LVMH has committed to 100% traceability across their strategic supply chains by 2030. The Group is also making traceability an integral part of the customer experience by providing a dedicated information system for all new products by 2026.
Announcing the Gemstones and Jewelry Community Platform
LVMH co-founded the Coloured Gemstones Working Group (CGWG), an initiative uniting luxury brands and mining companies to promote responsible sourcing of gemstones. They have now announced the launch of CGWG’s Gemstones and Jewelry Community Platform, a venture inspired by the sustainability commitments of the associated luxury brands.
Unveiled on April 29 in conjunction with the 2021 OECD Forum on Responsible Mineral Supply Chains, the Gemstones and Jewellery Community Platform is the fruit of five years of collaboration by the CGWG. This free digital resource is available to the entire gemstone and jewelry industry, from mining to retail. The platform offers a comprehensive range of tools and training resources, including presentations and talks and webinars on sustainability in the industry. Centered around ten key commitments for responsible sourcing and production, the platform spans over 40 different topics relevant to the colored gemstone sector, notably human rights and environmental protection. – LVMH News
Consciousness is Trending
Conscious consumers look beyond the label. Today’s shoppers increasingly want details about where and how the product was sourced. This has proven difficult in diamond and colored stone supply chains, where output from multiple mines gets aggregated and sorted prior to arrival in trading centers, possibly changing hands several times prior to cutting and distribution. The CGWG has actively promoted responsible sourcing of raw materials for many years.
Tiffany’s Full Craftsmanship Journey
Last summer Tiffany & Co. announced their “Full Craftsmanship Journey” program, detailing the provenance of the diamonds they sell, beginning with country and mine of origin. The narrative includes each component from mine to market: Where the diamond was unearthed, where it was cut, polished & graded, and details about its incorporation into the finished piece of jewelry.
Anisa Kamadoli Costa, Chief Sustainability Officer at Tiffany, commented on the launch of the Gemstones and Jewelry Community Platform:
At Tiffany & Co., we have long been committed to sourcing in a socially and environmentally-responsible manner. We also recognize that collaboration can drive transparency and positive change within the jewelry sector. Tiffany & Co. is proud to be a founding member of the Coloured Gemstone Working Group and to launch the Gemstones and Jewelry Community Platform, which makes available resources for the entire gemstones and jewelry industry, an advancement towards a more transparent and responsible colored gemstone supply chain.
Luxury Brand Awareness
The founders of the CGWG include many of the world’s most iconic brands, including LVMH, Tiffany & Co., Swarovski, Richemont, Kering and Gemfields, later joined by the Muzo Companies and Chopard.
Tiffany & Co, and Richemont/Cartier were also among the 14 founding members of The Responsible Jewelry Council (RJC), an organization which has worked for over 15 years to create a globally sustainable future for the jewelry industry. Now over 1200 members strong, the RJC is widely considered the world’s leading standard setting organization for our industry. Their Code of Practices addresses business ethics and responsible supply chains for gold, silver, platinum group metals, diamonds and colored gemstones. In keeping with those practices, all of Richemont’s Maison’s are on pace to have 100% RJC certified clean gold by 2024.