Signet One of Few to Get Conflict Minerals Report Audited

While more than 2,000 companies filed conflict minerals reports with the Securities and Exchange Commission, only four chose to have their reports independently audited—and one was Signet Jewelers.

While Sect. 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires public companies to report to the SEC whether they use conflict minerals, independent audits of a company’s reports are not required unless the company voluntarily decides to label its products as DRC conflict-free.

In an emailed statement, Signet CEO Michael Barnes says that having the report audited stems from his company’s industry leadership.

“It is our responsibility to do the right thing and actually lead a corporate social- responsibility movement in our industry,” he continues, adding that, in accordance with Dodd-Frank, Signet has developed a responsible sourcing program for gold and is now formulating one for diamonds.

“We are constantly working toward the continuous improvement in the integrity of the global jewelry supply chain to meet the expectations of consumers, including our own customers, who are concerned and seeking assurances about supply-chain issues,” he says.  

The law firm Schulte Roth & Zabel announced the finding in a report on conflict minerals. It was first reported in The Wall Street Journal.

Signet’s report was audited by SGS. Other companies whose reports were audited were Intel, Koninklijke Philips, and Kemet Corp.

Summaries of other jewelers’ findings can be seen here. 

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JCK News Director