Sales Strategy

Why Sustainability Is the New Frontier for the Jewelry Industry March 21, 2023 (0 comments)

New York, NY--As consumer demand for ethical practices grows, the jewelry industry faces mounting pressure to embrace sustainability. Long plagued by associations with environmental destruction, child labor, and conflict minerals, the industry must now adapt to changing consumer preferences.

[Photo by Ioana Motoc]

According to a report, research indicates that over 80% of consumers value a retailer's ethical standards, and more than a third are willing to pay extra for ethically-produced products.

Millennials, known for valuing experiences over possessions and prioritizing sustainability, pose a unique challenge to the jewelry industry. These young consumers are less likely to invest in luxury items, especially if their production involves dubious ethical standards. In response, the industry has begun to explore lab-grown stones as a more sustainable and cost-effective alternative to traditional mining.

However, implementing ethical standards across complex supply chains poses a significant challenge. Brands must navigate cultural and language barriers, ensure supplier compliance, and meet the expectations of consumers, governments, and NGOs. Certification schemes and legal frameworks have emerged to address these issues, but their effectiveness varies, and smaller brands face additional hurdles.

Despite the difficulties, jewelry brands cannot ignore the need for increased sustainability and ethical practices. Technological advancements, such as lab-grown stones, provide new opportunities for change, while smaller brands leverage their close supplier relationships to ensure compliance. The jewelry industry must adapt to this new reality or risk losing its appeal to future generations of consumers.

Learn more in this report.