Gem & Jewelry Articles

Nowadays, consumers are more alert to environmental problems, they are willing to pay more for environmentally friendly products. Jewelry entrepreneurs need to adjust on choosing materials and production that do not adversely affect the environment. The new generations in the US and Europe are the main markets that focus on environmentally friendly products.

The rise of senior population brought about the new economic system called “Silver Economy,” which is related to activities that cater to the elderly’s needs and demands. The YOLD as one of the world’s highest purchasing-power consumers, the elderly is an emerging market which will contribute greatly to the global economy in the coming years, with their spending oriented towards vacation, beauty care, healthcare and other premium products and services, including gems and jewelry.

Formerly, driving economy by responding to consumption used linear economy structure, which consumes the most resources to manufacture the highest volume of products and services. Linear economy affects the world as it causes waste and pollution problems. These circumstances have led to a reconsideration of a concept in creating a balance by pushing circular economy

In the world where sustainability becomes a critical issue, ethical consumption can be achieved in part by knowing the journey of the product you are buying. Even more so, the appreciation for the sweats shed in the process may even increase the value of the product itself. Thailand is a small country in the world of business, but when it comes to producing these lustrous objects, the country is a hidden gem. They pride themselves over the long history of uniquely handcrafted artisans found everywhere from temples to theatres. Similarly, their distinguishing aspect in the gem and jewelry industry is the incomparable level of expertise in processing rough colored gemstones. The skill is supported by cutting-edge technologies that provide standards and knowledge. In addition, The Gem and Jewelry Institute of Thailand, or GIT, has been promoting sustainability in the country’s gem and jewelry ecosystem via various means. Together, this results in high quality products with competitive prices from transparent sources.

Gem and jewelry industry is one of the industries contributing to air pollution throughout its supply chain from material sources to delivery of finished products to consumers. Most of the production cycles creating high carbon footprint are of gem and precious metal mining as well as manufacturing processes to create jewelry. Inevitably, carbon dioxide is released into environment through these processes. Nowadays, many companies in the industry have increasingly given priority to environmental issues. With the goal to decrease greenhouse gas emissions, manufacturing processes have been adjusted to employ green renewable energy.

Country Brand, a marketing strategy, has increasingly drawn attention of many countries because a good national image is a tool in ensuring product quality as well as raising competitiveness and adding value to products. For instance, consumers have no hesitation in purchasing products made in Germany or Japan. This is because they are confidence of the countries’ production quality; hence they are willing to pay despite high prices. However, a country’s respectable image requires long accumulated reputation and continued image building marketing. Which countries have started to build their country brand to boost export opportunity? More details are featured in the following article.

Ethics and sustainability have been recognized and practiced by many sectors. The gem and jewelry industry has also built awareness and specified the definition of ethics. It covers from upstream to downstream—transparent mining, providing good hygiene for workers, offering origin traceability throughout supply chain, being mindful of possible impacts to environment and neighboring communities, using reused or recycled materials, and giving fair wages.

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