Our approach to sustainability
This Sustainability Report 2023 outlines our journey to sustainability and our performance during the reporting year. We encourage our stakeholders to read this report together with the Group’s Annual Report and Accounts 2023.
Our approach to reporting
Guided by the Global Reporting Initiative (GRI) Standards, the International Finance Corporation (IFC), the Equator Principles and applicable standards of the International Organization for Standardization (ISO), we transparently and succinctly report on our material sustainability matters. In 2023, we concluded the implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations in our reporting. Gem Diamonds is a constituent of the FTSE4Good Index Series.
Scope and boundary
Our Sustainability Report covers each operation managed by the Group in 2023. We present the positive and negative impacts of all material matters as material themes outlined below. Each material matter impacts on our prevailing environmental, economic and social context.
Data
Data in this report is based on our continuous monitoring of selected performance criteria, using the TCFD recommendations, GRI Standards, IFC Environmental, Health and Safety Guidelines and Equator Principles, as appropriate. Data is reported to the Group monthly, quarterly and annually, showing three-year comparatives.
Although the data in this report is not independently verified, it is endorsed by our annual internal quality control processes as well as external safety, health, legal and environmental system audits. The annual carbon, energy and water footprints are conducted by external and independent subject matter experts.
| Terms used in this report | |
|---|---|
| Gem Diamonds, the Group or the Company | Gem Diamonds Limited and 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) |
Leadership statements
Working towards Global Goals
To ensure we create sustainable value for our stakeholders, we have embedded (along with the recommendations of the TCFD) material United Nations (UN) Sustainable Development Goals (SDGs) into the Group’s strategy, systems and processes.
In line with our sustainability strategy, we adopted six UN SDGs in 2020. We achieved widespread impact over a manageable three-year rolling cycle. We adopted two additional SDGs (Zero hunger and Climate action) in late 2023, as we commence on the second three-year rolling cycle. Over the 2024 - 2026 period, we will be working to further drive the integration of these eight UN SDGs into our business and generate added sustainable value for all stakeholders.
Our priority UN Sustainable Development Goals (SDGs)
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UN SDG second cycle
Year one: 2024
Perform a gap analysis to evaluate alignment with each UN SDG
Year two: 2025
Focus on addressing shortfalls identified in the first year and further strengthening achievements
Year three: 2026
Evaluate the success of our measures to ensure their sustainable application
Across the business, we focus on practical and implementable measures to deliver maximum value for 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
Our sustainability 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 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 of our operations on the natural environment by mitigating potential environmental impacts, responsibly managing natural resources and rehabilitating the environment during operations and at mine closure.
We promote a culture of zero harm and responsible care through effective risk management that prioritises our workforce.
We aim to foster respectful and mutually beneficial relationships with our employees by prioritising their development and well-being, and promoting equality and diversity in our workforce.
We are committed to continuously minimising wasteful use of the resources required to conduct business. Improving resource use efficiencies through innovation and capital efficiency will improve the long-term sustainability of the Group and protect non-renewable natural resources.
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. Material matters include risks we must manage and opportunities we can capture to enhance the sustainable viability of our business in the short, medium and long term.
How we determine materiality
We compiled a list of possible material matters following a detailed materiality review in 2023 (see below). The review considered internal and external research through a double materiality lens: we prioritised our material matters in terms of their impact on our financial and operational performance as well as their impact on society, host communities, and the natural environment.
Identify
Prioritise
Our 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 |
||
| 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. Material matters include risks we must manage and opportunities we can capture to enhance the sustainable viability of our business in the short, medium and long term.
How we determine materiality
We compiled a list of possible material matters following a detailed materiality review in 2023 (see below). The review considered internal and external research through a double materiality lens: we prioritised our material matters in terms of their impact on our financial and operational performance as well as their impact on society, host communities, and the natural environment.
Environment |
||
| 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 |
||
| 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 |
||
| 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 |
||
| 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 | |
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
