Jewelry Industry ESG Thematic Report, 2023

Jewelry Industry ESG Thematic Report, 2023

Compliance, ESG Challenges & Framework, ESG Trends

  • Published Date: Oct, 2022
  • Report ID: Astra-100114
  • Format: Electronic (PDF)
  • Number of Pages: 66

Environmental, Social, and Governance (ESG) in the Jewelry Industry

ESG, which stands for Environmental, Social, and Governance, has become more important to investors, policymakers, and other key stakeholders as the current COVID-19 pandemic demonstrates how it is an effective way to mitigate future risks for businesses.

The Jewelry industry has a significant impact on ESG in terms of environment and social aspects. To explain it further, one of the most prominent concepts is sustainable jewelry, which has a minimal impact on the environment. The high-quality materials used in production are environmentally friendly and emit fewer greenhouse gas emissions. When it comes to impact, eco-friendly jewelry designs made from recycled materials, gemstones, pearls, and synthetic diamonds has a positive impact on the environment. In addition, mining has negative effects on the environment, whereas, the social impacts are from human displacement, child labor, dangerous chemicals, etc.

ESG Trends

Sustainable jewelry is made from recycled materials, which are eco-friendly and has a positive impact on the environment. The materials used for making sustainable jewelry are sourced ethically and are priced fairly. At the same time, sustainable jewelry also refers to responsible and transparent sourcing practices within the supply chain. The transition to sustainable jewelry will have a significant positive environmental and social impact, from sourcing to production, distribution, and packaging.

Jewelry materials such as gold and platinum are long-lasting when used over a long period of time and are not damaged. In addition, several companies have adopted a sustainable packaging approach that uses recyclable materials in their product packaging, which is consistent with our research findings.

ESG Challenges

The Jewelry Industry has often faced with multiple challenges, including a complex supply chain process whose transparency is difficult to track. This is because raw materials are often sourced from multiple countries, which includes mining from one country to another without any knowledge from where the raw materials are originated. The jewelry supply chain is adversely affected by corruption, as the process from mine to market involves several risks from a social and environmental standpoint. Further, the mining process itself entails many challenges, such as the release of volatile organic compounds (VOCs) from solvents, exposure to hazardous air pollutants, contamination of groundwater due to the use of water during metal mining, loss of biodiversity and the death of rare animals and plants are also common problems, as well as the release of a lot of greenhouse gases when a carat is mined.

Moreover, people working in the jewelry industry face a lot of challenges about their livelihoods as working in mines affects their health and reduces their life span. Also, the residents are forced to change their location and the local biodiversity is affected negatively. In addition to child labor, mining operations also lead to exposure to dangerous environments that can lead to serious health problems such as lung problems and skin diseases.

Growth of the Jewelry Market

In 2021, the global jewelry market was valued at USD 249.02 billion, and it is expected to grow at a compound annual growth rate (CAGR) of 8.5% between 2022 and 2030. The demand for jewelry is expected to be driven by increasing disposable income and innovative jewelry designs from manufacturers. Also, the research includes perspectives on the industry from both an environmental as well as a social perspective. 

Key companies in this theme

    • Tiffany & Co.,

    • Pandora

    • Chow Tai Fook

    • Louis Vuitton SE

    • Richemont

    • among others.

Scope of the Jewelry Industry ESG Thematic Report: 

    • Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape

    • Key insights on infrastructure developments and ESG issues affecting the theme

    • Identify key initiatives and challenges within the industry

    • Identify ESG leaders within the industry

    • Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process

    • Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment

Key Benefits of Jewelry Industry ESG Thematic report:

    • Developing a comprehensive understanding of macro-economic, Policies & Regulations and innovations affecting the industry, globally

    • Key insights into Infrastructure developments and ESG issues affecting the theme

    • Identifying ESG risks and opportunities to business among leading players in the industry

    • Obtaining a clear and relevant understanding of company actions, progress, and impact and find opportunities for investment

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