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The world is full of uncertainty. Monumental challenges—including climate change, poverty, and inequality—are at the forefront of daily life and seemingly becoming ever more urgent. One thing that isn’t uncertain is the need for change.
Toptanzanite recognizes this hence their desire to continue to profile ourselves internally and externally by doing good by doing well throughout our entire valuechain. From the inside out.
The goal of our sustainable business strategy is to positively impact the environment, society, or both, while also benefiting shareholders completely integrated in our business strategy. Society is increasingly realizing the power of sustainable business strategies in not only addressing the world’s most pressing challenges but driving their firms’ success.
Our business’s sustainability efforts are using a concept known as the triple bottom line. People, Planet and Profit. The triple bottom line is a business concept that posits firms should commit to measuring their social and environmental impact—in addition to their financial performance—rather than solely focusing on generating profit, or the standard “bottom line.” It can be broken down into “three Ps”.
The first component of our triple bottom line strategy highlights a business’s societal impact, or its commitment to people. It’s important to make the distinction between a firm’s shareholders and other stakeholders. Traditionally, businesses have favored shareholder value as an indicator of success, meaning they strive to generate value for those who own shares of the company. As firms have increasingly embraced sustainability, they’ve shifted their focus toward creating value for all stakeholders impacted by business decisions, including customers, employees, and community members. Some simple ways companies can serve society include ensuring fair hiring practices and encouraging volunteerism in the workplace. They can also look externally to effect change on a larger scale. For instance, many organizations have formed successful strategic partnerships with nonprofit organizations that share a common purpose-driven goal. In our case we choose for membership of the Responsible Jewellery Council as well as CIBJO The World Jewellery Confederation.
B) The Planet
The second component of the triple bottom line is concerned with making a positive impact on the planet. Since the birth of the Industrial Revolution, large corporations have contributed a staggering amount of pollution to the environment, which has been a key driver of climate change. While businesses have historically been the greatest contributors to climate change, they also hold the keys to driving positive change. Many business leaders are now recognizing their responsibility to do so. This effort isn’t solely on the shoulders of the world’s largest corporations—virtually all businesses have opportunities to make changes that reduce their carbon footprint. Adjustments like using ethically sourced materials, cutting down on energy consumption, and streamlining shipping practices are steps in the right direction. In order to minimize our impact on the environment, we for instance participate in rainwater harvesting techniques and have installed solar panels on our factory rooftop. This minimizes our dependency on the local resources and ensures that our carbon footprint is as low as it can possibly be.
There is no sustainability without profitability. In a capitalist economy, a firm’s success most heavily depends on its financial performance, or the profit it generates for shareholders. Strategic planning initiatives and key business decisions are generally carefully designed to maximize profits while reducing costs and mitigating risk. In the past, many firms’ goals have ended there. Now, purpose-driven leaders like us are discovering they have the power to use their businesses to effect positive change in the world without hampering financial performance. In many cases, adopting sustainability initiatives has proven to drive business success. Business integrity, identity protection for customers and workers, and responsible sourcing of material are key elements for us. When possible we adapt prices down as much as we can, in order to provide our customers with the best possible product at the best possible price. We use the height of identity protection methods to ensure customer and worker safety online. Even as we maintain the best of the best in quality, we do not compromise on responsible sourcing. We strictly adhere to guidelines such as the Kimberley Process, CIBJO Blue books and Responsible Jewellery Council.
Why is the triple bottom line important for us? To some, adopting a triple bottom line approach may seem idealistic in a world that emphasizes profit over purpose. Innovative companies, however, have shown time and again that it’s possible to do well by doing good. The triple bottom line doesn’t inherently value societal and environmental impact at the expense of financial profitability. Instead, many firms have reaped financial benefits by committing to sustainable business practices. In many situations, it's possible to do the right thing and make money at the same time. Indeed, there's good reason to believe that solving the world's problems presents trillions of dollars worth of economic opportunity.
Doing well by doing good. As the world’s most pressing challenges evolve, purpose-driven leaders are needed to spearhead initiatives that can spur positive change—but making those changes isn’t an easy task. Finding these opportunities and making them successful takes both real courage and grindingly hard work. It’s often the firms that have a purpose—beyond simply making money—that make the first move. Although the road ahead is long and uncertain, it’s important not to be discouraged. The first steps toward sustainability start with the individual. Little by little, firms like ours can unite around a common cause and have a real, measurable impact. That is the approach we are taking. A shared purpose can make firms both more productive and more innovative. But what's most important is that, in the end, our values are all we have.
In short, sustainability in business refers to the effect companies have on the environment or society. A sustainable business strategy aims to positively impact one or both of those areas, thereby helping address some of the world’s most pressing problems. Some of the global issues that sustainable business strategies help to address include climate change, income inequality, depletion of natural resources, human rights issues and Fair working conditions, pollution, racial injustice and gender inequality. Although it may sound like it, sustainability in business is not purely altruistic. You can't use business to do good in the world if you're not doing well financially. Doing well and doing good are intertwined, and successful business strategies include both.
There's a Growing Market for Sustainable Goods as global consumers are willing to change their consumption habits to lessen their negative impact on the environment. Millennials in particular are more willing to pay more for products that contain sustainable ingredients or products that have social responsibility claims. We firmly believe we create a ripple effect of sustainability through out our entire value chain, from sourcing gemstones with our vendors, manufacturers, service providers, all the way from mine to market.