Transparency and sustainability in our supply chain
For Italpreziosi responsible sourcing means guaranteeing traceability and transparency, elements fundamental for our business.
Strict internal due diligence procedures ensure continuous control of the precious metals supply chain.
In addition to following the main international and national regulations, Italpreziosi adheres to voluntary standards, demonstrated through its own certifications. These certifications are issued by associations that represent an important discussion table to address the crucial issues that affect the entire supply chain of precious metals, from their extraction to their use in finished products.
Traceability and transparency are fundamental elements for our business
The voluntary reference standards originate from:
- Chain of Custody (CoC) and Code of Practice (CoP) of the Responsible Jewelery Council (RJC)
- Responsible guidances for precious metals of the london bullion market association (LBMA)
- Due diligence guidance for responsible supply chain of minerals from conflict affected and high risk areas of the OECD
- The World Gold Council “conflict-free gold standard”
- Craft code of alliance for responsible mining (ARM)
We are members of:
Responsible jewellery council
London bullion market association
On 1 September 2008, Italpreziosi became an Associate Member of the LBMA. Since 2018 it has been a “Good Delivery” certified refinery. Just around 70 refineries are certified in the world. The association sets gold bar manufacturing standards, promoting best business practices. LBMA is the gold standard for the global OTC precious metals markets.
The solid managerial structure has been designed to be able to meet the highest standards of compliance for national and international regulations, as well as the standards that we voluntarily follow. The goal is to work proactively for the creation of a more sustainable, responsible and fair supply chain towards every single actor who is part of it.
Fair working conditions, prohibition of child labor, gender equality, respect for human rights and the impact on the environment are the foundations of our due diligence processes, expressed in our policies. Our policies therefore represent a fundamental document for every commercial relationship, and we require each counterparty to sign them, so that they are morally committed to pursuing our own values for respect for the environment, human rights and communities.
Each stakeholder must therefore actively work in line with our policies. Our own staff is constantly updated on internal compliance procedures , which are progressive and aim to continually improve in line with industry standards. The collaboration between the various departments is constantly valued as a fundamental tool to ensure continuous monitoring of each potential and already active counterpart. Our awareness of each of our counterparts in adhering to and applying the same standards followed by us is also constant, to contribute to the creation of greater awareness of the possibilities we have to concretely improve our supply chain.
Vanguard, digitization and sustainable activism
Chain Information has the website that we have created for our suppliers, so that they can access content related to standards and regulations that are fundamental for us, specifically
- Due Diligence Guideline for Supply Chain in High Risk Areas of the Organization for Economic Cooperation and Development (OECD)
- I Sustainable Development Goals delle Nazioni Unite
- LBMA Due Diligence Toolkit
- Sustainability Reporting: the importance of communicating transparently
- Minamata Convention
In every single page we have inserted multimedia contents and clear explanations trying to guide our counterparts to implement what are fundamental standards for us in a simple way and giving our availability and support in the implementation itself.
The company has therefore decided to fully invest our internal resources to actively support the creation of a more sustainable supply chain based on the principles of collaboration and transparency.
This initiative belongs to our sustainable strategy which aims to create a supply chain that is increasingly aware and committed to sustainability, as an added value. We want to continue to grow together with our counterparts, consolidating our long-term relationships with foresight and responsibility.
Commitment to develop a due diligence process with a focus on gender equality
In 2020 we signed the “OECD Stakeholder Statement on Implementing Gender-Responsive Due Diligence and ensuring the human rights of women in Mineral Supply Chains ”, through Women’s Rights and Mining (WRM).
The objective is to create more awareness on the issue of gender equality through:
- The request for information relating to women (number and role) within the companies we work with
- The participation of working groups and projects developed in the supply chain which also provide for the support of miners from small communities, in partnership with public and private sector actors;
- Raising awareness of the issue through training and information campaigns and initiatives in the supply chain
Participation in sustainable projects
We are committed to promoting sustainable and ethical businesses that allow the creation of a more inclusive market for everyone and respecting the environment in which they operate.
This is why we are active in associations and organizations to improve sustainability in the precious metals industry and to reduce environmental, social and health impacts.
For us, a sustainable approach means that we care about who, where and how this material is produced. Because every single player is important in the supply chain.
Since 2019 we have joined the Program Advisory Group (PAG) of the planetGold project. The project involves multi-stakeholders, including international organizations such as OECD, UNDP, UNEP, UNIDO, specialized associations, private and public sectors, governments and authorities. The project involves eight countries with a high percentage of artisanal miners who in many cases, due to misinformation and lack of support, process gold with chemicals that are extremely dangerous for their health and for the environment around them, namely mercury. In line with the Minamata Convention, the project aims to train and help these communities avoid the use of mercury by replacing it with better techniques. In addition, formalization processes will also be supported, which will allow access to the legal market and improve one’s living conditions.