Pleading Signet’s CSR Case

(Rapaport) - “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you would do things differently.” — Warren Buffett. Signet Jewelers has had a frustrating time of late. In the past year, it has battled allegations of diamond-swapping, sexual harassment and gender discrimination that have put its brand on the back foot and depleted its share price by more than 40% since last May. But the company’s valuation is not the only casualty here. Signet, the largest jewelry retailer in the US, has made great strides in advancing responsible sourcing for the jewelry supply chain — strides that the recent negative publicity has overshadowed. And while this consequence is unfortunate, it serves as a reminder to the diamond and jewelry industry that a company’s reputation makes all the difference in a socially conscious consumer environment.