Signet has a formal social ethical and environmental (SEE) governance framework with SEE principles and policies. The Board has adopted a Statement of SEE Principles outlining Signet’s policy to operate as a profitable and reputable specialty jewelry retailer, and its responsibilities to various stakeholders and the SEE principles by which it operates. Signet’s SEE Committee has the responsibility for the implementation of the various aspects of the SEE principles and policies, including climate change initiatives, through a program approved by the Board. The Chief Executive Officer has been designated as the director responsible for SEE matters including those relating specifically to climate change, and reports to the Board on a regular basis.
The procedures for SEE risk management are embedded within Signet’s management structure. However, Signet’s share of the worldwide jewelry and watch market is less than 3% of the total. Therefore, it is management’s belief that it can be most effective in influencing improvements in the supply chain by working with other industry representatives who together can, by concentration into a single industry voice, be representative of many aspects of the supply chain and use their combined influence in working to improve the supply chain as a whole. In support of this position, the Chief Executive of the US division is on the Board of Jewelers of America and its Ethical Initiatives Committee and chairs the Industry Affairs Committee. Signet’s Group Company Secretary is a director of the Responsible Jewellery Council and of the World Diamond Council.
Signet’s employees are key to our ability to achieve our objectives and mission. In recognition of this, teamwork, integrity, communication and fair treatment of employees all play an important part in the success of Signet.
Signet is a founding and certified member of the Responsible Jewellery Council (RJC), which provides an efficient way of addressing supply chain issues on an industry-wide basis. The RJC effectively enables industry-wide co-operation to manage Social, Ethical and Environmental risks at the mining, trading and secondary processing phases of the jewelry and gemstone supply chain.
Signet has established Responsible Sourcing Protocols for all our suppliers, which ensure that none of the gold (or tin, tungsten or tantalum) that we sell contributes to conflict anywhere in the world. All of our global suppliers must comply with these protocols, which are recognized by leading international organizations.
Signet is a founding and certified member of the Responsible Jewellery Council (RJC) and remains dedicated to the objective of reinforcing consumer confidence in the diamond and gold supply chain. From an initial membership of fourteen companies there are now approximately 440 companies encompassing all aspects of the supply chain from the mining companies to retailers. A key membership requirement of the RJC is an independent assessment of compliance with the Code of Practices.
Since RJC’s founding in 2005, Signet has strongly encouraged its suppliers and other members of the industry to join the RJC and eventually become certified members which more than 300 have done.
Signet’s Supplier Code of Conduct sets out the company’s expectation that suppliers should respect the Fundamental Conventions of the International Labour Organization and the UN Declaration of Human Rights. Signet is engaged at a senior executive level to address human rights in the jewelry supply chain on an industry-wide basis directly with civil society and government and through the Responsible Jewellery Council.
Mark Light, President and Chief Executive Office of the US Division, serves on the Jewelers of America Board of Directors as Vice Chairman.