November 2021 | Lab Grown Magazine

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The Kimberley Process, the most noted diamond initiative (now in a critical review and policy refinement) was devised to stem the flow of conflict diamonds.Long partnered in this project is the Responsible Jewelry Council (RJC), assisting in clearer, more defined reporting and elevated auditing standards. In May 2021, the RJC locked arms with the UN by joining the Global Compact SDG Ambition platform to further support sustainability objectives. The RJC also established a taskforce to measure the impact of SDGs and educate its members on the UN’s goals. “We began by uniting the industry behind a common set of standards, and now we are uniting the industry again as we up our ambition from ‘Do no harm’ to ‘Do good,’” said RJC executive director, Iris Van der Veken. CO 2 Absorbing Rocks A few months ago in Russia, Alrosa started to test how kimberlite waste ore may be used to absorb carbon dioxide. The results are promising—potentially even compensating for the 997,000 tons of CO 2 emissions generated by the company in a single year. Alrosa aims to further reduce its footprint by shifting from fuel-powered to renewable energy throughout its operations to denote it as a zero- carbon company. Over the past five years, De Beers has been researching the concept of carbon dioxide capture through its Carbon- Vault program. De Beers is investigating how ultramafic rock, after being brought to the surface in the mining pro- cess, may be used to reduce the planet’s carbon footprint, and get De Beers more positive headlines. There’s No Place Like Home Natural diamond companies are making a fast track to retailers’ inboxes and consumers’ social media with a hot topic: Source provenance . Since LGDs have no connection to blood diamonds,mining operations must now speak to a diamond’s origin since experts predict consumers will soon start asking for it. Paul Zimnisky, a leading independent diamond industry analyst had this to say: “At first, source provenance will likely only be available with larger, center-stone- quality diamonds, however, I think eventually the supply chain could adapt to allow traceability of smaller goods as well. Tiffany & Co. is providing ‘geographical sourcing information’ on diamonds 0.18-ct and larger. Providing customers with the original source of a diamond increases its storytelling appeal but also communicates that it is a natural diamond and is conflict-free. In the past, most customers have been reluctant to pay a significant premium for a diamond with a source provenance. However, in the near future, I think most consumers will simply demand source information.” In 2015, Leanne Kemp founded Everledger, a com- pany focused on a custom blockchain-powered plat- form to assist diamond and jewelry businesses main- tain a transparent record of their products’ provenance. Everledger is not alone. It is joined by industry giants, such as Tracr software by De Beers, Sarine Technologies’ Journey program, and GIA’s Diamond Origin Report service. “The mantra has always been to look after shareholders, but over the last decade, there has been a pivot to focus on stakeholder value,” Kemp explained. “That means more than just employ- ees and shareholders that need to be understood and valued. It’s about people and the planet, and how the wider supply chain affects all those.” Now, small-to-mid-sized diamond companies are finding value in promoting verified sustainability state- ments. “Green Rocks was examined for its adherence to stringent benchmarks of social and environmental accountability, transparency, and provenance assur- ance,” said Stanley Mathuram, Executive Vice Presi- dent at SCS Global Services.Green Rocks has recently joined SCS and the growing PR pool. Diamond GPS FTJCo Fine Jewellery is the first Canadian retailer to be accredited under the SCS-007 Sustainability Rat- ed Diamond Standard (SRDS).This certification pro- gram applies to natural and LGDs.The program claims to provide total transparency and due diligence around environmental and ethical diamond performance. It documents a diamond’s origin. Lastly, it incorporates quantitative metrics to “ensure producers move rapidly toward full climate neutrality and net zero impacts in other measures of environmental performance.” “We have a fifteen-year history of pioneering work in supply chains and responsible sourcing,” said Robin Gambhir, CEO of FTJCo. Through our long-time partner, WD Diamonds, we have a stock of lab-grown diamonds that are sustainability rated and certified as climate neutral under this standard.” One thing seems consistent-no matter the source of the industry quote, shareholders are job one, while the takeaway headline remains being good to Gaia. In next month’s issue, you could be reading about yourself. I’ll be reaching out to advertisers and compa- nies that support natural and/or LGDs. I’ll be asking you how you’re adapting to the news of the now , and how recent diamond news is affecting your bottom line. Dan Scott is the founder and brand architect of Luxe Licensing, a New York/metro marketing firm. Dan enjoys brand and marketing discussions and welcomes conversa- tion. He may be reached at dans@luxelicensing.com or LuxeLicensing.com . ◊ Diamond sustainability is no longer an option; it’s a competitive necessity.