Responsible gems and minerals are a hot topic, with over 80,000 artisanal miners being registered into responsible supply chains in the past two years alone. But some reports have claimed that shifts in regulation have had an overall negative impact on miners’ earnings and on the commercial viability of some local traders and exporters.
Eight years ago the OECD published its Due Diligence Guidance for Responsible Supply Chains of Minerals, an international framework for companies to avoid contributing to conflict through their mineral purchasing practices. The Dodd Frank Act (US) and the new EU regulation on conflict minerals refer to the OECD's guidance as a best practice in responsible minerals sourcing.
Last week, the Sourcemap team joined more than 900 attendees at the OECD's 13th Forum on Responsible Minerals in Paris. Here is what we learned:
The London Metal Exchange introduced mandatory responsible sourcing requirements that will be implemented by 2022.
The World Bank launched the first annual report on the State of ASM: 2019 State of the Artisanal and Small-Scale Mining Sector.
The Responsible Jewellery Council (RJC) revised its Code of Practices to include due diligence requirements based on the OECD Guidance.
The World Jewellery Confederation (CIBJO) announced a new Blue Book providing guidance for responsible sourcing in the jewellery sector.
Several companies announced their transparency and traceability goals for gems and minerals.
The OECD was an important event for Sourcemap too, as we introduced our new Responsible Mineral Platform to help companies implement supply chain due diligence when it comes to responsible mineral sourcing. The platform lets companies track any mineral down to the mine through an automated online process. It works by connecting the entire supply chain down to the smelters and mines, verifying transactions, monitoring performance and managing improvement plans toward corporate and regulatory targets. The Responsible Minerals Platform even lets companies monitor worker livelihoods and the impact your responsible sourcing programs are having on local communities (access to education, miner wages, child labor etc.) To find out more, visit Sourcemap's free responsible mineral sourcing resource here.