A training on the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas was organized jointly by Borsa İstanbul and the OECD
On Nov 26 and 27, 2014 the OECD, Borsa İstanbul and Nadir Metal Refinery as main sponsor partnered to provide training for government officials and the local gold industry on the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (“OECD Guidance”).
Turkey was the 4th largest gold market in 2013 worldwide, with the physical demand of 175,4 tonnes. Turkey is also a major refiner of gold for the entire region, and thus plays a critical role in the global gold supply chain.
A first joint OECD-Borsa Istanbul workshop was held in April 2014 to train Turkish gold refiners and government representatives on due diligence in the “ upstream” segments of the supply chain, from mine to refiner. This workshop focused on the “downstream” elements of the OECD Guidance, namely the due diligence responsibilities of gold scrap dealers, recyclers, banks and jewellers.
“Turkey is clearly a powerhouse in terms of global jewelry production, and so we need to work together to help ensure it’s responsible” said Tyler Gillard, Head of Sector Projects at the Responsible Business Conduct unit of the OECD. “This will help continue to build market confidence and enable better market access for the Turkish jewellery sector.”
“We are very happy to host this event and we hope our companies will have a new perspective with this training in their business with conflict affected and high-risk areas”, said Borsa İstanbul Precious Metals and Diamond Markets Manager Oğuzhan Aloğlu. Behnar Ilgın, International Projects Director of Nadir Metal Refinery, the main sponsor of the event, said, “As a member of Borsa İstanbul and an institution accredited to LBMA, we are very proud of being part of and supporting this training.”
More and more markets are demanding assurance that global supply chains are responsible, specifically that the mining and trade of the minerals in products do not fuel armed conflict or abuses of human rights. In 2011, the United States passed section 1502 of the Dodd Frank Act, requiring all publicly-listed companies in the US to undertake due diligence in their supply chains of products containing tin, tantalum, tungsten and gold and ascertain their conflict-free nature. A draft EU regulation on responsible supply chains of minerals from conflict areas is now also being considered by the European Parliament. Both the US Dodd Frank Act and the draft EU initiative call on companies to use the OECD Guidance as the standard for their due diligence efforts.
During the training, participants were given the opportunity to understand precisely what is expected of them with regards to their due diligence responsibilities. This interactive workshop was given adopting a “train the trainers” approach, with a view to enabling participants themselves to train their colleagues and industry partners on the due diligence expectations of the OECD Guidance in 2015. In partnership with governments like Turkey, the OECD will continue to help countries and relevant industry implement due diligence in global mineral supply chains so that the global gold trade is a source of peaceful development and growth worldwide.
Turkey was the 4th largest gold market in 2013 worldwide, with the physical demand of 175,4 tonnes. Turkey is also a major refiner of gold for the entire region, and thus plays a critical role in the global gold supply chain.
A first joint OECD-Borsa Istanbul workshop was held in April 2014 to train Turkish gold refiners and government representatives on due diligence in the “ upstream” segments of the supply chain, from mine to refiner. This workshop focused on the “downstream” elements of the OECD Guidance, namely the due diligence responsibilities of gold scrap dealers, recyclers, banks and jewellers.
“Turkey is clearly a powerhouse in terms of global jewelry production, and so we need to work together to help ensure it’s responsible” said Tyler Gillard, Head of Sector Projects at the Responsible Business Conduct unit of the OECD. “This will help continue to build market confidence and enable better market access for the Turkish jewellery sector.”
“We are very happy to host this event and we hope our companies will have a new perspective with this training in their business with conflict affected and high-risk areas”, said Borsa İstanbul Precious Metals and Diamond Markets Manager Oğuzhan Aloğlu. Behnar Ilgın, International Projects Director of Nadir Metal Refinery, the main sponsor of the event, said, “As a member of Borsa İstanbul and an institution accredited to LBMA, we are very proud of being part of and supporting this training.”
More and more markets are demanding assurance that global supply chains are responsible, specifically that the mining and trade of the minerals in products do not fuel armed conflict or abuses of human rights. In 2011, the United States passed section 1502 of the Dodd Frank Act, requiring all publicly-listed companies in the US to undertake due diligence in their supply chains of products containing tin, tantalum, tungsten and gold and ascertain their conflict-free nature. A draft EU regulation on responsible supply chains of minerals from conflict areas is now also being considered by the European Parliament. Both the US Dodd Frank Act and the draft EU initiative call on companies to use the OECD Guidance as the standard for their due diligence efforts.
During the training, participants were given the opportunity to understand precisely what is expected of them with regards to their due diligence responsibilities. This interactive workshop was given adopting a “train the trainers” approach, with a view to enabling participants themselves to train their colleagues and industry partners on the due diligence expectations of the OECD Guidance in 2015. In partnership with governments like Turkey, the OECD will continue to help countries and relevant industry implement due diligence in global mineral supply chains so that the global gold trade is a source of peaceful development and growth worldwide.
