To supplement the government program, the Intemational Diamond Manufacturers Association (IDMA) and the World Federation of Diamond Bourses (WFDB) - representing virtually all significant processors and traders - have established a regimen of self-regulation. Its principal element is a system of warranties that will accompany invoices covering the sale of rough diamonds, polished diamonds and diamond jewelry. The requirement applies to rough diamonds mined after December 31, 2002 and product fabricated from them.
Each time the diamonds change hands, the seller affirms to the buyer, in writing, that the diamonds come from legitimate sources "not involved in funding conflict [and] in compliance with United Nations resolutions..." Under a new code of conduct adopted by IDMA and WFDB, members are required, among other things, to deal only with sellers that use the warranty system.
Retailers who support the Kimberley Process must buy diamonds from dealers and manufacturers that adhere to the warranty system. At Tennies Jewelry this policy is being followed. We are notifying/have notified our trade suppliers of diamonds and diamond jewelry that merchandise we buy that is derived from rough diamonds mined after December 31, 2002 must be accompanied by a warranty. This warranty assures us that the supplier vouches for the legitimacy of the merchandise and that the supplier, in turn, has required the same warranty from their source of merchandise.
Between the government's certification program and the industry's warranty system, customers of Tennies Jewelry can have a very high degree of confidence that the worldwide supply chain is protected from the introduction of additional conflict diamonds. The new system's effectiveness will be monitored. Participants agree that if experience indicates improvements are needed, they will be made. |
More than 60 countries have adopted a system to control the export and import of rough diamonds mined from January 1,2003 onward. Known as the Kimberley Process Certification Scheme, it requires that each shipment of rough diamonds - before stones are cut and polished - be in a tamper-resistant container and accompanied by a government-validated certificate. Each certificate is uniquely numbered and contains data describing the shipment's contents.
