2024 State of the Industry Report

for both retailers and consumers.”
The consumer market is growing
increasingly discerning. Recent
studies indicate that a staggering
90%* of global consumers express
a preference for responsibly sourced
products.
Moreover, 83%* are willing to dig a
little deeper into their pockets for
ethically produced merchandise.
When it comes to the jewellery
sector, the statistics are equally
revealing.
An impressive 68% of Millennial and
Generation Z consumers say that
sustainability concerns could be a
deal-breaker in purchasing diamond
jewellery, according to a recent Bain
& Company survey on the global
diamond industry.
Embracing sustainable practices isn’t
just about saving the planet; it’s good
for business.
A 2023 Deloitte report revealed
that 72% of employees in retail
organisations with leading
sustainability programs are
Ultimately, the journey
towards ethical
perfection is far from
over. Clear Neutral and
other initiatives like
it offer an incredible
opportunity for the
jewellery industry to
embrace responsible
practices.
committed to their current jobs.
Buyers like Jake Goodwin also
appreciate an ethically sound supply
chain. “It’s more than just a gem; it’s a
statement of who I am,” he says.
The sentiment echoes among
consumers like Ainsley Caulfield,
who notes, “I love the idea of wearing
a diamond that’s not only beautiful
but also kinder to our planet.”
Jewellers themselves are taking notice
of the growing ethical concerns.
“More and more people are asking
about lab-grown diamonds. They
love that they’re more sustainable,
but they’re also concerned about the
energy used to produce them,” says
Jordan Cullen, Managing Director of
Cullen Jewellery.
“We need to ensure we’re addressing
those concerns head-on.”
Ultimately, the journey towards
ethical perfection is far from over.
Clear Neutral and other initiatives
like it offer an incredible opportunity
for the jewellery industry to embrace
responsible practices.
The opaquely symbiotic relationship
between jewellers, consumers, and
the environment will continue to
evolve.
What seems clear, though, is that the
path towards ethical consumption
and responsible retailing is not just a
trend.
It’s a necessary evolution that
resonates deeply with the buyers,
employees, and society at large.