To source responsibly, ensuring the integrity of our products, and respecting ethical business practices, human and labour rights, and the environment. We will continue to work collaboratively with industry organisations and our business partners to promote best practices across the full supply chain.
During our Stakeholder Engagement exercise, Sourcing issues were identified as being most material to our business.
Across the Group our procurement broadly falls into two main categories:
- Sourcing of the raw materials required to make our products, such as gold, diamonds, other precious stones, steel and leather
- Procurement of other types of goods and services to support the day-to-day running of our operations, such as energy, manufacturing and office equipment
The social and environmental impact of the goods and services we buy often lies outside our direct control. Nevertheless, Richemont seeks to promote and influence responsible behaviour wherever possible. This is largely achieved through active involvement and promotion of the Responsible Jewellery Council and the dissemination of the Group’s Supplier Code of Conduct (the ‘Code’). The Code sets out our approach in this area and provides guidance to Maisons, our suppliers and business partners regarding ethical labour, employment practices and human rights and the Group’s approach to the responsible sourcing of raw materials.