The first three-year CSR plan sought to reinforce best practices amongst the suppliers to our Jewellery Maisons and Specialist Watchmakers. The 2020 CSR Plan builds on those best practices. The combined results of those efforts include the following:
- 97 % of the gold is delivered from suppliers that have been independently certified against the RJC Code of Practices. The high level of achievement reflected the Group’s collaborative approach: first communicating the benefits of the RJC, then coaching certain smaller suppliers prior to them being independently certified.
- Richemont’s refinery in Switzerland has developed alternative sources of gold supplies, which are either certified or will become certified against the RJC Chain of Custody Standard. This alternative supply has focused on recycled material, such as ‘scraps’ from the watchmaking industry, rather than newly mined gold or bullion stocks from banks.
- Richemont has contributed extensively to the RJC’s consultation processes in respect to its Standards applicable to gold and coloured gemstones. The Group has volunteered expertise from its Swiss refinery and from its Jewellery Maisons.
Positive certification experiences, both for the supplier and the customer, have contributed to a snowball effect in the supply of materials to the luxury goods sector. The effect has helped to strengthen the RJC, with the addition of more than one hundred new corporate members each year.