November 2021 | Lab Grown Magazine

November 2021 | The Lab Grown Diamond Resource Book 26 To advertise call (888) 832-1109 | November 2021 27 The SCS standard is “to establish a uniform and credible basis for independently assessing and certifying the environmentally and socially responsible production and handling of gemstone-quality.” This standard is intended for use by industrial-scale mining and LGD producers interested in exposing their environmentally and socially responsible diamond practices and performance to the public. Recently, jewelry retailers were welcomed to join the paid membership group to gain a framed certificate and window decal to support their new PR campaign. A 133-page SCS Standards document lays out the requirements for mined and lab-grown stones with a carbon neutrality and traceability emphasis. SCS is working with Australian-based Source Certain International to confirm a diamond's original mining source. “SCS seeks to incentivize the production of the lowest impact diamonds in history and recognize those industry members who are at the forefront of this effort,” said Stanley Rhodes, Ph.D., the CEO of SCS. The SCS standards document can be seen at https://tinyurl. com/9wdxcc56 and the SCS certification plan and requirements at https://tinyurl.com/5f59d7n8 Greenwashing Comes Clean The European Union’s (EU) new finance regulations were unveiled March 10, 2021 and fired up big money groups and related Wall Street news. Insurance brokers, fund houses, and pension funds that provide financial services to (and through) the EU must now disclose, in detail, how sustainable they really are or risk losing their contracts forever. The new EU legislation, dubbed the Sustainable Finance Disclosure Regulation (SFDR) , aims to drive US$1.19 trillion in green investments over the next decade. Cloudy climate-related data formerly approved by the EU are now carefully audited, forcing financial firms to provide clear, verified data. “This is a game changer for many businesses. The crucial point is that this affects any entity or finan- cial product dealing with the EU,” said Lucien Firth, a partner at law firm Simmons & Simmons. “It doesn’t matter if you market all of your products as sustain- able or none of them—it covers all of them.” The SFDR rules make it harder for participants to talk up environmental credentials without following up with third-party validated confirmation. Demand to invest in environmental, social, and corporate governance (ESG) funds jumped to nearly US$1.7 trillion in 2020, driving assets up 29% in the fourth quarter compared to the prior quarter,according toMorningstar,an asset man- agement industry tracking firm. “Those that already have a good offering in place with genuine ‘green’ numbers are going to stand to benefit,” said Alexandra Mihailescu Cichon, executive vice president of sales and marketing at RepRisk, a company founded to reduce shareholder/ investor risk associated with sustainability claims. “This is especially true for the diamond jewelry industry, which seems to be at odds with themselves.” Agendas and Visions In the diamond pipeline, there’s been a flurry of companies publicizing their ESG policies. De Beers has madesustainabilitycentraltoitsmessagingwithits Building Forever 2030 program. Signet Jewelers, Richemont, Lucara Diamond, and Alrosa have all published extensive sustainability reports in the past few months, which were previously not part of the trade’s typical investor or public relations strategy. In 2012, the United Nations (UN) formed the Global Compact uniting companies with stakeholder groups to advance sustainable development. The program has advanced to be one of the UN’s leading missions. It titled this effort the 2030 Agenda . Collaboration between numerous sectors help move the Global Compact to help end extreme poverty, world hunger, fight inequality, and address climate change. This is in lockstep with 17 Sustainable Development Goals (SDGs) offering a framework for companies’ social-responsibility strategies. In response to the Agenda and SDGs, countries began adopting policy changes. For example,Zimbabwe’s long-term development objective is called Vision 2030, designed to enhance transparency between the ministry and other government officials and integrate the UN’s 2030 Agenda, SDGs, and support the AU Agenda 2063, which shares similar 2030 Agenda objectives. Rio Tinto and Caterpillar are launching zero-emission, autonomous haul trucks for use at one of Rio Tinto’s western Australian mining operations. (Photo: Caterpillar) >>