JVC Produces Dodd-Frank-Compliant ‘Supply Chain Assurance Kit’

(IDEX Online News) – The Jewelers Vigilance Committee (JVC) has published a “Supply Chain Assurance Kit” to help businesses that have to be compliant with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The legislation requires American publicly listed companies to provide information showing that precious metals in their products are conflict free.

The JVC kit was created based on standards issued for this purpose by the Organisation of Economic Co-operation and Development (OECD) for responsible supply chains.

JVC says its assurance system consists of several elements, including creating strong management systems to control the supply chain for these minerals, a risk assessment and a management strategy to address any identified risks.

“For many sellers of tungsten or gold, or products made from these minerals, the key to compliance is the ability to determine that the gold purifiers or tungsten smelters or suppliers of these products in their supply chain have implemented their own supply chain assurance system,” the organization said. “JVC’s kit includes all necessary templates and guidance to implement supply chain assurance and make the required inquiries and assurances for both gold and tungsten.”

“Like JVC’s USA Patriot Act Compliance Kit, JVC’s new Supply Chain Assurance Kit will become the industry standard to implement a system that assures that the gold and tungsten you supply is ‘conflict free,’” said Cecilia Gardner, CEO and president of JVC.

“Although the Kit is designed as a ‘do it yourself’ tool, JVC’s experts are available to help you implement the system for your supply chain to assure that you can continue to supply these products to any company in the supply chain of a publicly held company. JVC experts are also available for staff training and consulting.”

The Dodd-Frank Act, which was passed in 2010 and which is now coming into effect, requires that SEC-listed companies publicly disclose if any of the products they sell are made with gold or tungsten that is not “conflict free.”

For this reason, every company in the direct or indirect supply chain of SEC-listed companies will need a supply chain assurance system to make this determination. They will also need to communicate their commitment to their responsible supply chain, and details about their assurance system, to their customers.