AWDC: your guide to CSRD

Under the Corporate Sustainability Reporting Directive (CSRD), large companies must now include sustainability information in their annual reports, which will be audited for accuracy. The CSRD applies to companies that meet at least two of the following criteria: yearly income over 50 million euros, total assets exceeding 30 million euros, or more than 250 employees. Due to these thresholds, many diamond companies fall under the requirements.  

The first step in meeting these requirements is conducting a Double Materiality Assessment (DMA). This process helps companies identify which sustainability issues they must report on. However, a DMA can be time-consuming and resource-intensive for individual businesses. To ease this burden, AWDC has partnered with sustainability consultancy Sustenuto to conduct an industry-wide DMA for the diamond sector. Companies will still have to adjust the findings to their specific situations, but this will significantly reduce the workload. 

Where are we now? 

The sector-wide DMA is going through five steps. It started with analyzing the diamond industry’s product chain and context. From there, a long list of relevant sustainability issues was compiled. We are currently in the third step, determining the importance of these issues through desk research and stakeholder interviews with industry players.  

What’s next?  

Once the DMA is finalized and a shortlist of key sustainability topics is developed, AWDC will release a manual to guide companies in applying these results. The topics and manual will be available by early November, with a workshop scheduled for January to present the findings to the sector. Invitations and details will be sent out in the coming weeks. Stay tuned! 

Picture credit: CSRDfit.nl