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AWDC My AWDC Home For Diamond Companies Compliance CSRD Read the most recent update on CSRD here Read the news article Corporate Sustainability Reporting Directive The Corporate Sustainability Reporting Directive (CSRD) is a new regulation introduced by the European Parliament. It requires more companies to report on their social and environmental impacts. This directive builds upon the existing Non-Financial Reporting Directive (NFDR) and aims to facilitate the transition to a more sustainable economy. It also ensures greater transparency about sustainability-related information, which is vital for stakeholders such as investors and regulators. In practical terms, the CSRD mandates European companies to identify and thoroughly document all significant sustainability issues related to Environmental, Social, and Governance (ESG) factors as of 2026. Since companies are only expected to report on topics that matter to their businesses, the first step is to determine which sustainability topics are most relevant to their operations and stakeholders, following the principle of "double materiality." This requires conducting a comprehensive Double Materiality Assessment, which is a complex and time-consuming process. To support Belgian diamond companies in meeting these requirements, AWDC, in collaboration with its partner Sustenuto, has developed an overview of all 'material' sustainability topics in the diamond industry. This tool provides diamond companies with a solid foundation for compliance, which they can further adapt to reflect their unique context. Results of the Diamond Industry DMA DMA Report Results Short Double Materiality Assessment for the Diamond Industry What does 'Double Materiality' Mean? Double materiality means that a company reports both on the impact it has on the environment and society (inside-out) and on the impact the environment and societal changes have on the company (outside-in). The objective of the sector DMA is to create a benchmark that individual companies can build on for their own DMA. Specifically, it identifies the critical topics that all companies should report on, and provides insights into the materiality of other relevant topics. Results of the DMA During the Double Materiality Assessment for the diamond industry two critical topics where identified: responsible business conduct and workers in the value chain. These topics are no strangers to the diamond industry. However, the range of issues is expanding, from corruption/AML and child labour, towards a much wider range of governance and human rights topics. In addition to these critical topics, two other topics were identified as having very high materiality: climate change (greenhouse gas emissions throughout the value chain) and affected communities. In both cases, these issues emerge primarily as a result of diamond mining. Due to last minute changes in the Directive, most diamond companies are not subject to the CSRD. Nevertheless, the Double Materiality Assessment that AWDC, in collaboration with its partner Sustenuto, has developed and which provides an overview of all 'material' sustainability topics in the diamond industry remains relevant. This tool provides diamond companies with a solid foundation for compliance, which they can further adapt to reflect their unique context. The Key Principles of CSRD Organizations must map the impact of their entire value chain. This means that companies are required to report not only on their own sustainability performance but also on that of their customers and suppliers. For example, if a partner in the supply chain purchases raw materials or components from a country where child labor is present, the company must demonstrate that it has taken all necessary measures to prevent and combat child labor, such as monitoring and auditing suppliers and replacing those that do not meet the standards. Companies are required to have their sustainability reports audited by an external auditor. Sustainability reporting must be conducted by the same entity responsible for the financial reporting. The sustainability report must be published separately from the company’s annual financial statements. For all your CSRD Questions: contact the Compliance Helpdesk Questions? AWDC Helpdesk AWDC Helpdesk [email protected] Antwerp World Diamond Centre 0032 (0)3 222 05 11 [email protected] Hoveniersstraat 22 2018 Antwerp-Belgium For Diamond Companies Compliance Diamond Office Trade Fairs Banking and Taxes Starting a Diamond Company Security and Access Tariffs Brilliant Benefits Registered Diamond Companies Currency Exchange & Currently Handling Visa & Recruiting Foreign Workers We Protect A Legacy About us Organization Our Activities Jobs Our Team Tender Facility Industry insights Antwerp Diamond Data Antwerp Diamond Industry The Diamond Supply Chain Diamond Glossary Services & access News Events & Tenders News Press AWDC footer Subscribe to AWDC mailings & newsletters: Email Address I have read the disclaimer and privacy policy and agree to them. I hereby give permission to process my data and contact me. My AWDC Get in touch © 2014-2025 AWDC Disclaimer Privacy Statement mUqtf8eL0t3CExrs2wl08cIwqUQEbKh9ZEfJr7dO3PA=.html