02Jun Nineteen48 Converts to a Community Interest Company
In May 2022, as part of its preparations to become a B Corp, Nineteen48 converted to a Community Interest Company (CIC).
A CIC is a special type of limited company which exists to benefit the community rather than private shareholders. It means that Nineteen48 has now formalised (and legally committed to) its purpose of serving artisanal mining communities and gem cutters. These objectives are now part of the company's articles of association.
The objects of the company are:
i. to carry on activities which benefit the community and in particular (without limitation) to promoting and supporting fair trade of artisanal gemstone miners, gemstone cutters (lapidaries), with a focus on (but not limited to) miners and cutters in Sri Lanka and Tanzania, and the wider support of their communities.
ii. through its business and operations (i.e. the marketing and sales of gemstones), to have a positive impact on the countries and communities from which the gemstones are sourced, by allocating a proportion of net profits to support charities operating in those places or educational projects relating to gemstone mining and cutting;
iii. to engage with mining communities, such that the environmental impact of the mining and cutting activity is minimised and that the operations are conducted in as safe a manner as possible.
iv. to educate as wide an audience as possible and promote the use of fully traceable and responsibly sourced materials throughout the jewellery industry to ensure that products are made without causing harm to people or planet.
Becoming a CIC is a continuation of our Fair Luxury Pledge to gain accreditation as a B Corp. You can read all about that here:
If you want to see our full details, as registered with Companies House, then this is the link you need:
You can also read our Community Interest Statement which was part of our application for the conversion to a CIC.