The Mission Towards Sustainable Jewelry
A movement is on the horizon! Today more people are keen to save the world and to make a real change if that means that the planet will continue to live. The sustainability trend is catching up with us, which is why more companies want to participate in this journey to not fall behind. Here we discuss the impact of sustainability on the jewelry market and how companies are engaged.
The sustainability trend is expanding
The world is changing, which means that the message is spreading that people need to change their customer behavior in order to keep the planet alive. This means that companies also need to change their old-fashioned and familiar way of doing business to a more up-to-date climate business process, as they are linked to the needs and wants of their customers. So, who are the jewelry market's customers, and what are their current needs?
First, let’s dive into the total market of the jewelry. According to Statista, in 2020, the global luxury jewelry market amounted to about 18 billion euros and its value is forecasted to increase from 230 billion U.S. dollars in 2020 to about 292 billion dollars by 2025. The industry relies heavily on the rising growth of the global economy; however, due to the corona pandemic the market isn’t booming and is even expected to shrink in the upcoming years. Yet, it can still be said that the market is really large, and the demand for jewelry is increasing. How is that possible?
This is reflected in the enormous increase in the demand for jewelry in South Asia, countries such as China, Japan, and India. In China, this is reflected in the young people, called the "New Rich", with high spending potential who want to increase their self-expression by wearing fine and costume jewelry, also known as ethical jewelry. These people ''New Rich '' can also be found in Japan and India. In addition, the growth of the middle and upper classes in South Asia remains strong and they are also expected to increase demand in the jewelry market. These people are interested in jewelry that last long and looks gorgeous at the same time, which can also be called ethical jewelry.
It's because of all these groups of people in South Asia that the jewelry market isn't decreasing but increasing, and it is because of their interest in more fine, custom, long-lasting, and gorgeous looking jewelry that the market is slowly changing in bringing more ethical jewelry into the world.
New category of jewelry
What exactly is ethical jewelry? It is jewelry that is the definition of sustainability because it has no negative impact on the people who make it or the environment they’re produced in. It is often using materials that you can trace back to the source but also using recycled materials is a way of ethical jewelry. Even not using practices that pollute or negatively impact the environment, or not using child labor and ensuring fair wages and working hours fall under the category of being part of ethical jewelry. The following video could shed some more light on the topic: https://www.youtube.com/watch?v=RTXQcv2yiEI
Ethical jewelry brands
Pandora, AGMES, Cerimani are some examples of jewelry brands that sell ethical jewelry. By doing this, they are joining the movement to be part of the change, but there are hundreds of brands around the world that are trying as well.
Looking at Pandora why they are an ethical jewelry brand is because they only source their diamonds from certified, reputable suppliers. Additionally, 100 percent of the gold used in their pieces is recycled and 88 percent of the silver is also recycled. All of their pieces are made in their two eco factories in Thailand. Eco because the factories use solar energy and collect rainwater in a central tropical garden that is recycled around the factory. The factory has even been built with recycled materials. In addition, Pandora is committed to providing good working conditions for their 11,500 employees, for example, benefits such as free travel to and from work, subsidized meals, and a pension. As you can tell, Pandora goes to great lengths to change their business process to a more up-to-date climate one.
What about Justo?
When it comes to Justo, the business process is up-to-date with the climate of today. This can be seen that Justo imports all of their silver from Peru on a Fairtrade only basis. We also employ our own silversmiths who turn our ethical silver into beautiful and one-of-a-kind bracelets, earrings, and necklaces. Plus, the silver we import is Britannia Silver 958 which means that the alloy is 95.84% pure silver and 4.16% copper or other metals. All in all, the climate is becoming important and we at Justo like to be part of that change!
For more information regarding our business process or products, please do not hesitate to get in contact with us at info@justo.com.
Warm regards,
The Justo Team