Precious Stones Multi-Stakeholder Working Group Met at Tucson

(IDEX Online News) – The Precious Stones Multi-Stakeholder Working Group (PSMSWG), a group of companies, associations, NGOs and governments concerned with responsible sourcing and supply chain due diligence for precious stones, held an open meeting at the AGTA GemFair Tucson earlier this month.

The meeting provided an opportunity for the precious stone community to learn and discuss if and how existing initiatives, might be applicable to the precious stones sector, the group said in a statement.

The Working Group was launched by a group of interested stakeholders at a meeting held at the Organisation for Economic Co-operation and Development (OECD) in Paris in April 2013.

Its members cover the value chain for precious stones, and meet twice monthly by teleconference.

"The prevention of trade in precious stones from financing conflict and associated violence and human rights abuses is a vital objective for the precious stone industry. The PSMSWG believes that industry and stakeholders must address this issue comprehensively and credibly."

Attendees discussed how these issues are impacting the precious stone industry and shared ideas on how to meet the challenges.

The PSMSWG also provided an update on the study commissioned by the group to review due diligence efforts in precious stones supply chain, including the OECD’s due diligence guidance. The study is expected to identify current due diligence approaches or guidance employed within and by the industry and identify any gaps in current approaches or guidance. The final report is expected to be published in the late spring.