Global Trade Management
Report: Procurement Is 'Critical' to Tackling Slavery in Jewelry Industry

Leading jewelry retailers must go beyond a reliance on accreditation schemes to ensure their supply chains are free of slavery, according to a new report.

The study, covering eight of the major retailers in the U.K., found four had failed to publish a modern slavery statement on their homepage and only three fully met the disclosure requirements of the Modern Slavery Act (MSA).

Report author Colleen Theron, director of consultancy Ardea International, said she had wanted to see stronger penalties in the MSA for non compliance.

“We recognise this is the beginning of the reporting cycle and this is difficult for businesses, but we also want to see change,” she told SM.

“The Act has made people think, ‘we have to do something,’ but because it has not got strong penalties and firms haven’t felt the effect of benchmarking and criticism, they have not reported in more depth around risk in the supply chain.”

The eight companies covered by the report are Signet Group, Tiffany & Co, Goldsmiths, Links, F. Hinds, Beaverbrooks, Boodles and Cartier.

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The study, covering eight of the major retailers in the U.K., found four had failed to publish a modern slavery statement on their homepage and only three fully met the disclosure requirements of the Modern Slavery Act (MSA).

Report author Colleen Theron, director of consultancy Ardea International, said she had wanted to see stronger penalties in the MSA for non compliance.

“We recognise this is the beginning of the reporting cycle and this is difficult for businesses, but we also want to see change,” she told SM.

“The Act has made people think, ‘we have to do something,’ but because it has not got strong penalties and firms haven’t felt the effect of benchmarking and criticism, they have not reported in more depth around risk in the supply chain.”

The eight companies covered by the report are Signet Group, Tiffany & Co, Goldsmiths, Links, F. Hinds, Beaverbrooks, Boodles and Cartier.

Read Full Article