On Earth Day, Everledger reveals a new blockchain solution that will enable its partners in the diamond industry to provide consumers with ever more transparent evidence around sustainability.
LONDON – Media OutReach – 28 April 2020 – For the first time, emissions data from the diamond industry will be used to offset carbon footprint via blockchain technology. Everledger has launched a climate holistic platform that will help India and US-based Shairu & Atit Diamonds to meet their consumers’ demand for environmental footprint information about every single diamond.
Besides the awareness about the carbon footprint generated by their supply chain, stakeholders in the value chain such as mining companies, diamond manufacturers, brands or retailers can now select whether they want to offset the diamond footprint directly on the Everledger platform user interface. This feature will soon be available for every stakeholder using the Everledger platform, and not only for diamonds, but for gemstones, wine, apparel and other classes of assets as well. Fred Meyer and Littman Jewelers in the United States will be the first retailers to take advantage of this enhanced sustainability feature of the Everledger platform.
According to the United Nations, carbon offsetting is one of the key components for a solution to averting irreversible environmental changes. Annual emissions have to be reduced by 29-32 gigatonnes of equivalent carbon dioxide (CO2e) by 2030 in order for mankind to have a chance at meeting the Paris Agreement goals. Carbon offsetting allows companies and individuals to mitigate or neutralise carbon emissions by purchasing and retiring carbon credits through official third-party projects, such as protecting and restoring critical forests and investment in renewable energy. Carbonfund.org is our partner for fulfilment using their validated offsetting programmes.
Commercial benefits of transparency
In response to growing conscious consumerism in the diamond industry, Everledger is proud to support all partners who recognise the social and commercial benefits of increased transparency. By adding to the bank of evidence around sustainable environmental practices in the diamond industry, partners can gain a commercial advantage in the market. This business imperative is driven by the growing demand for provenance data among climate-aware consumers such as millennials — one of the fastest-growing retail segments in the diamond market.
Pioneering with this concept, Shairu & Atit Diamonds can now provide consumers with real-time data related to the carbon footprint of their own manufacturing processes. Consumers can view these sustainability reports on the Everledger platform.
Leanne Kemp, CEO for Everledger, commented: “Earth Day is the right day to launch this new solution, as it has the aims of the Paris Agreement and the United Nations’ Sustainable Development Goals at its core. This is the first time consumers will be able to access diamond carbon footprint information on the blockchain, via the Everledger platform. It’s also the first time carbon offsetting will be possible on a blockchain platform for jewellery.”
Carrie George, VP and Head of Sustainability for Everledger noted: “Through the Everledger platform, we can now enable our partners to not only allow efficient tracking and reporting of Greenhouse Gas Emissions, but also provide the certifications that verify energy efficiency and renewable sourcing efforts. And for the first time, we are directly linking the measurement to the solutions they are looking for to offset the remainder of their climate footprint. We can connect stakeholders faster and more directly than ever to get their time and money focused directly on the impact they want to achieve.”
Pioneering tech for eco-centric industries
Ms Kemp highlighted the importance of providing visibility on environmental standards in complex value chains. “We are partnering with Shairu & Atit Diamonds because they have demonstrated leadership in the diamond industry on environmental issues with their continued investment in physical and digital infrastructure.
Releasing this pioneering technology is a great way to celebrate our company’s 5th anniversary as it resonates with our continued commitment to sustainability. Major players in the diamond industry are increasingly committed to providing further evidence — and taking real action — regarding their responsible business practices, in particular around positive environmental footprint. Everledger is ready to help them achieve those goals.”