Transparency and sustainability in our supply chain
For Italpreziosi, responsible sourcing means guaranteeing traceability and transparency, fundamental elements 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 precious metal supply chain, from their extraction to their use in finished products.
TRACEABILITY AND TRANSPARENCY ARE FUNDAMENTAL ELEMENTS FOR OUR BUSINESS
Responsible jewellery council
The association brings together more than 1400 companies from worldwide representing the entire gold supply chain, from mines to large jewelry producers such as Cartier, Bulgari, Tiffany etc., of which Ivana Ciabatti was also a member of the Board of Directors. In 2013 Italpreziosi received the Code of Practices (CoP) certification and the “Provenance Claim” certification and the Chain of Custody (CoC) certification in 2017.
London bullion market association
Responsible mineral initiative
Responsible mineral initiative
Solid governance for compliance
The solid managerial structure was designed to be able to meet the highest compliance standards 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. The internal management system comprises Senior Management, the Compliance Officer and the Compliance Analyst, as follows:
High Risk Countries Index
Italpreziosi also prepares an “Index of High Risk Countries” annually, based on various criteria, such as Governance, Security, Anti-Money Laundering, Corruption, Environment and Human Rights. Sources used are always international organizations, private compliance firms, government databases and regulations, and NGO reports. Italpreziosi also produces a “Country Sheet” for each country with all the direct links to the main reference Government Authorities, National Land Registries, Mining Agencies, National Laws, Environmental Laws and Commitments of the country in the mining sector. It includes the list of each country’s Heritage sites of humanity and the commitment to the Minamata Convention, providing an updated overview and making the due diligence process even more efficient and consistent. To support our due diligence process, we also have intelligence programs to analyze counterparty risk, such as Worldcheck by Refinitiv, Dun & Bradstreet and Telemaco (for Italian counterparties).
TRACEABILITY AND TRANSPARENCY
Fair working conditions, prohibition of child labor, gender equality, respect for human rights and reversing 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. 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 that 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. We constantly encourage awareness by each of our counterparties in adhering to and applying the same standards we follow, to contribute to creating greater awareness of specific opportunities to improve our supply chain.
For real change, you need to be proactive.
EDUCATION AND TRAINING
Information Channel is the website that we have created for our suppliers, so that they can access content regarding standards and regulations that are fundamental for us, specifically:
On every single page, we have inserted multimedia contents and clear explanations trying in a simple way to guide our counterparts to implement our fundamental standards, offering our availability and support in the implementation.
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 long-term 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 with our counterparties, consolidating our long-term relationships with foresight and responsibility.
Furthermore, if a potential counterparty is not aligned with our standards, although we do not open an account, we give them access to the Information Chain, accompanied by targeted recommendations, offering the opportunity to reverse the detected shortcomings. In doing so, we try to create more awareness on the concepts of the regulations in force with the most advanced standards in the sector, to improve the supply chain and access to more adequate professional training.
The training’s purpose is therefore to create opportunities for constant and progressive growth.
COMMITMENT TO DEVELOPING 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 goal is to create more awareness on gender equality through:
- Requests for information regarding women (number and role) within the companies with which we work, both upstream and downstream;
- 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.
Since 2021, we have begun to progressively collect data on women’s role in our supply chain. We have been able to collect data from 30% of our counterparties to date.
ITALY: 22,70% of the counterparties analyzed: 52.78% of women in the supply chain
ABROAD: 45% of the counterparties analyzed: 25.62% of women in the supply chain
Overall, women represent 29.89% of human resources in our supply chain. In 2020, we were invited to talk about our commitment to gender equality at the event organized by UN Women and the Ministry of Energy of Chile. We are always happy to describe our commitment to inspire and encourage other realities to follow the same path. Transparency and collaboration are key points.
To find out more, review the event registration/recording here.
of human resources in our supply chain
Participation in sustainable projects
TRANSPARENCY AND COLLABORATION
We must collaborate with all the stakeholders in our supply chain, both upstream and downstream, as well as public authorities, sector associations, and our competitors to create a concrete positive impact in the industry by joining forces.
Every year, we participate in sector events to share our experiences, as well as roundtables seeking solutions to risks regarding the supply chain through dialogue. In 2021, we were invited to speak on the panel organized: – during the Organization for Economic Cooperation and Development (OECD) forum on the Women’s Rights and Mining (WRM) initiative that we signed in 2020, or the “Declaration of OECD stakeholders on the implementation of gender responsive due diligence and on guaranteeing the human rights of women in mining supply chains” – by the Federal Ministry for Economic Cooperation and Development (BMZ) of Germany and the Responsible Mineral Initiative (RMI) upon the entry into force of the EU Regulation on Conflict Minerals EUCMRR. The event was dedicated to explaining how Due Diligence can undermine the human rights of vulnerable groups in the precious metals supply chain and the importance of engagement and proactivity in supporting one’s counterparts in the supply chain.
In 2019, we joined the Program Advisory Group (PAG) of the planetGold project. The project involves multiple 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 to 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 living conditions.