Diamond Foundry: S&P Global Diamond Mining Impact Study is Misleading Millions of Consumers
Environmental impact study paid for by diamond miners misleads consumers- tantamount to false advertising, according to Diamond Foundry
27 Jul, 2020, 14:33 ET
SAN FRANCISCO, July 27, 2020 /PRNewswire/ -- An S&P Global "TruCost" study, paid for by the Natural Diamond Council, the association of diamond miners, used misleading data and math in a study meant to cast aspersions on the environmental benefits of man-made diamonds, according to Diamond Foundry.
Diamond Foundry reviewed the study and found numerous egregious errors including:
- The main sources cited by S&P Global's study are jewelry bloggers who quote hearsay, not any experts in assessing the environmental impact of semiconductor grade manufacturing.
- Neither Diamond Foundry nor De Beers' own lab diamond unit were asked for data about the modern state of diamond manufacturing. Instead, the study references decades-old technology from industry pioneers no longer even in business.
- The study uses dubious math including averaging energy consumption data from no longer existing producers, averaging over number of citations rather than production volume, and omitting data from the most innovative and largest producers.
- The study omits that leading producers like Diamond Foundry use hydropower with zero emissions (and on top of that additionally offset carbon as if it were not).
Given De Beers is a key member of the Natural Diamond Council, their own unit's data should certainly have been accessible.
"The plain fact is that the net carbon footprint for the leading technological producers such as Diamond Foundry is zero, an aspirational goal for diamond miners and technology companies world-wide," said Martin Roscheisen, CEO of Diamond Foundry.
Diamond Foundry has requested S&P Global to withdraw the study on the recognition of its glaring errors and its misleading impact on consumers world-wide.
About Diamond Foundry
Diamond Foundry Inc., headquartered in San Francisco, California, is a leader in manufacturing innovation and America's #1 producer of diamonds for jewelry and semiconductor applications. Unlike foreign diamond producers, Diamond Foundry is not dependent on mining and does not engage in cartel pricing. For more information, visit DiamondFoundry.com
SOURCE Diamond Foundry
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