NEW YORK — At a time when diamond and gold mining practices in developing countries have come under pressure, firms within the diamond and gold jewelry industry have launched the Council for Responsible Jewelry Practices.
The nonprofit organization, based in Johannesburg, South Africa, is committed to promoting responsible business practices throughout the industry, from mining to retailing.
The creation of the organization comes as jewelry is experiencing a stellar year, and many retailers and vendors anticipate double-digit growth by the fourth quarter.
In a statement, the CRJP said it will reinforce confidence in the diamond and gold supply chain by creating a “Responsible Practices Framework” that would establish ethical, social and environmental standards for all members, and promote awareness of those issues by working with stakeholders, trade organizations and government representatives.
The 14 founding companies include Diamond Trading Co., Jewelers of America, Rosy Blue N.V., Cartier, Tiffany & Co. and Zale Corp. Diamond Trading Co. is the sales and marketing arm of the De Beers Group.
“We’re at the beginning stages of this,” said David Sternblitz, vice president and treasurer of the Zale Corp., based in Irving, Tex. “From Zale’s perspective, anything that adds transparency to the purchase, where the customer can feel good about an emotional purchase like jewelry — it’s really important to build a standard. “
Michael J. Kowalski, chairman of Tiffany & Co., said in a statement, “By acting together, we can be more effective in setting responsible business standards to improve situations that ultimately will reinforce consumer confidence in our industry. Tiffany has committed to adhering to the council’s principles in our own business and to promote adherence with our business partners.”