Industry News by Nemesis

Trucost’s Report Creates Baseline for DPA Members

May 8, 2019

Trucost ESG Analysis, part of S&P Global, reveals that Diamond Producers Association (DPA) Members generate more than $16 bln in net socioeconomic and environmental benefits through their diamond mining operations. The report finds that the vast majority of these benefits are infused into communities through local employment, sourcing of goods and services, taxes and royalties, social programs and infrastructure investment. The report also uncovers that DPA Members pay employees and contractors on average 66% above national average salaries and that companies focus extensively on employee training to ensure a highly-skilled workforce.


The report from Trucost also creates a baseline from which DPA Members will further build to demonstrate progress toward their emission reduction goals. Collectively, Members emitted the equivalent of 160kg of carbon dioxide per polished carat produced. This is equivalent to the amount of carbon dioxide generated by driving 628 kilometers in an average passenger vehicle. Each Member has set goals to reduce these emissions, which constitute the majority of diamond mining’s environmental footprint.


Commenting on the Report, Libby Bernick, Managing Director and Global Head of Trucost Corporate Business said: "This report marks the first time Trucost has seen an industry come together to measure its environmental, social and economic benefits and impacts. This data provides a baseline for future progress on issues, including environmental impact. We are very excited to work with the Diamond Producers Association and its Member companies to release this research on the total value of their benefits and impacts, promoting greater transparency on environmental and social performance to the capital markets." 


Trucost measured the total benefits and impacts of the diamond mining activities of the DPA Members across 21 key socioeconomic and environmental indicators based on data collected for over 150 different metrics from DPA sites representing 70% of the DPA Member’s total rough diamond production. These data were verified by Trucost and then analyzed using Trucost’s proprietary natural and social capital quantification and valuation methodologies, which have been employed in more than 100 studies over the past 15 years. More information on Trucost’s methodologies can be found on the Trucost website. 

 

Source: Rough&Polished

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