Industry Insights

Celebrating Sustainable Luxury

Millennials, leading protagonists in the luxury market, are of the belief that they should create a social impact with their decisions, which makes this luxury purchase one which is cherished for years to come.

Towards Conscious Luxury  
With the world increasingly becoming a fast-paced environment, there has been a wave of change sweeping through the luxury industry. We have time to strengthen our relationship with the gifts of nature and divert our efforts towards re-evaluating our choices. The growing awareness towards ethical and sustainable lifestyle choices spills into many aspects of everyday world. The impact is being witnessed in the form of ‘conscious luxury’ which has turned into a movement to create awareness about mindful consumption. It advocates switching to a sustainable, ethical, and natural alternative for all things that affect our planet daily. Consumers today are willing to invest in fewer things that hold a deeper meaning, have an emotional factor, and are eternal. Every luxury purchase has a personal essence embodied in it that reflects its values and morals.  

Natural diamonds fit perfectly into this niche segment of loyalists of conscious luxury and now are an important part of a burgeoning consumer base. They are seen as one of the most impressive miracles of nature formed over millennia in the heart of the earth that make you feel unique, special, and valued. Placed as the ultimate gift to yourself, these pieces will always rank amongst your most priceless possessions.  

Known as precious heirlooms, they’ve been treasured and cherished for ages hence popular among royalty. Accentuating heritage, their tales are passed down generation after generation. Jewellery is an emotion and the new heirloom represents the meaning we attach to it though retaining its shine and grandeur. With rich nuances of permanence and lustrous brilliance, they are also a great investment that can be altered with time. 

A Cut Above the Rest
Renowned for the class in themselves, every natural diamond has a fiery history that leans back billions of years to the depths of the earth; where temperatures reach 1000 degrees centigrade and pressures go up as high as 50 kilobars. This is true for each diamond as it is a combination of their distinctiveness, rigidity, infrequency, and rare physical qualities that make them so versatile.  

   

We all know about the 4 Cs that define the qualities of a natural diamond: colour, cut, clarity, and carat weight. But there’s a fifth – ‘Craving’. 

The incredible sense of exclusivity of natural diamonds always captivates and makes us curious to know its origin. The first step in knowing this is also to establish that your diamond was mined responsibly and that it will positively impact the development of the local communities of the region from where it has been sustainably sourced. Each step of the diamond’s journey is set against the highest possible ethical standards, from rock to transformation into beautiful pieces with a legacy of its own. Environmental operations continue for years after mines are closed, as the land is monitored until such time that the quality is back to pre-mining levels and biodiversity is protected.  

Ethical Moves
Not only does the modern diamond mining industry depend on natural resources, but it is also committed to reducing its impact on the planet as much as possible. Across all members of the Natural Diamond Council, 80% of the value created by diamond mining is retained locally, benefiting communities. They actively work on programs and initiatives that help reduce the collective carbon footprint on Earth. Around US$6.8 billion is invested in surrounding communities through local sourcing, which in turn supports the growth of small and medium enterprises. The 7 members of the NDC have taken pledges to meet the UN sustainability guidelines which include: 

  • Delivering positive and long-lasting benefits to local communities and regions by putting people at the heart of its operations, investing in the livelihoods of residents through economic and structural development and creating value for future generations.  
  • Safeguarding the natural world and ensuring sustainable management of precious natural resources by implementing water and energy efficiency strategies, sound waste management, preserving the biodiversity of local land and ensuring that communities have sustained access to local resources. The members  
  • Creating a path to social and economic inclusion and equal opportunities by promoting female empowerment and investing in education and specialised training for local communities. 

Thus, diamonds are an impeccable, timeless legacy that can create a social impact by being sustainably sourced. At the same time, the industry is helping building communities and conserve ecosystems around the world. Millennials today believe in creating a social impact with their decisions which makes this luxury purchase one which is cherished for years to come.