On May 22, De Beers Group announced the latest progress on its "Building Forever" sustainability goals, which were set in 2020. Key achievements include reaching the target of involving 5,000 women and young girls in STEM (Science, Technology, Engineering, and Mathematics) activities two years ahead of schedule, establishing a flagship Diamonds for Development Fund in Botswana, advancing renewable energy projects, and expanding the innovative diamond traceability platform, Tracr.
Progress Highlights
Diamonds for Development Fund
In 2023, De Beers strengthened relationships with governments and NGOs in its mining regions to support sustainable community development. A significant outcome of this effort is the launch of the Diamonds for Development Fund in collaboration with the Government of Botswana, part of a 10-year sales agreement. De Beers committed an initial investment of 1 billion Botswanan pula (around $75 million) to help foster a knowledge-based economy and support long-term economic diversification in Botswana.
Advancing Gender Equality
De Beers made substantial progress toward advancing women and young girls in partner countries. The company achieved its midterm goal of involving 5,000 women and young girls in STEM activities—two years ahead of its 2025 target—through school workshops, scholarships, and mentorship programs. In 2023, De Beers also continued its EntreprenHER program, supporting female entrepreneurs in southern Africa. Since its inception in 2018, the program has assisted 2,645 women and has been extended for another three years.
Climate Action Initiatives
In line with greenhouse gas emission reduction goals, which received validation from the Science-Based Targets initiative (SBTi) in 2023, De Beers advanced several renewable energy projects. These include a collaboration with Envusa Energy to develop infrastructure to provide 48 megawatts of power to the Venetia diamond mine in South Africa by 2025 and a wind turbine project in Namibia with a capacity of 34 megawatts. De Beers also held its first Scope 3 carbon emissions summit, encouraging suppliers to provide emissions data and align with its emission reduction targets.
Enhancing Diamond Traceability with Tracr
In 2023, De Beers expanded its blockchain-based traceability platform, Tracr, making it available to more industry participants. The platform allows users to record the entire journey of diamonds from mining to retail. To date, over two-thirds of De Beers' diamonds by value have been registered on Tracr, with 1.5 million diamonds added in 2023 alone, bringing the total to 2 million. Several major industry players also joined the platform during the year.
CEO’s Statement on Sustainability
Al Cook, CEO of De Beers Group, emphasized the importance of each stage of a natural diamond's journey as an opportunity for positive impact. He highlighted De Beers' commitment to sustainable development, working closely with partner countries to align with their sustainability priorities. According to Cook, natural diamonds are an essential resource for economic development, supporting millions of livelihoods. Through the "Building Forever" framework, De Beers aims to ensure that every diamond benefits local communities, enhances their resilience, empowers women and young girls, and helps protect the natural environment.