The Watch & Jewellery Initiative 2030 Nature Roadmap offers guidance on the key steps that companies need to take to address the nature and biodiversity crisis. In a special case study within the report, we explain how transparency and full traceability are key to maintaining stakeholder trust.
There is currently a heightened focus on sustainability in business, and companies want to know they are dealing with partners that not only share their values but can help to improve their credentials by contributing to a positive supply chain. Having gained a global reputation as a trusted supplier of exquisite natural diamonds, Dimexon regards transparency as a strategic priority, and we continue to cultivate openness, honesty and trust at every stage of the supply chain.
We are in constant dialogue with our stakeholders, which includes our customers, suppliers, business partners, colleagues, industry peers, trade associations, and the wider communities that Dimexon supports. One of our initial steps when we started our ESG reporting journey was to reach out to our stakeholders to understand their expectations of us. The discussions covered several key topics of interest and we used these to establish a material issues framework.
Our ESG decision-making processes involved benchmarking against industry peers and aligning with various compliance standards. In 2021, we formalised our efforts in an ESG roadmap that was aligned with the United Nations Sustainable Development Goals and various ESG reporting frameworks, such as the National Guidelines on Responsible Business Conduct, and those of the Responsible Jewellery Council and the World Diamond Council. In 2022, we completed our ESG roadmap, along with a strategy of how to achieve the goals we have set for ourselves. Since then, we have been publishing our annual ESG reports, which were developed with reference to the Global Reporting Initiative standards for sustainability reporting and disclosures. The annual ESG reporting helps us to communicate with all our stakeholders in a transparent manner.
We aim to further enhance the transparency of our supply chain by sharing more traceability and provenance information with our stakeholders. We have established auditable processes and systems that meticulously track the journey of every diamond parcel we procure. This tracking begins from the moment the rough diamonds are acquired and continues throughout the cutting and polishing processes until distribution to our customers. Our tracking system covers all our locations and operations, and captures details including the origins of the diamonds, such as the mining company, country and region.
In the meantime, anticipating and complying with new regulations, or amendments to existing regulations, requires our constant attention. One of the key focuses for our team in Europe is to ensure that Dimexon is compliant with the Corporate Sustainability Reporting Directive that came into effect on January 5th, 2023. We have been working together with a trusted international external partner to better understand how this regulation will impact us and how we can best adapt our business to be fully compliant.
Happily, our team is versatile enough to incorporate and implement changes to comply with the new requirements.
