In the current world dynamics, we all are reimaging the modern parts of the global supply chain. To witness the greater good, it’s beneficial to think in terms of long-term perspective and that will help humanity to get a chance to survive long on this planet.

Sustainability and staying on the same chord with nature is one major aspect that the global supply chain needs to incorporate for the long-term benefits. The global jewelry market is also witnessing the same as it’s going through the phase of transformation where the years of exploitation and worker abuse are now ending and the companies are taking items that are ethically sourced.

Today, we will learn what are the factors that are forcing a change in the global jewelry market and how one can understand that incorporate the new business practices.

Shifts That Are Happening in the Market

Several shifts are happening in the market as we can see a lot of geopolitical factors and policy changes are some of the aspects that are forcing change in the consumer market. These factors led to the following changes in the industry:

1. Souring Materials in an Ethical Way

Under the current conflict between Ukraine and Russia, there is a strict sanction on Russian jewels, especially diamonds. The new approach after the war is that items must be sourced ethically and one can’t buy or sell these precious stones to fund war, terrorism or any kind of human abuse.

It set straight the record by making it a law if any such evidence is found then that act will become punishable under the civil court of human rights. If a craftsman or a jeweller wants to make custom jewelry then the first task is to source the material ethically. These are guidelines that are changing the norms of the industry.

2. Increasing Transparency and Traceability in the Industry

The jewelry industry needs fine prints of trademarks to show whether the item is original and legal or something that has been sourced from off markets. jewelry brands are supporting systems now that are transparent and have clear pricing breakdowns where one can understand the value chain of the sector.

Brands are now taking the initiative to make the process transparent with the help of blockchain technology and other registration IDs which show whether the raw material is rightly sourced or not.

3. Enlightenment of jewelryConsumers

The final aspect is the awareness of the consumers of jewelry. Now people are conscious about what they are buying and are more invested in the story of the brand rather than just the simple commodity.

Here, the customers are the ones who play a key role in defining the current standard of the industry and they are the ones who are demanding transparency from the industry which is forcing the manufacturers or the jewellers to change the rules of the business and focus towards sustainability.

Conclusion

The jewelry industry for a long time has a dark past and has a history of violence, war, and human abuse. Today, it’s overcoming all these challenges and is shaping new ways to source materials which is transparent, ethical and sustainable.

Clare Louise