Firestar Ethical Policy
FIRESTAR DIAMOND BUSINESS POLICIES
MONEY LAUNDERING, TERRORISM FINANCING, OTHER FINANCIAL OFFENCES / AML-CFT
- FIRESTAR DIAMOND (COMPLIANCE GROUP) recognizes the fact that entities in the gems and jewelry sector have to take on the onus of analyzing their potential vulnerabilities to money laundering and implement specific steps that are required for protection against abuse by criminals.
- Strict compliance is ensured at all times, with all applicable national and, where appropriate, international laws / regulations with respect to money laundering, terrorism financing, bribery, facilitation payments, corruption, smuggling, embezzlement, fraud, racketeering, transfer pricing and tax evasion.
- Compliance officers ensure all the critical steps such as KYC & KYS, identification of a suspicious transaction, reporting to management and record keeping as required by the local act and legislations are complied with.
KIMBERLEY PROCESS AND SYSTEM OF WARRANTIES
- Firestar is fully committed to complying with all the requirements specified in the Kimberley Process Certification Scheme and World Diamond Council’s (WDC) System of Warranties Declaration.
- The definition of ‘Conflict Gem Stone Diamonds’ as agreed by the Kimberley Process has been adopted and declaration is received from suppliers and issued to all the customers
- The Company ensures Kimberley Process compliance in all its trade of rough diamonds, which is audited by its internal audit team and by its Financial Auditor.
- For polished diamonds, warranties-in and warranties-out are checked by its internal audit team and also checked by its Financial Auditor.
ANTI-BRIBERY AND FACILITATION PAYMENT POLICY:
- The Company shall ensure complete prohibition of bribery and facilitation payments across the organization and in all the entities to obtain or retain business.
- The Company will not offer, accept or countenance any payments, gifts in kind, hospitality, expenses or promises as such that may compromise promises of fair competition.
GOLD SOURCING POLICY:
- Firestar is concerned about the environment and social impacts of irresponsible mining.
- The Company will ensure that all its gold suppliers comply with gold sourcing guidelines.
- Further, the Company is committed to ensuring that sourcing of gold and precious metals products and articles are under acceptable social, human right and environmental standards of trade.
- Firestar shall ensure that at all times, respect of fundamental human rights and the dignity of the individual, according to the UN Universal Declaration of Human Rights are maintained in all its entities.
- The Company shall comply with the land law for labor payment and benefits to the employees.
HEALTH AND SAFETY
Firestar recognizes the need to develop a sustainable, value-creating business and is committed to the following:
- Any adverse impact of its business processes on those who carry it out shall be identified and eliminated. Toward this end, the Company will systematically review its operations to identify sources of health and safety related risks.
- This review will use appropriate standards as required by prevailing laws, expert opinion and its knowledge of best practices.
- The review will lead to the formulation of clearly described work practices and drills.
- The Company’s Employees will be trained in the manner required to adhere to these work practices and drills.
- The health of its Employees, exposed to certain hazardous processes, will be monitored periodically through appropriate medical checks, and reviewed using expert inputs for improvements.
- All workplaces will be constructed to meet safety standards with local regulations as the minimum standards that will be applicable
NON-DISCRIMINATION, DISCIPLINARY PRACTICES
- Any form of discrimination relating to the hiring, discharge, pay, promotion and training of employees on the basis of race, caste, national origin, religion, age, disability, gender, marital status, sexual orientation, HIV status, migrant status, membership of worker representative bodies, political affiliations, or any criteria that are unlawful is strongly discouraged by the Company and any such reported incidents will be viewed as a serious violation of this Business Principles.
- Firestar encourages all personnel to voice concerns promptly, if they have a genuine reason to believe that a policy, Company operation or practice is or will likely be in violation of any law, regulation or internal Company rule or policy, including this Business Principles.
- Firestar shall assure all Employees who come forward in good faith to report issues, that they will be treated fairly and respectfully.
- No form of child labor should be employed at any of the facilities of Firestar.
- The Company will implement suitable policy and procedures to verify the age proof all new employees joining the organization.
Employees in the Facilities shall be free to leave their employment without threat or coercion. Accordingly, the Company shall not employ forced, indentured, debt-bonded or convict labor, nor use any practice to coerce the continued employment of any person, such as the practice of requiring employee’s to pay recruitment commissions or the withholding of travel documents.
FREEDOM OF ASSOCIATION:
Where permitted by law, the Company will recognize and respect the right of employees to freedom of association and collective bargaining. In all events, Employees shall be free to express legitimate grievances and concerns to management without fear of retribution or punishment.
HUMAN RIGHTS: Firestar at all times respects the fundamental human rights and dignity of the individual as defined by the United Nations Universal Declaration of Human Rights.
HUMAN TRAFFICKING: Firestar complies with all national and international laws and regulations prohibiting human trafficking. It does not engage in the use of involuntary prison labors, slavery or trafficking in persons.
Firestar complies with all relevant national environmental legislation and conducts its operations in a manner that safeguards the environment, minimizes wastes, emissions, energy consumption, and unnecessary bulk use. Firestar maintains awareness of current environmental legislative requirements relevant to the environmental impacts of its activities, products, and services, and ensure legal compliance through training, awareness, operational control and monitoring. Firestar will, wherever appropriate, introduce management and operating systems to minimize any detrimental environmental impacts of its business practices that may exist
Firestar will not manufacture, trade, and/or use chemicals and hazardous substances subject to international bans for releasing high toxicity to living organisms, atmospheric retention, potential for bioaccumulation, or potential for depletion of the ozone layer.
WASTE AND EMISSIONS:
Firestar disposes off wastes substances in compliance with applicable law. Where applicable law does not exist, prevailing international standards are adopted. Firestar seeks to decrease emissions to air, water and land relative to production output.
USE OF ENERGY AND NATURAL RESOURCES:
Firestar seeks to ensure the efficiency of its business operations in terms of consumption of natural resources including, but not limited to, water and energy.
Firestar is committed to fighting against undisclosed synthetic diamonds. Following methodology has been adapted for ensuring compliance to undisclosed synthetic Diamonds –
- Access to effective detection system
- Buying from trusted suppliers
- Factory controls in place and safety measure are to be implemented to control switchover of diamonds.
- Reporting of un-disclosure synthetics to the supplier and interested parties whenever detected.
- Record the incidents of contamination reported and implement suitable corrective and preventive measures for effective controls.
- Necessary declaration of compliance is obtained from the supply chain and chain of assurance is passed on the customers by printing synthetic declarations on all its invoices.