OOPAL DIAMOND 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 required 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.

OOPAL DIAMOND shall act in accordance with national laws with respect to auditing of its financial accounts and maintaining internal controls as guided by various regulations. Following acts and international guidelines is considered while establishing policies of the OOPAL DIAMOND.

    Prevention of Money laundering Act 2002.

    FATF 40 Recommendations and 8 special recommendations.

It is the responsibility of concerned personnel to know and understand the relevant money laundering / financial offences related legal, regulatory and internal requirements as they apply to their jobs. Ignoring or not reporting suspicious activity that appears to be questionable may also be considered as a violation of the Business Principles, depending on the seriousness of the non-conformance.

Compliance officer ensure all the critical steps such as KYC & KYS, Identification of suspicious transaction, reporting to management and record keeping as required by the local act and legislations are complied with.

Compliance officer caries out periodic review of AML/CFT compliances and submits his report to management on Quarterly basis.

The OOPAL DIAMOND shall ensure complete prohibition of Bribery and facilitation payment across organization and in all the entities.

OOPAL DIAMOND will not offer, accept or countenance any payment, gift in kind, hospitality, expense or promises as such that may compromise promises of fair competition.

Entity shall prohibit bribery and facilitation payment and shall comply with various rules and regulations of the land.

Conflict Minerals Policy Statement (Diamond & Gem Stone)

OOPAL DIAMOND is committed to being a responsible corporate citizen and is opposed to human rights abuses.  As part of that commitment, OOPAL DIAMOND seeks to source products, components and materials from companies that share our values around human rights, ethics and environmental responsibility.

OOPAL DIAMOND shall strive to ensure that all its supply of diamonds are not originating from CAHRA’s and where practically possible origin of diamonds is know to us.

What Are "Conflict Diamonds"?

Known as "Conflict Diamonds," are stones that are produced in areas controlled by rebel forces that are opposed to internationally recognized governments. The rebels sell these diamonds, and the money is used to purchase arms or to fund their military actions.

Blood Diamonds are often produced through the forced labour of men, women and children. They are also stolen during shipment or seized by attacking the mining operations of legitimate producers. These attacks can be on the scale of a large military operation.

The stones are then smuggled into the international diamond trade and sold as legitimate gems. These diamonds are often the main source of funding for the rebels; however, arms merchants, smugglers, and dishonest diamond traders enable their actions. Enormous amounts of money are at stake, and bribes, threats, torture, and murder are modes of operation. This is why the term "blood diamonds" is used.

CAHRA’s are.
Angola, Coast, Democratic Republic of the Congo, Liberia, Sierra Leone, Republic of the Congo & Zimbabwe Marange Diamond Fields

OOPAL DIAMOND shall ensure that none of its supplies are coming from above sources. Sight Holder shall communicate its sourcing policy to all the stakeholders and will ensure effective implementation among them.

Compliance is required at all times, with applicable national and, where appropriate, international laws / regulations with respect to employment and labour.

The OOPAL DIAMOND shall not require Staff to work for more than the national limit of hours in a week on a regular basis.

The OOPAL DIAMOND shall ensure that wages and benefits for a standard working week shall meet at least national minimum standards and shall be sufficient to meet the basic needs of Staff and provide some discretionary income.

Discrimination can mean distinction, exclusion or preference.

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 OOPAL DIAMOND and any such reported incidents will be viewed as a serious violation of this Business Principles.

We will ensure that employees who have certain life threatening diseases or illnesses are not treated differently from other employees, and will continue to employ such personnel, as long as they are physically and mentally fit to attend to their normal job responsibilities.

We shall at no time condone the use of corporal punishment or other forms of mental or physical coercion.

We encourages all personnel to voice concerns promptly, if they have a genuine reason to believe that a policy, OOPAL DIAMOND operation or practice is or will likely be in violation of any law, regulation or internal OOPAL DIAMOND rule or policy, including this Business Principles. OOPAL DIAMOND assures all employees who come forward in good faith to report issues, that they will be treated fairly and respectfully.

The management of OOPAL DIAMOND is fully committed to ensuring that forced or involuntary labour is not practiced in any form at any of its facilities. Any reported incidents relating to forced labour will be considered as a serious violation of this Business Principles.

The following definitions will be applicable :

    The Universal Declaration of Human Rights that states that ‘No one shall be held in slavery or servitude’

    ILO Convention 29, which defines forced or compulsory labour as ‘all work or service which is extracted from any person under the menace of any penalty, and for which they said person has not offered himself voluntarily”

OOPAL DIAMOND is committed to effective environmental management as one of its important corporate priorities, and will focus on the following initiatives :

    Compliance with all applicable environmental laws and regulations.

    The impact of each of our operations on the environment will be systematically assessed for compliance with appropriately defined standards and reviewed periodically to mitigate or eliminate such impact.

    Disposal procedures for waste generated will be clearly defined and practiced in line with standards that are set by law and best practices of the industry.

    Improvement of employee environmental awareness and performance through detailed policies and procedures, training, and recognition of excellence.