The diamond business is yet bright and has a good future in the coming days

Hitesh Patel, Managing Director of Dharmanandan Diamonds Pvt. Ltd., joined the family business in 1997 to help his father Laljibhai Patel, the founder of Dharmanandan Diamonds Pvt. Ltd. Egged on by its success, Hitesh set up the overseas presence of...

Yesterday

The talk around LGDs is all hype

As a teenager, Luca Luterbacher began to design and manufacture single pieces and individual items for wealthy private family friends from Switzerland and Lichtenstein. In 2017, he finally invested in his own luxury trademark "Luterbacher."...

12 august 2019

Correct adjustment of advertising is the major challenge

At the recent Amberforum held in the Baltic city of Svetlogorsk, Andrey Yanchevsky, Head of the trade representation of the LA VIVION jewelery company shared his opinion with the correspondent of Rough&Polished on the state and prospects of the jewellery...

05 august 2019

Small-scale diamond mining is the future in Botswana – Leon Daniels

Pangolin Diamonds, which is currently the most active diamond exploration company in Botswana, has called upon authorities in the southern African country to include diamonds into the minerals permit for small scale mining operations. Pangolin chief...

29 july 2019

“There has been a strict policy in Israel against LGDs; have been forbidden on IDE trading floor for years.”: Aviel Elia, Managing Director- IDI

Aviel Elia, an attorney by profession, has served as Legal Adviser and Company Secretary of IDI since 2013. As a key member of the Israel Diamond Institute (IDI) management team, he has been involved in developing company strategy and negotiating...

22 july 2019

Key findings on DPA members in Trucost Report

08 may 2019

dpa_logo.pngThe Diamond Producers Association’s (DPA) first research report by Trucost ESG Analysis, part of S&P Global, shows that its members offer high-paying jobs, excellent job training and a safe work environment. They also employ people from local communities and provide high-quality employment opportunities that often become long-term careers.
Key findings in the report show that salaries and wages paid by DPA Members created $3.9 bln in direct and indirect benefits; they employ 77,000 people in their operations worldwide; and their employees and contractors are highly trained; the average DPA Member employee or contractor is paid 66% more than the national average salary and receives nearly five times the living wage in his/her country. All Members have made a commitment to zero harm in the workplace. The report shows that safety incidents at Member companies are a fraction of those observed in similar sectors.
In terms of involving communities, the diamond mining industry makes a vital contribution to the socioeconomic development of diamond producing countries and communities that goes beyond employment. Members purchase the bulk of the goods and services needed for their operations from local businesses, creating a significant, lasting impact on local economies. Moreover, they pay a large share of their revenues to diamond mining countries in the form of taxes, royalties and dividends. Entire countries, such as Botswana, have been transformed by diamond revenues over the past 50 years. The Key Findings in the report show 60% of the total benefits from DPA Members are infused into local communities through sourcing of goods and services, taxes and royalties, social programs and infrastructure investment; they infused $6.8 bln in benefits into local communities through the purchase of local goods and services.  
Local communities receive $3.9 bln in positive benefits through employment and social programs ($292 mln), such as health and education; DPA Members provided $3 bln in tax revenue, royalties and dividends which, in turn, fund local infrastructure and other civic improvements; and modern diamond mining is a long-term investment, and Members actively build long-term partnerships with the communities in which they work.
Environment is a major concern as DPA and its Members recognize that environmental stewardship is one of the main obligations of the diamond mining industry, and every DPA Member works in close collaboration with local governments and communities to control their environmental impact. Today, controlling and continuing to reduce its environmental footprint is a clear priority for diamond mining companies. DPA Member companies are tackling this challenge through a range of initiatives, including increased access to renewable energies, energy reduction initiatives and carbon capture research programs. Key Findings reveal that the largest source of DPA Members’ environmental footprint is its CO2e emissions: 160kg of CO2e per polished carat. The estimated CO2e associated with energy use in laboratory-created diamond production is nearly three times greater than diamonds produced by DPA members in 2016; they collectively protected more than 1,000 square miles of natural land in Russia, Botswana, South Africa, Tanzania, Australia and Canada. Members protect three times the land they use for mining globally; the environmental cost of producing a diamond is 37% of a single one-way airline ticket from New York City to Los Angeles; and DPA Members currently implement long-term biodiversity conservation programs. Each DPA Member produces sustainability reports, available on DPA’s website, to measure and analyze initiatives and progress.
The DPA has organized active collaboration and sharing of best practices amongst the Member companies around two absolute priority areas: energy conservation and CO2e emissions, and employee health and safety. Moving forward, DPA will report on ongoing sustainability progress to share individual and collective progress made by DPA Members toward these objectives and, in general, toward achieving United Nations Sustainable Development Goals. 
Building on the Trucost report, DPA is launching its Total Clarity platform, designed as a transparent and reliable source of information on the socioeconomic and environmental impact of the diamond industry. Its first report can be accessed on www.Total-Clarity.com or via Instagram@TotalClarityDiamonds. It builds on the Trucost findings to bring to life the reality of large-scale diamond mining through hard data and illustrated case studies.
The Diamond Producers Association (DPA) is a global alliance of the world’s leading diamond producing companies, united in their commitment to best-in-class ethical and sustainable operations and business practices. Together, DPA Members represent the majority of the world’s diamond production.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished