Diamond council reminds industry revised System of Warranties deadline is nearing
Industry body the World Diamond Council has highlighted that the transition period to its revised System of Warranties will conclude on September 21.
With fewer than three months remaining of the transition period that was introduced with the launch of the System of Warranties in 2021, the council says the revised declaration will apply to all diamond transactions, including rough, polished and diamond jewellery.
From September 21, the revised declaration will stand as the sole applicable System of Warranties reference with the council’s framework.
The System of Warranties is a self-regulatory industry mechanism, created by the council to strengthen and extend the Kimberley Process Certification Scheme (KPCS), through which companies include a declaration on invoices and memorandums each time diamonds – whether rough, polished or set in jewellery – change ownership.
The council adds that the declaration confirms that the diamonds originate from legitimate sources and are traded in accordance with applicable standards, thereby cascading this assurance throughout the supply chain.
“The System of Warranties remains a cornerstone of trust in the global diamond supply chain, linking companies through a shared commitment to responsible sourcing.
“The 2021 revision reflects the evolution of industry expectations, incorporating broader due diligence principles, including human rights, anti-corruption, and anti-money-laundering practices,” says World Diamond Council executive director Elodie Daguzan.
She says companies in diamond transactions are encouraged to review their invoice templates and related documentation to ensure alignment ahead of the conclusion of the transition period.