Responsible Jewellery Council Release ESG Toolkit
24 Jul 2023
The Responsible Jewellery Council (RJC) release its first-ever Environmental, Social, and Corporate Governance (ESG) toolkit to members after it was exclusively launched on 23rd June 2023 at Harvard University.
The “State of the Art Jewelry” summit hosted by the RJC, the Gemmological Institute of America (GIA) and the Mineralogical and Geological Museum at Harvard University (MGMH) held a panel entitled "ESG Demystified" where moderator Elizabeth Keenan from Harvard Business School discussed the meaning of sustainability systems in business with panellists Jasmeet Kaur - Senior ESG and Impacts Manager at the RJC, Toby Pomeroy - founder of Mercury Free Mining and Karin Kreider - the Executive Director of ISEAL. RJC's ESG toolkit is designed to assist its members to understand and report on their ESG impacts.
Melanie Grant, Executive Director, Responsible Jewellery Council (RJC), shared,
"We are today with sustainability where we were with digital transformation 20 years ago. Those who embraced it thrived but also gained new and younger clients; those who dismissed it in many ways got left behind. Sustainability is the greatest single issue facing watches and jewellery today, and I want to help everyone understand what they can do to be part of this movement.”
The toolkit breaks down the purpose and scope of all the ESG reporting frameworks and standards that are currently on the market in an effort to equip RJC members with the knowledge to make informed decisions based on their individual business needs. All members will eventually have to report, whether it be due to regulation, contractual requirements, sustainable procurement, or consumer preferences. The work presented in the RJC toolkit is the mapping of the Codes of Practice against the relevant ESG frameworks and the Sustainable Development Goals (SDG).
The RJC mission is to help companies create and implement sustainable and responsible business practices right at the heart of their business strategies.
According to a McKinsey study, by 2025, 20-30% of global fine jewellery sales will be influenced by sustainability considerations, from environmental impact to ethical sourcing practices. This is equivalent to as much as $110 billion, which is a 3 to 4-time increase in sustainability-influenced purchases since 2019. The study also finds that this trend is expected to impact companies of all sizes and geographies alike, with companies buying diamonds and gemstones wholesale coming under the same degree of scrutiny as vertically integrated players that operate their own mines.
To show consumers that they are credible and sincere about driving environmental and social progress, companies will need to improve traceability and transparency within their supply chains. Not adapting to these shifts in consumer attitudes is a high risk to company reputation. In an emotion-driven industry, the costs of such lapses can be significant.
Millennials are now turning to small businesses/local brands with interesting stories and strong ideals. Failing to keep up with consumer demands and changing expectations will likely translate to an impact on the bottom line.
The RJC bring together over 1700 companies of all sizes, across the global watch and jewellery supply chain, from retail to mining.
View Responsible Jewellery Council
Source: Responsible Jewellery Council