In 2013, Switzerland’s Council of States and National Council adopted the draft bill of the revised “Swissness” legislation, the purpose of which was to preserve the added value of the “Swiss” designation by clarifying its conditions of use and by strengthening its protection. For industrial products such as watches, 60% of the manufacturing costs must take place in Switzerland. With regard to the watch industry, in 2014, the Federation of the Swiss Watch Industry (‘FH’) adopted a draft revision of the Ordinance for the “Swiss made” label specific to watches. This text was submitted by the FH to the Swiss Federal Institute of Intellectual Property with the full support of Richemont. The new “Swissness” standards came into effect in 2017.
Richemont is an active supporter of the RJC and all of its Maisons manufacturing or selling products containing diamonds, platinum group metals or gold are members. Richemont and its Maisons contributed to the discussions which led to the RJC’s Chain of Custody (‘CoC’) standard for gold and other precious metals, which was first published in 2012. In 2017, Richemont contributed to the CoC public consultations which concluded with the revised CoC being published in December 2017.
In 2018, Richemont is contributing to the RJC’s consultative review of its Code of Practices (CoP) standard. That review is expected to expand the CoP’s scope for coloured gemstones and silver, as well as its alignment with (i) the OECD Due Diligence Guidance for Responsible Supply Chains from Conflict-Affected and High-Risk Areas and (ii) the United Nations Guiding Principles on Business and Human Rights (‘UNGP’). The UNGP are cited in Richemont’s Supplier Code of Conduct.