Signet Jewelers (NYSE:SIG)
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CEO Virginia C. Drosos highlights the role of responsible sourcing in building consumer trust, unveils new commitment to strengthen diversity across Signet’s supply chain
Signet Jewelers Limited (“Signet”) (NYSE: SIG) Chief Executive, Virginia C. Drosos, today delivered the keynote address at a U.S. Department of State conference in Washington, D.C. titled “Women’s Economic Empowerment: Minerals, Responsible Sourcing, and the Jewelry Supply Chain.”
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Signet Jewelers CEO, Virginia C. Drosos, offers keynote remarks at the U.S. Department of State "Women's Economic Empowerment: Minerals, Responsible Sourcing, and the Jewelry Supply Chain" conference held Thursday, August 8, 2019, in Washington, D.C. (Photo: Business Wire)
“As the world’s largest retailer of diamond jewelry, we recognize that customers trust us to ensure that the products and services we provide are sourced responsibly and respect human rights,” said Drosos. “Our industry must continue to take actions to secure our supply chain and empower women at all levels to meet our customers’ expectations and maintain their trust.”
Within her remarks today, Drosos announced that Signet is undergoing a comprehensive review of its global supply chain to catalog and audit existing supplier relationships, and ensure that it maintains a supply chain that respects and empowers women at all levels.
Drosos continued, “We see this program as the first step in developing a more fulsome supplier diversity strategy that builds on two of our key corporate social responsibility areas, People and Responsible Sourcing. We take the opportunity very seriously to make lasting and positive change within the industry, and for all the participants in our supply chain.”
Signet Jewelers has a long history of taking actions to lead its jewelry supply chain. Among Signet’s responsible sourcing accomplishments are:
For the past six years, Signet filed Form SD and Conflict Minerals Report with the U.S. Securities and Exchange Commission (SEC) in accordance with Section 1502 of the Dodd-Frank Act of 2010, becoming one of only four companies—and the only retailer—to have its SEC gold and 3Ts (tin, tantalum, and tungsten) conflict-free filing independently audited every year since 2013.
In April 2019, Signet updated its award-winning Signet Responsible Sourcing Protocol (SRSP) to include Colored Gemstones, providing assurance that Signet fine jewelry containing rubies, sapphires, and emeralds will be verified as responsibly sourced. This adds to the SRSP previously in place for Gold, 3Ts, Diamonds, Silver and Platinum Group Metals.
Signet’s Vice President of Corporate Affairs, David Bouffard, was elected chair of the Responsible Jewellery Council (RJC) in 2018, the global standards-setting and certification organization for the jewelry industry. The RJC has more than 1,100 members supporting human rights, business ethics, and social and environmental performance throughout the industry. In 2005, Signet was one of 14 founding members of the RJC.
In 2018, SIGWATCH, an unaffiliated NGO tracking company based in the United Kingdom, ranked Signet as one of the top five most praised companies in the world – the only jewelry company on the international list – for the company’s responsible sourcing efforts.
In 2018, as part of the Responsible Artisanal Gold Solutions Forum (RAGSF), Signet received jewelry including gold from the first supply chain designed to source conflict-free artisanal gold from the DRC for use in products sold to consumers in the United States. Signet is a founding member of the RAGSF, a multi-stakeholder coalition which seeks to learn about and address critical barriers to the production and trade of artisanal gold from the Great Lakes Region of Central Africa.
Signet joined the Public-Private Alliance for Responsible Minerals Trade in 2018, which includes representatives from government, industry, and civil society. Signet joined as the first jewelry retailer among leading companies such as Apple, Boeing, Dell, Ford, Google, Hewlett-Packard, Intel, LG Electronics, Microsoft, Sony and Verizon.
Signet was also recognized by Bloomberg’s Gender-Equality Index (GEI) for its commitment to transparency in gender reporting and advancing women’s equality. Signet celebrates diversity and empowers women at all levels of the company. Currently, Signet’s board of directors is 45 percent women, its C-suite is 50 percent women, and its store management is 70 percent women.
To learn more about Signet’s ongoing responsible sourcing efforts, visit the company’s 2018 Corporate Social Responsibility report.
About Signet Jewelers:
Signet Jewelers Limited is the world's largest retailer of diamond jewelry. Signet operates approximately 3,300 stores primarily under the name brands of Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and JamesAllen.com. Further information on Signet is available at www.signetjewelers.com. See also www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk,www.peoplesjewellers.com, www.pagoda.com, and www.jamesallen.com.
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