" A diamond is for life not just for special occasions "
Get quote
Inquiry Now
Menu

Annual Bussiness Responsible Report

Home » Annual Bussiness Responsible Report

Section A: General Information about the Company:

Vekariya Gems is a Mumbai (Maharashtra, India) based manufacturer, operating in the regional and global marketplace. Our company operations are managed by Mr. Gobarbhai R Vekariya and Mr. Jitendra R Vekariya. Working under their expert knowledge, we have been serving the demands of the clients with the utmost ease. As a manufacturer, we came into being in 2004.

Vekariya Gems is a known name, operating as a manufacturer, exporter, and supplier of a variety of diamonds. Known for their excellent cut grade, our offered array is inclusive of loose diamonds, polished diamonds, and round brilliant cut diamonds. Our company operations are conducted with expert training and vast product knowledge. Keeping quality and precision at the center of our operations, we have successfully mustered a large client base in the international marketplace.

Section B: Financial compliance of the VEKARIYA GEMS:

  • Money Laundering, Terrorism Financing, Other Financial Offences

Current Status

  • Recognizes the fact that entities in the gems and jewellery sector have to take on the onus of analysing 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 the entities and compliance officer has been appointed who in turn reports to VEKARIYA GEMS Management on compliance status on annual basis.
  • Know Your Counter Party and other compliance of Due Diligence is followed in line with OECD guidance.
  • Ongoing monitoring is carried out along with all stakeholders.

Area of concern & Remedial Measures

  • Nil As on Date.
    • Kimberley Process and System of Warranties
  • VEKARIYA GEMS is fully committed to complying with all the requirements specified in the Kimberley Process Certification Scheme of World Diamond Council’s (WDC) System of Warranties Declaration.
  • Day to day monitoring and compliance of SOW is done by compliance officer.
  • VEKARIYA GEMS is committed towards conflict free sourcing and zero tolerance policy is followed at VEKARIYA GEMS level.

Area of concern & Remedial Measures

  • Nil As on Date.
  • Anti-Bribery and Facilitation Payment Policy:
  • The VEKARIYA GEMS shall ensure complete prohibition Bribery and facilitation payment across organization and in all the entities.
  • VEKARIYA GEMS has published compliance team contact details on website to receive any grievance or complaints.

Area of concern & Remedial Measures

  • Nil As on Date.
  • Ethical Sourcing of Loose Diamonds Policy:
  • Our company is concerned about the environment and social impacts of irresponsible mining.
  • VEKARIYA GEMS has identified the risk of supply chain with respect to Conflict Affected High Risk Area.
  • VEKARIYA GEMS ensure all its supplies are screened for conflict free supplies.
  • We have published the OECD based ethical sourcing policy and we are communicating our policies to all the supply chain partners and pushing them to adopt the same.

Area of concern & Remedial Measures

  • Current concern is lack of awareness about OECD regulation and requirements of sourcing.
  • We have started creating awareness about our Ethical sourcing requirements for our supply chain.
  • We started Engagement with our global supply chain for obtaining the further supply chain information to ensure ethical and conflict free sourcing in metal business.
  • Social Compliance
  • We ensure full compliance with all applicable national and, where appropriate, international laws / regulations with respect to employment and labour codes in all our establishment.
  • We respect all regulation for child labour, forced labour, non-discrimination, non-retaliation etc.
  • All work man rights are respected and adhere to freedom of association and collective bargaining regulations.

Area of concern & Remedial Measures

  • No point has been reported in the social compliance of the VEKARIYA GEMS where remedial measures at VEKARIYA GEMS level is required.
  • Entity level remedial measures are taken based on internal and external audits conducted by reputed agencies.
    • Health and Safety
  • We at VEKARIYA GEMS are concern about the health and safety of employees and are constantly studding about any adverse impact of our business processes are identified and eliminated. Towards this end, we will systematically review our operations to identify sources of health and safety related risks.
  • This review will use appropriate standards as required by prevailing laws, expert opinion, and our knowledge of best practices.
  • All our staff will be trained in the manner required to adhere to these work practices and drills.
  • The health of our staff, exposed to certain hazardous processes, is be monitored periodically through appropriate medical checks, and reviewed using expert inputs for improvements.
  • All workplaces are constructed to meet safety standards with local regulations as the minimum standards that will be applicable.

Area of concern & Remedial Measures

  • Nil as on date, as no accidents are reported in last one year.
  • Organization has been blessed and we did not have any fire or any other incidents leading to dangerous circumstances.
  • Human Rights
  • VEKARIYA GEMS is not and will not interfere in the right of employees to observe tenets or practices based on caste, race, national origin, gender, religion, disability, union membership, or political affiliation.
  • The Company strongly discourages any form of sexually coercive, threatening, abusive or exploitative behaviour.
  • Any reported incidents relating to direct or indirect physical, sexual, racial, religious, psychological, verbal, or any other form of harassment or abuse, or any other form of intimidation or degrading treatment will not be tolerated by the company.
  • VEKARIYA GEMS ensures that none of its suppliers and stake holder have engaged in any activity which can violate the Human Right Principles.
  • We have carried out the Human Right Due Diligence of suppliers and other Stake holders & based on risk assessment where necessary.

Area of concern & Remedial Measures

  • No Area of concern & Remedial Measures has been raised in the Human right for any of our operating units.
  • Supplier’s further upstream compliance with respect to Human Right compliance for conflict free sourcing is a new development, where company is heading and would require more focus on the same.
    • Environment Protection
  • VEKARIYA GEMS is Complying with all applicable environmental laws and regulations.
  • Improvement is seen employee’s environmental awareness and performance with the help of detailed policies and procedures, training, and recognition of excellence.

Area of concern & Remedial Measures

  • Nil, mainly Sales office and no manufacturing activity.

 

ANNUAL REPORTING TEMPLATE (RJC TOOL KIT VERSION 5.0)

Company Name:

VEKARIYA GEMS

Date:

15th March, 2025

Reporting Period :

Year 2025 (January – December)

Step 1: Establish strong company management systems

1.A.  Adopt and clearly communicate to suppliers and the public, a company policy for the supply chain of minerals originating from conflict­ affected and high-risk areas

·        We have published the policy at company level for easy accesses to stakeholder.

·        OECD and Best Practice Annual communication has been sent to all the active supplier.

·        Awareness presentation on Ethical sourcing based on OECD guideline has been circulated.

·        Detailed policy and procedure at entity level has been established based on risk of CAHRA’s  is done.

1.B Structure internal management systems to support supply chain due diligence.

·        Additional responsibility has been assigned to Compliance officer to look over the compliance of Ethical souring policy.

·        All key employees involved in souring and procurement of diamonds have been trained on our Ethical precious metal souring policy. Refresher trainings are provided.

·        List of Suppliers has been maintained along with status of their social and ethical compliance.

·        On going monitoring of each supplies and associated suppliers is carried out with the help of tools such as digital media, web search, review of supply documents, declaration and market intelligence etc.

1.C Establish a system of controls and transparency over the minerals supply chain.

·        Supplier upstream information collection process started and to obtained CAHRA’s information and Ethical sourcing compliance at supplier level.

·        Currently VEKARIYA GEMS 80% & more supply from low risk and balance 20% is from non-regular suppliers.

1.D Strengthen company engagement with suppliers.

·        As mentioned above supplier questionnaire has been circulated and we are in the process of following up with them to obtained the filed information from them.

·        Further we are also obtaining the vital information about suppliers from social platforms and social compliance registration such as BPP & RJC, Approved ASM programs etc

·        We are in the process of compiling filled supplier questionnaire data , after analysis we will be formulate supplier engagement practices based on risk  reported at each supplier level (if any)

1.E Establish A Company-Level, Or Industry Wide, Grievance Mechanism As An Early Warning Risk-Awareness System.

 

·        We have established the grievance  handling policy and procedure at company level, contact details of  compliance head provided  in our Social and Ethical policy on our Web site under Business Principle Section ( which is publicly available)

Step 2: Identify And Assess Risk In The Supply Chain

Identify And Assess Risks In The Supply Chain And Assess Risks Of Adverse Impacts.

 

·        We have established the detailed policy and procedure for identification of risk at entity level.

·        Each entity has appointed and trained compliance officer to oversee the financial and ethical sourcing compliances.

·        We have categorized supply chain in to 2 major segments that its Secondary supplier and Open market suppliers.

·        All suppliers are bifurcated in to this category and open market supplies are considered as potential risk for supplies from CAHRA’s and thus step by step information are gathered from this category of supplier as mentioned in point 1.B & 1.C.

Step 3: Design And Implement A Strategy To Respond To Identified Risks (If Applicable)

Report Findings Of The Supply Chain Risk Assessment To The Designated Senior Management Of The Company.

·        Ongoing monitoring of each supplies is done by compliance officer to confirm its free from Conflict, were required Red Flags are been raised for seeking additional information and closed after receiving such information to our satisfaction.

·        Entity level compliance officer shall report all un-answered flags to local management and Group compliance officer.

·        In worst situation were information is half or not satisfactory management starts engagement practice and discussion and dialogue with suppliers is carried out to ensure full information in further business.

Devise And Adopt A Risk Management Plan.

 

·        We have formulated the risk management plans at entity level considering individual entities position in supply chain and position of supplier in supply chain.

·        Entity compliance officer carries out monitoring of each and every business transactions and were required Red Flags are been raised and further steps are followed as mention above.

·        Brief of companies Risk Management Practices has been mentioned in communication of Business policy on our website. 

Implement The Risk Management Plan And Monitor Performance Of Risk Mitigation Efforts.

 

·        Entity level and group level monitoring of Red Flags and its effective closure is monitored.

·        Compliance officer provides period status reports of OECD compliance to the management.

Internal Training

 

·        Organisation has provides period training to all the concern employee involved in buying and selling and compliance monitoring team.

Communications

 

·        Business principle has been published on the website covering all the COP wise policy including Ethical diamond souring policy of the company level.

·        Over and above Annual communication on Business policy and Awareness on various best practices and expectation from business partners is communicated

OPTIONAL INFORMATION ON Step 4:Carry Out Independent Third-Party Audit

RJC COP Audit

·        Our office has finalized the RJC COP audit on 24th to 26th March 2025. Once the audit is completed, the final report will be made available to us. We will ensure transparency and accountability by sharing the annual compliance reports with our stakeholders upon request. These reports are essential in showcasing our adherence to industry standards and best practices. 

Grievances And Remediation

·        No grievance of what so ever has been reported till date.

   

Prepared By & Approved by : Videsh Vekariya

Date:15th March 2025

Close