Surveys

4 Findings from PGI’s Consumer Survey About Sustainability and Jewelry

SurveysMar 31, 2022

4 Findings from PGI’s Consumer Survey About Sustainability and Jewelry

Here’s which factors influence—and which don’t—their purchasing decisions.

Platinum Guild International USA commissioned a study to better understand how important ethical, social, and environmental (ESG) standards are to those purchasing fine jewelry.
New York—It’s important, perhaps now more than ever, for companies to incorporate ethical, social, and environmental (ESG) standards into the way they operate.

To better understand which of these factors are most important to consumers, Platinum Guild International USA commissioned a study on the topic and how these factors relate to fine jewelry purchases.

The survey answers came from 500 U.S. consumers in December who had purchased or received a fine jewelry piece worth more than $1,000 in the last two years.

Respondents were evenly split between male and female, were between the ages of 18 and 65, and had household incomes of more than $50,000.

The study focused on key areas like the importance of ESG aspects, how sustainability factors fit with fine jewelry, and their impact on their purchasing decision.

“We feel it is important for our industry to make a continued commitment toward sustainable practices in all levels of business,” said PGI USA President Jenny Luker.

“In order to be highly effective in this space and provide value to our partners and the industry at large, we felt it was necessary to conduct a study that would show the baseline of what sustainability actually means to consumers, allowing our future communications to be more effectively received.”

Here are four key findings from the survey’s results.

1. Consumer understanding of sustainability varies.

Consumers said they think words and phrases like “environmentally responsible,” “sustainable sourcing,” and “traceability” fit best when it comes to sustainability, the survey found, but human rights and fair labor practices are what will most likely sway their purchasing decision, PGI said.

And, while many consumers indicated they believe sustainability is about jewelry being produced responsibly, with environmentally friendly practices, and with fair labor laws, still others said they think it relates to the durability and quality of the piece, further showing an unclear understanding of the word to consumers.

2. Sustainability isn’t at the top of the list of factors influencing their choices.

While the topic is important to many fine jewelry consumers, it doesn’t play nearly as big of a role in their selection as quality, design, and metal used.

Sustainability came in fourth, followed by price and whether there are gemstones used last.

3. Young consumers are driving the conversations with jewelers.

About 40 percent said they had conversations with their jewelry about sustainability.

These conversations are mostly driven by those aged 18-39, with topics focusing on how the piece was made, where the materials were sourced, and the quality/durability of the piece.

 4. Consumers will pay a premium for sustainability.

Most consumers indicated in the survey that they would pay an average of 15 percent to 20 percent more for all sustainable aspects, particularly environmentally responsible, human rights, and fair labor practices.
 
A webinar to be held on Thursday, April 14, featuring the senior research manager from 360 Market Reach, will take attendees through the study’s key findings.

Registration for that can be found on the Women’s Jewelry Association website

 Related stories will be right here …
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Supplier BulletinJun 24, 2022
AGTA GemFair™ Denver is the Place to Be in September!

Sponsored by AGTA

Recorded WebinarsJun 24, 2022
Vegas Jewelry Recap: The Editors Weigh In

Watch the webinar in which National Jeweler’s editors talk about jewelry market week trends and their predictions for the rest of 2022.

MajorsJun 24, 2022
Banter by Piercing Pagoda Celebrates Pride with ‘SayGay’ Necklace

All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.

Brought to you by
Discover The Extraordinary Italian Jewelry In Las Vegas!

Experience all the Italian Jewelry market has to offer in Las Vegas.

CollectionsJun 24, 2022
Piece of the Week: Marie Lichtenberg’s Hidden Message Locket

It’s a reminder that life is best lived with discretion.

Weekly QuizJun 23, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
TechnologyJun 24, 2022
Cloud-Based POS Software Jewel360 Launches for Jewelry Retailers

The end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.

EditorsJun 23, 2022
Antique Show Observations From a First-Time Attendee

Associate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.

Brought to you by
3 Reasons to Offer Estate Buying at Your Store

Provide your customers with a seamless selling solution by partnering with Windsor Jewelers, Inc.

GradingJun 23, 2022
AIGS Launches Grading Report for ‘Santa Maria’ Aquamarine

The Asian Institute of Gemological Sciences aims to set a color standard for the trade name.

SourcingJun 23, 2022
Rough Diamond Sales Rise Again for De Beers

Sales were up 36 percent year-over-year in June and are pacing 24 percent ahead of last year at this point.

AuctionsJun 23, 2022
Auction House Freeman’s Appoints First Rep in Florida

Kate Della Monica, a senior specialist in the Jewelry and Watches department, will relocate to the Sunshine State.

Lab-GrownJun 22, 2022
LVMH Luxury Ventures Sinks Money Into Lab-Grown Diamond Start-Up

LVMH’s investment arm has taken a stake in Lusix, a lab-grown diamond company based in Israel.

AuctionsJun 22, 2022
Here’s How Two 100-Plus-Carat Diamonds Did at Auction

Sotheby’s New York put a colorless diamond and a fancy deep orange-brown diamond up for sale last week, with mixed results.

CrimeJun 22, 2022
Leviev Diamonds Launches Bracelet to Help ‘Tinder Swindler’ Victims

Profits will help them recoup financial losses.

MajorsJun 22, 2022
Swarovski Names First Non-Family CEO

Retail veteran Alexis Nasard will step in as CEO on July 4.

SourcingJun 22, 2022
Edward Asscher to Remain WDC President for Another Year

The organization also extended the terms of Vice President Feriel Zerouki and Treasurer Ronnie VanderLinden.

ColumnistsJun 21, 2022
State of the Majors 2022: Reflections on Resilience

After suffering a professional setback, columnist Peter Smith reflects on our ability to bounce back even when the hits keep on coming.

IndependentsJun 21, 2022
Jeweler Tommy Glatz, Known for Being Creative and Kind, Dies at 68

Glatz owned and operated Glatz Jewelers in Aliquippa, Pennsylvania for more than 40 years.

Events & AwardsJun 21, 2022
24 Karat Club of Southern California Will Honor These Industry Leaders

The organization will present three awards at its annual dinner, dance, and gala in October.

MajorsJun 21, 2022
David Yurman Hires Chief of People, Strategy

Former McKinsey partner Emily Yueh marks new president Evan Yurman’s first hire.

TrendsJun 17, 2022
Britney Spears Wore Over $500K of Stephanie Gottlieb Diamonds at Her Wedding

The New York jeweler also made the pop star’s wedding bands.

AuctionsJun 17, 2022
5-Carat Paraiba Tourmaline Ring to Hit the Auction Block

It’s predicted to sell for up to $484,000 during the Bonhams Hong Kong Jewels and Jadeite auction on June 22.

Events & AwardsJun 17, 2022
WJA Foundation to Offer Tech Scholarships for Women of Color

The recipient will receive up to $17,500 toward a tech-focused certification or program of their choice.

CollectionsJun 17, 2022
Piece of the Week: Gemella’s ‘Stella’ Necklace

It’s as versatile as it is glamorous.

Supplier BulletinJun 16, 2022
HiBid Is A Jewelry Lover’s Best Friend

Sponsored by HiBid

TechnologyJun 16, 2022
Cartier, Amazon Suing ‘Influencer,’ Sellers Over Counterfeit ‘Love’ Jewelry

The alleged scheme involving fake “Love” bracelets, necklaces and rings was designed to circumvent Amazon’s counterfeit detection tools.

MajorsJun 16, 2022
Helzberg CEO Beryl Raff to Retire

Chief Financial Officer Brad Hampton will take over as the retailer’s new CEO.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy