Jewelers Must Embrace Sustainability as “Business Opportunity”
A first of its kind report dedicated to watches and jewelry and published by the Business of Fashion and McKinsey & Company claims that the jewellery sector “will be influenced by the necessity to be sustainable, environmentally friendly and ethical in sourcing its supplies”, Rough & Polished reports.
The report states that the jewelry industry should look “beyond sustainability as a factor in risk mitigation” and embrace it as an opportunity “to build brand equity by effectively changing business practices”.
By 2025, the report states, 25%-30% of global fine jewellery sales “will be influenced by sustainability considerations from environmental impact to ethical sourcing practices”. In short, jewelry and watch companies “should view ethically and environmentally sound practices as a business opportunity” and as a source of competitive advantage.