The market for lab grown diamonds is growing rapidly, creating the need to not only prevent fraud, but independently substantiate and differentiate product sustainability claims. The sustainability performance criteria address key environmental, social and governance (ESG) issues, including a commitment to becoming climate neutral. These criteria will be reviewed through a multi-stakeholder process, informed by the results of the pilot assessments. A multi-stakeholder Standard Review Committee is being established to oversee the process, which will include academia, producers, retailers, nonprofit organizations, and other experts in the field.
“The pilot audits mark an important step in the process of certifying sustainability,” says Stanley Mathuram, SCS Vice President. “Through the audits, we will be able to ground-truth assumptions about laboratory operations involved in the creation of lab-grown diamonds, ensure that the standard’s criteria fully capture the potential range of issues, and better equip the Standard Review Committee to do its work.”
The certification will support the lab diamond growers’ business-to-business sustainability claims to distribution and retail customers. Lab grown diamonds are physically identical to mined diamonds. They are currently produced under proprietary laboratory processes know as High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD), both of which are extremely energy intensive. The sustainability standard, while addressing energy consumption, will also address a wide range of metrics.
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