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How the SCS-007 Jewelry Sustainability Standard Elevates Responsible Diamond Practices in the Retail Jewelry Industry | May 09, 2023 (0 comments)
[SPONSORED CONTENT] New York, NY--In a world where ethical consumerism and ecological responsibility take center stage, the retail jewelry industry is experiencing a paradigm shift. Discerning buyers are increasingly drawn towards sustainable and ethically sourced diamonds, making these jewels the new gold standard.
McKinsey & Company predicts that by 2025, sustainability-influenced purchases will represent 20 to 30 percent of all fine-jewelry sales, amounting to a staggering $110 billion. This figure is at least triple the sustainability-influenced purchases recorded in 2019.
To address this burgeoning demand, SCS Standards and SCS Global Services, an international leader in third-party environmental, sustainability, and responsible sourcing certification, have developed the SCS-007 Jewelry Sustainability Standard – Sustainability Rated Diamonds.
This comprehensive standard focuses on five key pillars of sustainability achievement. The standard ensures origin verification, using advanced testing and auditing protocols to trace each diamond back to its source with the highest level of certainty. It also emphasizes ethical stewardship, requiring accredited diamond producers or mines to adhere to stringent social and environmental standards that protect workers, communities, and the environment.
Sustainable production is another crucial element, ensuring net zero impacts in all production-related environmental and human health impacts. In addition, the SCS-007 standard highlights the importance of climate neutrality, urging diamond mines or producers to commit to eliminating or offsetting their entire climate footprint. Lastly, the standard encourages sustainability investments, promoting targeted initiatives such as climate mitigation projects and support for artisanal-scale miners and vulnerable communities.
The SCS-007 Jewelry Sustainability Standard provides unparalleled assurance for consumers seeking sustainable and responsibly sourced diamonds. It also benefits diamond producers by increasing transparency, risk management, and offering a competitive edge in the market, allowing certified producers and suppliers to differentiate themselves in the marketplace by demonstrating their commitment to sustainability and responsible practices.
One notable example of the SCS-007 standard in action is Helzberg Diamonds' rêve Certified Sustainability Rated lab-grown diamond collection. Julie Yoakum, President of Helzberg Diamonds, highlights the company's commitment to sustainability and how it aligns with the SCS-007 standard.
"As the first national jewelry retailer to offer lab-grown diamonds in 2017, Helzberg Diamonds has a longstanding commitment to providing diamond purchasers with a world-class shopping experience and expertise to help them choose the best diamond for them," said Yoakum. "The SCS-007 certified rêve lab grown diamond collection offers sustainability-minded customers with a new choice in diamonds that meets their expectations."
SCS Global Services works closely with the retail jewelry industry to help them achieve their sustainability goals through the SCS-007 standard. Retailers can become accredited under the SCS-007 program to gain access to certified inventory and certificates of sustainability. This allows retailers to stock and sell certified diamonds rated against the key pillars of sustainability, attracting and catering to sustainability-minded customers.
Examples of other successful partnerships between SCS Global Services and jewelry retailers include Michael Hill, Oscar Massin, Brilliant Earth, and FTJCo. These retailers have embraced the SCS-007 standard and are now better equipped to meet the growing demand for ethical and sustainable diamonds.
SCS Global Services is committed to continuous improvement and collaboration across the industry. The company has conducted extensive stakeholder engagement, working with industry associations, NGOs, and other interested parties, to ensure the SCS-007 standard remains relevant and practical. This collaborative approach fosters a shared commitment to sustainability and responsible sourcing, strengthening the industry's progress and promoting consumer trust.
SCS Global Services and the SCS-007 Jewelry Sustainability Standard are trailblazing a sustainable future for the retail jewelry landscape. As consumer priorities shift towards ethics and sustainability, the SCS-007 standard equips retailers with a reliable and comprehensive benchmark to cater to the rising demand for conscientious choices. Through unwavering collaboration and commitment to excellence, the SCS-007 standard paves the way for a greener and more responsible era in the world of dazzling gems.
SCS Global Services will attend the upcoming JCK and Centurion jewelry trade shows to showcase their partnerships and the SCS-007 Jewelry Sustainability Standard.
For more information about SCS 007 Sustainability Rated Diamonds, visit the website or contact Kat Weymouth.