Our Approach to Sustainability
Our Sustainability Report 2022 outlines our journey to sustainability and our performance in 2022. We encourage our stakeholders to read this report together with the Annual Report and Accounts 2022 and Our Approach to Climate Change Report 2022.
Our Approach to Reporting
Gem Diamonds is a constituent of the FTSE4Good Index Series
We transparently and succinctly report on our material sustainability matters, guided by the Global Reporting Initiative Standards. In 2021 we implemented the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in our reporting for the first time. We adhere to the International Finance Corporation (IFC) Environmental, Health and Safety Guidelines, the Equator Principles and applicable standards of the International Organization for Standardization (ISO).
Scope and boundary
Our Sustainability Report covers operations managed by the Group in 2022. The positive and negative impacts of all material matters are presented in themes outlined in the material matters section. Each material matter could change our existing environmental, economic and social context.
Data
Data in this report is based on our continuous monitoring of selected performance criteria, using the TCFD recommendations, Global Reporting Initiative Standards, IFC Environmental, Health and Safety Guidelines and Equator Principles, as appropriate. Data is reported to the Group at monthly, quarterly and annual intervals, showing comparatives for three years.
Although the data in this report is not independently verified, it has been endorsed by our annual internal quality control processes as well as external safety, health, legal and environmental system audits.
| Terms used in this report | |
|---|---|
| Gem Diamonds, the Group or the Company | All companies in the Gem Diamonds Group |
| The company/operation | The relevant subsidiary company of the Group (for example, Letšeng) |
| Letšeng | The Letšeng mine in the Kingdom of Lesotho (Letšeng Diamonds (Proprietary) Limited) |
| Ghaghoo | The Ghaghoo mine in the Republic of Botswana (Gem Diamonds Botswana (Proprietary) Limited) |
Working towards Global Goals
The United Nations (UN) Sustainable Development Goals (SDGs) are a collection of 17 interlinked global goals designed as a roadmap for countries to achieve a more sustainable future for all. The SDGs promote social prosperity and offer environmental protection for the planet. Aligning business practices to broader societal goals makes good business sense, as many of the world's top risks can impact a company's ability to create value for its stakeholders.
We are embedding material United Nations (UN) Sustainable Development Goals (SDGs) in the Group’s strategy, systems and processes while we implement the recommendations of the TCFD to ensure we create sustainable value for our stakeholders.
In accordance with our sustainability strategy, we started in 2020 by adopting the following six UN SDGs, implemented over a three-year rolling cycle, which is a manageable and achievable target with widespread impact.
Our Priority UN Sustainable Development Goals (SDGs)
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Year 1
Perform a gap analysis to evaluate alignment with each UN SDG
Year 2
Focused on addressing any shortfalls identified in the first year and further strengthening achievements
Year 3
Evaluate the success of those measures to ensure their sustainable application
Across the business, we are focusing on practical and implementable measures to deliver maximum value of stakeholders.
Extracting Maximum Value from Our Operations
Business integrity
Organisational health and safety
Advancing our people
Working Responsibly and Maintaining Our Social Licence
Business integrity
Environmental stewardship
Organisational health and safety
Enhancing community benefits
Preparing for Our Future
Business integrity
Environmental stewardship
Organisational health and safety
Advancing our people
Resource efficiency
Enhancing community benefits
Governance and Ethics
Our commitment to governance and ethics excellence ensures that good corporate citizenship permeates the business. We understand that the value of our exquisite diamonds is determined by the way we mine. Therefore, we produce and distribute rough and polished diamonds according to the highest ethical and legal standards.
Our Principles
Upholding business integrity
Prioritising
environmental protection
Creating a safe and healthy working environment
Prioritising the development and well-being of our employees
Improving resource use efficiencies
Optimising socio-economic benefit
We are committed to meeting our responsibilities as an ethical and accountable organisation through a strong culture of corporate integrity and robust governance.
We promote a culture of zero harm and responsible care through effective risk management that prioritises our workforce
We are committed to continuously working towards minimising wasteful usage of the resources required to conduct business. Improving resource use efficiencies through innovation and capital efficiency will improve the long-term sustainability of the organisation and protect non-renewable natural resources.
We are committed to meeting our responsibilities as an ethical and accountable organisation through a strong culture of corporate integrity and robust governance.
We are committed to minimising the impact our operations have on the natural environment by mitigating potential environmental impacts, responsibly managing natural resources and rehabilitating the environment at mine closure.
We aim to foster respectful and mutually beneficial relationships with our employees, by prioritising their development and well-being and the promotion of equality and diversity in our workforce.
We believe it is our moral obligation to contribute to the sustainable socio-economic growth of the areas in which we operate.
Material Matters
Our material matters are topics that directly or indirectly impact our ability to create or preserve economic, environmental and social value for our organisation, our stakeholders and society at large. As such, material matters include risks that must be managed and opportunities that can be captured to enhance the sustainable viability of our business in the short, medium and long term.
How we determine materiality
A list of possible material matters was developed following a detailed materiality review that considered internal and external research. We used a double materiality lens, prioritising our material matters in terms of their impact on our financial and operational performance as well as their impact on society, communities and the environment.
Identify
Prioritise
Our Material Matters
Result for all material matters
Environment |
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| A | Managing our environmental footprints | |
| B | Managing and addressing climate change and extreme natural events | |
| C | Ensuring consistent electricity supply and minimising energy consumption | |
| D | Planning for mine closure, protecting biodiversity and enhancing conservation | |
Social |
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| E | Safeguarding our communities | |
| F | Ensuring positive engagement with our stakeholders | |
| G | Working with communities to understand and meet their needs | |
| H | Creating shared value through localisation | |
| I | Honouring our social compact | |
Employees |
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| J | Providing a safe working environment | |
| K | Attracting and retaining qualified people | |
| L | Providing learning and development opportunities for employees | |
| M | Caring for our employees’ health and well-being | |
| N | Engaging with employees and elected representatives | |
Governance and Ethics |
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| O | Implementing effective Board-approved ESG strategies | |
| P | Prioritising business integrity | |
| Q | Ensuring transparent governance and remuneration practices | |
| R | Ensuring legal, regulatory and governance excellence | |
| S | Raising standards across the pipeline | |
| T | Protecting the premium brand of diamonds | |
Environmental
Social
Employees
Governance and Ethics
Material Matters
Our material matters are topics that directly or indirectly impact our ability to create or preserve economic, environmental and social value for our organisation, our stakeholders and society at large. Therefore, material matters include risks that must be managed and opportunities that could be captured to enhance the viability of the business in the short, medium and long term.
How we determine materiality
A list of possible material matters was developed following a detailed materiality review, which considered internal and external research. This year we used a double materiality lens, prioritising our material matters in terms of their impact on our financial and operational performance as well as their impact on society, communities and the environment.
To understand our broader risks and opportunities we look at:
Once all matters have been identified, these are prioritised and ranked according to the level of influence on our business and relationship with stakeholders.
Our policies
Gem Diamonds is a constituent of the FTSE4 Good Index Series
Gem Diamonds is a Strategic Partner of the Commonwealth Enterprise &
Investment Council
