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DeBeers Reminds Members On Diamond Business Ethics.
In a letter to its 93 sightholders, De Beers warned industry players to uphold the highest standards for the diamond on approach to the Christmas holiday shopping season.
Diamond Trading Company (DTC) managing director designate, Varda Shine, said, "We all have an interest in promoting consumer confidence, not just individually, but for the benefit of the wider industry."
The industry and the diamond itself must be "beyond reproach" across the diamond pipeline she wrote. "Each individual sector faces scrutiny and potential challenge from its various observers and interested stakeholders. Any issues that may affect consumer confidence in one sector may have a domino effect on the others."
All parts of the pipeline must demonstrate responsible business practices, and Shine specifically drew attention to De Beers' Best Practice Principles (BPPs.) As a sightholder "you have formally agreed to adhere to the BPPs" and sightholders responsibilities extend to their own suppliers and customers.
Shine said that "malpractice" in the industry is "from the fringes" of the industry, and such actions could seriously damage consumer confidence by mere association with poor practices she said.
The DTC says it would take action against any sightholder or associated business, whereas rumors of unethical standards are proven true. "Irrespective of the BPPs, there is a moral duty for us all to aspire to the highest standards in respect of our business, social and environmental responsibilities as industry leaders, particularly given that we are dealing with the ultimate luxury product, in which so much human emotion is bound," Shine said.
