Sustainable Business magazine - essential reading for sustainability professionals
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Supply Chain Precious metals 2/4 responsibility and transparency in raw materials sourcing and promotion of best practice standards. One end of the supply chain in, the jewellery sector, for instance, has established the Responsible Jewellery Council (RJC) Code of Practice for jewellery including diamonds, gold, silver and platinum. The code encompasses a wide range of environmental, social, human rights and business ethics standards affecting the diamonds and precious metals supply chain. RJC members are required to commit to upholding this code and to becoming certified within two years of joining by undergoing an independent, third-party audit carried out by auditors formally accredited by RJC. The RJC code takes into account many aspects of legislation and best practices in areas relating to anti-corruption, anti-money laundering and other illegal practices. As a result, the RJC has also introduced voluntary Chain of Custody Certification intended to provide assurance on the origins of gold, and members' due diligence systems. This is directed at all stages in the supply chain, so that, in addition to sourcing from certified refiners, members can also have their own systems certified, providing traceability from finished product back to raw materials. In parallel to the RJC, the London Bullion Market Association (LBMA) has launched its LBMA Responsible Gold Guidance aimed at the refining process. The guidance requires all participating refiners to arrange for an independent, third-party audit of their supply chain due diligence, based on both anti-money laundering principles and the five step framework for risk-based due diligence outlined in the Organisation for Economic Co-operation and Development (OECD)