On January 9th, the Richline Group released a statement voicing strong support for Section 1502, the conflict minerals provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Richline, a leading jewelry manufacturer owned by Warren Buffett's Berkshire Hathaway, made clear in the statement that Section 1502 is not only effective in its goal of disrupting the conflict mineral trade in Congo but implementing the due diligence processes encompassed in Section 1502 has also proven to be a prudent business practice that strengthens Richline’s supply chain.
In the statement, Richline Group writes:
As a leading member of the U.S. Jewelry industry, we are writing to express our support for Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the corresponding Securities and Exchange Commission’s Conflict Minerals Rule. We do believe that the due diligence and traceability measures required by Section 1502 are an essential component to breaking the links between conflict and the minerals trade in eastern Democratic Republic of Congo. This legislation has helped strengthen our own responsible supply chain management practices. The major jewelry industry association, The Responsible Jewellery Council, has modeled conflict minerals guidance from this precedent. We further acknowledge that this provision has led to the development of several important private sector schemes that promote and facilitate responsible sourcing from the region, including one that we are actively a participant.