Gold mined in a responsible manner can have substantial and positive benefits for society. In conjunction with its members, the World Gold Council continues to play a leading role in developing and encouraging responsible mining practices. We work to develop mining and business-related initiatives aimed at ensuring companies play their role in delivering sustainable outcomes.
We are an active member of the International Council on Mining and Metals (ICMM) and the Responsible Jewellery Council (RJC). We fully endorse the principles and mission statement of both organisations in regard to sustainability.
The ICMM has committed corporate members to implement its Sustainable Development Framework. This includes leading global standards, public reporting, independent assurance and sharing good practice.
The RJC’s objective is to promote responsible ethical, social and environmental practices throughout the diamond and gold jewellery supply chain, from mine to retail.
Our members have played a key role in the development of the Extractive Industries Transparency Initiative and the Voluntary Principles on Security and Human Rights. They have also actively contributed to initiatives such as:
- Global Business Coalition (GBC) on HIV/AIDS, Tuberculosis and Malaria
- Global Reporting Initiative
- UN Global Compact
We continue to play a constructive and active role in the OECD’s work on conflict minerals.
In 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1502 of the Dodd-Frank Act seeks to ensure conflict minerals do not directly or indirectly finance or benefit armed groups involved in the conflict in the Democratic Republic of the Congo.
We firmly support Section 1502 of the US Dodd-Frank Act and its humanitarian goals. The World Gold Council and its member companies are totally opposed to activities which finance or benefit armed conflict and the extreme levels of violence which contribute to abuses of human rights.
The US Securities and Exchange Commission (SEC) has published Proposed Rules to enact Section 1502. We have submitted comments to the SEC with the aim of ensuring the Proposed Rules deliver the humanitarian goals.
We have also provided a supplementary submission looking at one of the unintended consequences of the Proposed Rules; the potential to stigmatize responsibly-produced African gold, and the economic impact on Tanzania and Ghana.