Sustainable and ethical jewelry has become a major topic in the global jewelry market, driving brands to launch new initiatives, share more information with customers, and set new goals for improvement. This includes responsibly managing resource use to reduce waste, protecting the well-being of all living beings, and ensuring the safety and fair treatment of all workers in the supply chain. Below are some key points you should know about the challenges and opportunities presented by ethical and sustainable jewelry trends.
Sustainability as a Rising Trend
Research shows that almost 80% of people globally would choose to buy eco-friendly products, especially millennials (ages 22-35), who prefer environmentally friendly options more than other generations. In the past decade, consumer behavior in the United States has leaned towards choosing sustainable products.
In a 2018 survey, U.S. consumers spent more than $128.5 million on sustainable and environmentally friendly products, with 75% of those consumers being millennials. Market research also predicts that the market share for sustainable and eco-friendly products will grow significantly. Within the jewelry and accessories category, popularity ranked fourth, following cleaning products, cosmetics, and food.
Ethical Jewelry
The demand for social and environmental responsibility—including fair trade—has played an important role in shaping consumer preferences for new-generation products. This shift has influenced many industries, including jewelry and decorations. Besides quality, value, product design, trust, and brand loyalty, other crucial factors influencing the purchase of jewelry and decorations are sustainability and social responsibility, as well as prioritizing community well-being.
With the rise of eco-friendly products, jewelry entrepreneurs are increasingly producing sustainable accessories by using recycled materials from electronic waste, extracting gold from unused electronics, and using lab-grown diamonds instead of natural diamonds. Some jewelry even features natural-related styles, such as Art Nouveau.
Challenges and Opportunities
Sustainability is no longer just an idea; it is being implemented across various industries. This means transparency regarding production sources and the use of sustainable materials, as well as a commitment to minimizing environmental impact. It also includes paying fair wages and providing a safe work environment for employees.
This idea covers the entire process—from mining transparency to ensuring workers maintain good hygiene standards. It also involves tracking material origins, considering the impact on nearby communities, using reusable or recyclable materials, providing fair compensation, avoiding illegal labor, and designing without gender or cultural boundaries.
COVID-19 and Environmental Sustainability
The spread of COVID-19 has brought attention to environmental sustainability in many industries, including fashion. A McKinsey survey on consumer attitudes towards sustainability in the fashion industry found that 88% of people were willing to pay more to reduce the pollution caused by fashion production. Additionally, 67% of consumers supported using recycled materials, and 61% preferred products made with renewable materials.
In 2020, research on ethical jewelry, diamonds, and gold grew by 75% compared to the previous year, while interest in lab-grown diamonds increased by 83%, and searches for "sustainable engagement rings" rose by 65%.
This increased awareness, partially driven by COVID-19, has accelerated consumer interest in ethical and sustainable options, indicating that in the near future, ethical and sustainable jewelry will be a major factor in consumer choices and a key trend for the jewelry and decoration industry to adapt to.
Conclusion
The shift towards sustainability offers a unique opportunity for the lab-grown diamond industry to gain a competitive edge. As sustainable jewelry continues to grow in popularity, lab-grown diamonds provide an eco-friendly and ethical alternative to natural diamonds, aligning with consumer preferences for responsible and meaningful luxury. Embracing sustainability, transparency, and ethical practices will be crucial for brands seeking to adapt and thrive in the evolving jewelry market.