Sustainable diamonds are shaping the future of the diamond industry

Sustainable diamonds have become more and more popular as people become more aware of environmental and ethical issues when it comes to buying fine jewellery.

The value of a sustainable diamond

From Pandora to De Beers Group, brands are focused on sustainable diamonds to shape the future of the diamond industry. According to the latest De Beers Sustainability Report, jewellery ranks third in the list of products most frequently purchased based on sustainability considerations. 

Global consumers, especially the younger buyers, are shifting towards conscious spending. They are particular about the ethical value of the products they are buying. Sustainable diamonds are becoming popular not only for their supreme quality but for their assurance of sustainability and reliability.

Roughly a third of consumers have started valuing sustainability over price and design while choosing a natural diamond. They prefer buying jewellery backed by sustainability credentials. Many global studies have found that sustainability considerations influence consumers' purchase decisions across all sectors. 

Apart from knowing that their purchase decision is causing no harm to the environment and society, consumers also want to know how brands and their products contribute to making Earth a better place to live in.

Consumers are ready to pay more

Sustainability-conscious consumers are prepared to pay a premium for natural diamonds that provide evidence of sustainability credentials. Research shows that they are ready to pay 10-20 percent more for natural diamonds that could demonstrate their operations in an environmentally and socially responsible way. Fair worker treatment, protection of the environment, and conflict-free sourcing are the top three ESG considerations for consumers buying diamonds.

It has been observed that younger consumers are driven by more transparency and integrity in product purchases. They are demanding products with stronger ESG credentials. Gen Z is already considering the sustainability factor in their jewellery purchases.

Ethical diamond supplier

One of the ethical diamond suppliers, Dimexon, has been focusing on sustainability and human-first ethics to offer greater transparency and share their story of the ethical supply chain to customers. To add more, by 2023, Dimexon is planning to provide a complete traceability report of all stones to customers and intends to be carbon neutral by 2030. Although Dimexon’s diamonds are not the cheapest, they are of supreme quality. Most importantly, they come with an ethical pedigree that could easily sway consumers' purchasing decisions.

The diamond industry is increasingly demonstrating its sustainability credentials to consumers concerned more about the positive impact of diamonds on the planet. Several initiative programmes are being launched to reform diamond mining, including supply chain tracking, community investments, and the sustainability factor. Technological advancements and the cost-effective production of diamonds are encouraging the manufacturing of sustainable diamonds in many countries.

If you are interested in having your own bespoke ring made, contact our atelier on +65 6733 4100 to book an appointment or email bespoke@thejewelbox.com.