The natural diamond industry is promoting transparency and sustainability as consumers prioritize accurate information for informed purchasing decisions. A McKinsey survey indicates that 60% of consumers are willing to pay more for products with sustainable packaging, indicating a growing demand for environmentally responsible products.
Laboratory-grown diamonds (LGDs), often touted as a sustainable alternative to natural diamonds, may not always be the eco-friendly solution they claim. Most LGDs use fossil fuels, contributing to carbon emissions and undermining their sustainability benefits. The industry has been gaining concern over “greenwashing,” where consumers are misled about the environmental credentials of products using misinformation or flawed data. Consumers are advised to be cautious of such tactics. The natural diamond industry is focusing on sustainability, with companies like De Beers Group aiming for carbon neutrality by 2030 and Rio Tinto aiming for net-zero emissions by 2050.
The diamond industry emphasizes ethical sourcing and social sustainability, with strict regulations like the Kimberley Process Certification Scheme ensuring responsible natural diamond sourcing. They promote transparency and accountability, providing consumers with accurate information to make sustainable choices. The NDC’s Diamond Facts Report delves into the issue of greenwashing and outlines measures to control it through third-party audits, thereby enhancing consumer awareness.
