confederation, and GemCloud, and it has been harmonized so that responsible sourcing and production expectations are clear, and in line with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
“In the context of coloured gemstones, which are often mined in remote areas by artisanal and small-scale miners and traded on the other side of the world in international trading centres, responsible sourcing is particularly complex,” the companies involved in the project said in a media statement.
“In line with the principles of engagement and collaboration, the Platform features, among other tools, a digital, open-access and step-by-step due diligence tool, which all businesses can use to do their own part towards building a transparent and traceable supply chain.”
