Whalesbook
India's diamond industry, a global leader in cutting and polishing, is now prioritizing sustainability. Beyond the traditional metrics of cut, color, clarity, and carat, a fifth 'C,' conscience, is shaping the sector's identity.
Net Zero Achieved Ahead of Schedule
Shree Ramkrishna Exports (SRK), a prominent company in the Surat diamond cluster, has earned certified Net Zero status for its polished diamonds in 2024, six years ahead of its goal. This achievement positions SRK as a producer of carbon-negative natural polished diamonds, meaning its operations remove more carbon from the atmosphere than they produce. Verified data shows SRK's carbon footprint at a negative 0.239 kg CO₂e per carat and an organizational reduction of 893 MTCO₂e. The company powers its facilities with solar energy and has designed them for minimal emissions and waste.
Broadening Sustainability Efforts
Across the industry, manufacturers are adopting renewable energy sources, especially solar power, to decrease their reliance on fossil fuels. Advanced water management practices, including rainwater harvesting and recycling systems, are significantly reducing freshwater use and conserving local resources. The social aspect of sustainability is also growing, with companies investing in community development. KP Sanghvi, for example, has founded educational institutions that enroll a substantial number of women, promoting inclusivity among both students and employees. Other major companies like De Beers Group and Rio Tinto are also setting ambitious targets for carbon neutrality and emission reductions.
Community and Environmental Impact
Sustainability initiatives are expanding into rural areas, with a focus on water conservation and ecosystem restoration. Hari Krishna Exports' 'Mission River' project has successfully revitalized over 160 water bodies in Gujarat. This effort has conserved billions of liters of water and improved irrigation for hundreds of thousands of farmers. These projects not only benefit the environment but also create local jobs and boost economies. Industry organizations such as the Gem & Jewellery Export Promotion Council (GJEPC) and the Natural Diamond Council report significant quantifiable benefits. These include reductions in freshwater consumption by up to 70% in Surat through water recycling, processing approximately 50,000 tonnes of diamond waste annually, and the use of blockchain technology for improved traceability and ethical sourcing. Renewable energy, particularly solar power, is also playing a key role in lowering emissions during sorting and testing processes.