We have received some updates for diamond companies on the CSRD. The EU has announced an unprecedented simplification effort that will extend across different domains, and will include sustainability reporting.
The diamond industry can count on AWDC keeping track of any and all important changes that will have influence on the sector. All the companies that are in scope for the changes, have been personally contacted or will be by our team. If you do want to know more about the update, continue reading. If you were not contacted by our compliance team, your company is not in scope.
How does this affect diamond companies?
It is clear that many of the diamond companies that were previously in scope of the CSRD fall within the "lower bracket", and will benefit from this simplification. In short, the vast majority of diamond companies are not in scope anymore and don’t have to worry about CSRD as a requierement.
Advice on what you should do?
- If you have already started your reporting process: do not over-implement and focus on no-regret measures that are relevant beyond compliance (e.g. to meet tightening stakeholder expectations). While compliance obligations may loosen, expectations on the part of key stakeholders in the jewelry, retail, and mining segment have not loosened. These companies really value a high level of reporting.
- If you have not started or are in the early stages: if you were not contacted by us, your company is not in scope and you are not required to start CSRD. If you do fall within scope, CSRD has been delayed by two years by the European Union.
Further questions or in need of advice on "no regret measures": reach out to verbruggeboris@gmail.com (who drafted the Sectoral Double Materiality Assessment for the diamond industry) or to AWDC: compliance@awdc.be.
