Consumers care more about environmentally friendly and socially responsible business practices, panelists declared during a seminar on “The Real Value of Sustainability” on June 3 at JCK Las Vegas.
“This generation that is up and coming is more concerned about where the products they are buying come from,” noted Rebecca Foerster, the U.S. vice president at Rio Tinto Diamonds (which sponsored the seminar). “And they are becoming activists about it.”
Today’s consumers “want something extra,” said Fred Meyer Jewelers’ sustainable supply chain specialist Sean Murray. “It’s not enough for us to just provide them with a product. They want something that aligns with their values and beliefs.”
Research revealed that 78 percent of consumers said they cared about sustainability and ethical issues. Once the consumers were educated about what “sustainable jewelry” meant, that jumped to 90 percent. In the end, more than 60 percent of respondents said they were willing to pay a premium for ethical jewelry.
Cecilia L. Gardner, president and CEO of the Jewelers Vigilance Committee, declared that retailers have a responsibility to insist their suppliers adhere to ethical practices. “The most powerful force for driving these issues is sitting right here. It is not in Washington, it is not in the Kimberley Process. If you ask the right questions, these pressures will go upstream and things will change,” she said.
“We all have a responsibility,” agreed Stuller vice president of diamonds and gemstones Stanley Zale. “I am fourth generation in this industry. We need to be stewards to make sure it is here for generations to come.”