Signet Jewelers and Fair Trade Jewellery Co: Changing the Industry
An industry that used to be fraught with unethical practices is continuing to make positive changes. Signet Jewelers Limited, the world’s largest retailer of diamond jewellery released a Corporate Social Responsibility (CSR) Report yesterday that details their industry-leading responsible sourcing and global CSR initiatives.
They have decided to focus on four key pillars for their first formal CSR Report: People, Responsible Sourcing, Environmental Stewardship and Corporate Giving. They outlined the following strategies:
- “On the Move Challenge” was launched in 2016 to encourage and support employees’ health and wellness. Their 4,200 employees participate by setting personal goals, tracking their movement and sharing their success
- Signet leads the industry as 1 of 4 US companies to have reported a conflict-free gold supply chain for 3 years to the SEC.
- Signet Responsible Sourcing requires their suppliers to meet their ethical standards they work with industry, governments, trade associations and NGOs to ensure supply chain integrity
- Signet has reduced energy consumption by 24% in four years
- They have saved over 2 million gallons of water through new efficiency initiatives
- $10 million was raised in 2016 to support national, regional and local charitable organizations globally
- Signet has raised nearly $60 million for St. Jude Children’s Research Hospital over the past 17 years and has expanded the “give-at-the-register” program
In Toronto, we are lucky that just up the road from Impakt’s office is Fair Trade Jewellery Company on Parliament Street that has taken their own measures to improve the industry. Their mission to create ethically sourced jewellery began when Ryan Taylor and Robin Gambhir asked themselves in 2006: where did the gold we use in our jewellery come from? This question led them to where they are today, the first jeweller in North America to use Fairtrade certified gold, and the first jeweller in North America and second in the world to use Fairminded certified gold. Visit their website here: https://ftjco.com/
Eugenia Ulasewicz, Signet Board Member and 2017 Incoming Chair of the CSR Board Committee said: “We firmly believe that CSR makes our business stronger and more sustainable over the long-term.” We believe that at Impakt too! Visit Signet’s CSR Report 2016 for more information here: http://www.signetjewelers.com/CSRreport2016/
And remember to shop consciously!
By Nicole Bryck