Top 3 Reasons Why Sustainability Is Important In The Jewellery Industry

1. Consumers have new expectations and standards 

Younger generations have an interest in sustainability and when they buy a product they act on their values and beliefs of ethical standards. This is something that they want and look for in brands which is why it has become a popular demand by customers. This is something that people within the brand also want for the business. Employees are also driven by similar values as consumers, which is why there is an increasing interest from both employees working for the brand and customers who are buying from a brand. 

Research shows that there is a high level of interest consumers have with a business’s social responsibility and practises. 82% of consumers have said that they care about the ethical standards retailers follow and over a third of customers have said they are willing to pay more for a product that has higher ethical standards. 

With the younger customers becoming more aware of where and what they are buying this creates the high expectations that they have for the businesses they buy from. This creates a pressure for all businesses, including those within the jewellery industry, to adopt more sustainable practises within their businesses.  

2. The supply chain can be complicated

The process of making jewellery more sustainable isn’t an easy process, supply chains are a lengthy and complicated process. By introducing sustainability within the business and processes means that businesses have to show transparency and also show their work towards sustainability  which is something that brands haven’t done in the past. This isn’t something that only businesses are having to do. There is also a pressure on governments and community groups to make sure that everyone involved in the supply chain straightens up their act. 

There is a certification scheme that makes sure gold is produced without exploiting workers and local communities. Some of these schemes and organisations such as OECD, only ask for voluntary co-operations from the industry, one that applies in the US is the Dodd-Frank act, which demands mandatory compliance. 

Usually, many bigger brands have a greater power and influence on the industry and they also are under inspection. They are able to insist suppliers meet certain standards, however smaller brands often have a closer relationship with suppliers and a better view of who they are buying from since their supply chains can be less complicated compared to bigger brands. 

Technology has also played a big role in boosting sustainability in the jewellery industry by offering something different compared to the traditional mined stones. This has impacted the jewellery industry since mining for stones has had a negative history and negative impact on the environment and this is something that consumers have picked up on especially with the younger generation who is concerned about this. 

Something that many new and existing  well-known jewellery brands have been using is lab grown diamonds. It has gained popularity and space in the jewellery industry and this is something that was driven by consumer’s demand. Since consumers are aware of what’s happening in the jewellery trading sector they feel as if lab grown diamonds are a better alternative to use instead of mined diamonds. Lab grown diamonds are also usually cheaper and have the same characteristics as a natural diamond which is why it has become big in the jewellery business. 

3. There can be communication problems across the supply chain

Getting everyone in the process of making your products and having a supply chain where you implement and practice ethical standards can be hard to get across as there are many people involved in the whole process within your business to create your products. There are many things that go on in process starting with the metal mining which happen in a different environment and work setting. This also means that there are several languages spoken across all the employees’ part of the supply chain, which also includes different cultures, traditions, practises and working arrangements and atmosphere. This can impact how well and how quick businesses can implement sustainable practises. 

The message of sustainable practice can be hard to communicate with everyone and expectations may not be met because of the many languages and cultures that are part of the process and supply chain. Which is why it has been difficult for many jewellery brands to quickly change their practises and outside criticism has put pressure on these brands. This is something that the jewellery industry has been adapting to, however it has and is taking some time for brands to adjust.

This is something that customers are now expecting from big and small brands which is why sustainable practises have to be incorporated into the jewellery industry and must be carried out.  It isn’t something just for the consumer but also for the environment which is something else that should be considered when jewellery brands make their products.

Conclusion

In conclusion, as a jewellery business this is something that is important to look into since the industry is changing and customers are now expecting business to be more ethically and sustainability aware. These factors can also impact your business and have a positive result for your business as a whole. 

We hope this blog has given you a better understanding about sustainability in the jewellery industry and ideas on how you can make your business more sustainable!

In the meantime, why not check out this blog on Values Of Sustainability Index And Impact Created to learn more about sustainability.