Jewelers Mine for young customers with digital diamonds
While notorious for its dazzle, jewelry’s past has not always been principled, giving us the invented “curse” of Hope Diamond and the very real brutality of the blood diamond trade, which create all ideal market conditions for sustainable, ethically sourced jewelry on its continued ascent.
It’s been trending for years, with a luxury brand Chopard often credited with bringing the issue to the media’s attention in 2013. Chopard creations are a staple of the Cannes Film Festival, the Oscars and other high-profile events, and the brand has begun cheering on stars from the carpet red to walk on “the green carpet” instead, showcasing durable pieces.
A few years and pandemic-induced digital shift later, ethically sourced sustainable gemstones, gold and designs are now big business as socially conscious younger demographics have gained purchasing power and are looking for ethical brands that match the way they like to shop.
An example is shiny earththe first publicly traded digital jewelry chain that reported strong sales in the second quarter of 2022 Thursday August 11 during its earnings report. In this announcement, the co-founder and CEO of Brilliant Earth Beth Gerstein said the second quarter results reflect “the growing awareness and resonance of the Brilliant Earth brand, the disciplined execution of our omnichannel growth strategy and the benefits of our lean, agile and data-driven business model.”
See also: Digital jewelry startup Brilliant Earth opens 40% after reduced IPO
In a conference call with analysts, Gerstein said, “We are in a strong position to take share in a fragmented industry and to prudently manage costs to continue to deliver profitable growth.” The brand’s omnichannel retail concept revolves around showrooms in major metropolises, including new locations in Maryland, Ohio, Texas, Minnesota and Michigan, where shoppers can view parts and order in-store or online in a seamless shopping continuum.
Trends in trends
Payments Innovation Makes Ethically Sourced Jewelry More Affordable, with BNPPL Company (Buy Now, Pay Later) separate it presenting several brands in one blog postincluding Friendly Diamonds, of which he said, “Every diamond sold is an eco-friendly and ethical lab-grown diamond in labs that adhere to the highest ecological standards.”
Bookmark Jewelers announced on Tuesday August 9 the acquisition of Blue Nilethe latter emphasizing ethically sourced and conflict-free materials in its designs, in line with Signet’s sustainable and ethical approach to sourcing and supply chain transparency.
“By joining Signet, we will extend our premium brand and fine jewelry offering to millions of new customers while bringing new capabilities to our leading e-commerce business that will generate additional growth opportunities for Blue Nile,” said said the CEO of Blue Nile. Sean Kel in a Press release. We’re also thrilled to join a purpose-driven, sustainability-driven company that shares our core values. »
On its website, Blue Nile has stated that it maintains “a zero-tolerance policy towards conflict diamonds. Through measures such as the Kimberley Process, which tracks diamonds from mine to market, the industry, in partnership with the United Nations, governments and non-governmental organizations, controls diamond exports to prevent the trade from illegal diamonds.
Not spared from the subscription box boom, the August 2022 Subscription Commerce Tracker®, a PYMNTS and vindicia collaboration, contained an interview with Allison Vigilpresident of Rockboxa monthly subscription service that rents jewelry to customers with an option to purchase.
Nodding to millennial and Gen Z interest in ethically sourced jewelry, Vigil told PYMNTS, “Our customers are really using the service on their mobile phones, so they want payment experiences mobile-friendly, and they want engagement points to be as easy as possible. They really want flexibility when it comes to payment options.”