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Star Rays Aims for Carbon Neutrality
The diamond exporter set the goal of becoming India’s first carbon-neutral diamond company.
A company is deemed carbon neutral when the carbon emissions it produces are balanced out by funding an equal amount of carbon savings elsewhere in the world, as per Carbon Footprint, a U.K.-based environmental consultancy.
Companies generate these savings by funding renewable energy and energy efficiency projects, which can include clean water and wind power initiatives.
Mumbai-based Star Rays will take part in CIBJO, The World Jewellery Confederation’s Greenhouse Gas Measuring and Offsetting Initiative, which holds carbon emissions and removals up to international standards.
“Global warming and climate change have come to the fore as a key issue in sustainable development,” said Jitesh Shah, a Star Rays partner, in a press release announcing the initiative.
The company has partnered with carbon consultancy company Carbon Expert to develop best practices, said Shah.
Star Rays, a De Beers sightholder as of 2014, has a manufacturing facility in Surat that cuts and polishes around 60,000 solitaires per year, which are available via its website and mobile app.
Star Rays Diamonds Botswana Ltd., its fully owned subsidiary established in 2019, operates a factory in the country’s capital, Gaborone.
The subsidiary will also be held to global best practices in an effort to reach long-term sustainability, Star Rays said.
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