One of the specific issues facing Signet and the diamond sector is "conflict diamonds", which are diamonds being sold by rebel movements to fund military campaigns. The Group is a non-voting member of the World Diamond Council which, together with Jewelers of America, has worked with the United Nations, government bodies, commercial interests and civil society to introduce a workable system for the certification of the source of uncut diamonds. This system, known as the Kimberley Process, was formally adopted in November 2002 and came into operation on 1 January 2003. The European Union regulations enforcing the Kimberley Process came fully into force on 13 February 2003.
Following the adoption of the Kimberley Process, Signet has sent a letter to all its trade diamond and diamond jewellery suppliers. The text, based on the Jewelers of America guidance, requires them to supply the Group with merchandise that complies with the Kimberley Process and to make the following warrantee:
"For any product fabricated from rough diamonds mined from January 1, 2003 onward, the seller warrants that the diamonds have been purchased from legitimate sources not involved in funding conflict and are in compliance with United Nations Resolutions. The seller hereby guarantees that the diamonds are conflict free, based on personal knowledge and/or written guarantees provided by the supplier of these diamonds.
For any product fabricated from rough diamonds mined prior to January 1, 2003, the seller warrants that conflict diamonds will not be knowingly sold and that, to the best of their ability, will undertake reasonable measures to help prevent the sale of conflict diamonds in this country."
Signet has amended its systems, procedures and documentation to take account of the Kimberley Process. The Group has also trained its buying staff with regard to requirements and briefed its sales associates on the operation of the Kimberley Process.
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