Key areas of progress include:
- All Maisons were successfully re-certified by the Responsible Jewellery Council (‘RJC’) during the three-year period. This involved being audited by an independent third-party to ensure RJC best practice standards have been met.
- Richemont increased the proportion of gold and diamonds sourced from suppliers that are certified under the RJC Code of Practices Standard. The overwhelming majority gold and diamonds now come from RJC-certified sources. A growing proportion of the gold itself is certified under the Chain of Custody Standard.
- For other key raw materials, including coloured gemstones and leather, Richemont has conducted preliminary risk analyses to better understand their environmental and social risks.
- The Group has established a more coordinated approach to CSR audits. This involved appointing a Group external auditor and developing a common referential tool to drive a consistent approach to CSR audits, in line with the new Supplier Code. It has facilitated better sharing of audit risks, opportunities and learnings between Maisons.
Richemont has identified the following key areas for improvement and will be focusing on these as part of the 2020 CSR Plan:
- Increasing engagement with suppliers and monitoring of compliance against the new Supplier Code.
- Conducting more coordinated audits and promoting greater sharing of audit results.
- Continuing to focus on traceability, including further increases in the proportion of key raw materials sourced from certified suppliers.
- Providing additional Group-wide tools to support Maisons with implementing responsible sourcing policies.