Rough diamond traders meet a deadline today
Time for the transitioning of revised System of Warranties The World Diamond Council (WDC)’s calls out to industry members to seize the moment and be ready in time, to meet the deadline for rough diamond sales. The WDC’s revised System of Warranties (SoW) is set to reach its first critical deadline today, on September 21, 2024, as the three-year grace period to convert to the new system for rough diamond sales is about to end. See below a selection of FAQs aimed at helping your company to reach the deadline with ease. 1) The System of Warranties: It’s a global mechanism created by the WDC for the industry, so that companies relay to the next buyer in the supply chain that the goods they are trading are in compliance with the Kimberley Process Certification Scheme (KPCS) and the SoW Guidelines, hence passing down the warranty of a conflict-free origin, as well as the assurance of adherence to other responsible business principles such as human rights, labor rights, anti-money launder