A new report by Positive Luxury, titled The Future of Jewelry and Watches, provides new analysis of sustainability practices and challenges within the luxury jewelry and watch sectors, outlining key environmental and social impacts and identifying areas where progress is needed.
Key Challenges in Supply Chain Transparency
According to the report, the complexity and opacity of supply chains remain a major hurdle for the luxury jewelry and watch industries. Although products may be crafted from recyclable materials and are often designed to last for generations, ensuring transparency in sourcing and manufacturing processes is a persistent issue.
The report categorises the industry’s pressing concerns under topics such as Nature & Biodiversity, Laboratory-grown Diamonds, Supply Chain Transparency, Industry Collaboration, Recycled Gold, and Community Impact.
Industry Collaboration and Best Practices
The report incorporates insights from industry experts and details case studies from prominent brands including Tiffany & Co., Monica Vinader, De Beers, and Stephen Webster. It details how these companies are implementing sustainable practices and the effects these measures have on their operations and supply chains. The introduction states: “With the help of industry experts and insightful case studies, we offer inspiration for positive action and best practice examples.”
Iris Van der Veken of the Watch & Jewelry Initiative (WJI) commented on the importance of collaboration in the industry: “Collaboration is key in achieving transparency and tackling the significant challenges the industry faces. It is only through joint efforts that we can make a meaningful impact.”
Holly McHugh of Mejuri highlighted the consumer-driven demand for transparency: “Consumers are now looking beyond the product and wanting to know where materials come from and how they are sourced. Brands that do not address this are likely to fall behind.”
Spotlight on Hot Topics
One of the report’s focal points is the shift towards laboratory-grown diamonds. This growing trend is seen as a potential solution to some of the ethical and environmental issues linked with traditional diamond mining. The report also explores the benefits of using recycled gold in jewelry production, a practice that can significantly reduce the ecological footprint of the industry.
Encouraging Positive Change
The report encourages luxury businesses to consider integrating sustainability into their practices. Positive Luxury emphasises that these solutions “not only offer a pathway to a more sustainable future but offer businesses real long-term value – and competitive advantage.”
Overall, The Future of Jewelry and Watches provides solid insights into the current sustainability challenges and potential practices that can improve business operations.
For a full exploration of the report’s findings and recommendations, the complete document is available for download on the Positive Luxury website.
