RJC officially launches first ESG toolkit

Responsible Jewellery Council (RJC) has officially launched its first ever ESG toolkit to members after it was exclusively launched on 23 June 2023 at Harvard University.

The “State of the Art Jewellery” summit hosted by 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.

The new toolkit is designed to assist RJC’s members to understand and report on their ESG impact.

The toolkit breaks down the purpose and scope of all the ESG reporting frameworks and standards that are currently on the market, in efforts to equip RJC members with the knowledge to make an informed decision 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 toolkit is the mapping of the COP against the relevant ESG frameworks and the SDGs.

RJC said its mission is to help companies create and implement “sustainable” and “responsible” business practices, right at the heart of their business strategies.

RJC also acknowledged the fact that calls for the jewellery industry to act more responsibly in terms of environmental and social impact are “not new”. However, it stated that the “calls are growing louder, particularly from consumers, who are increasingly favouring brands that act responsibly, value diversity, and have a compelling brand presence both online and offline”.

Additionally, 20-30% of global fine jewellery sales will be influenced by sustainability considerations from environmental impact to ethical sourcing practices, according to a McKinsey study by 2025.

This is equivalent to as much as $110bn (£85.22bn), which is a three to four time increase in sustainability-influenced purchases since 2019.

The study also found 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.

As a result, RJC said that to show consumers that they are “credible” and “sincere” about driving environmental and social progress, companies will need to “improve the traceability and transparency within their supply chains”.

It added that failing to keep up with consumer demands and changing expectations will likely translate “to impact in the bottom line”.

Melanie Grant, executive director of Responsible Jewellery Council (RJC), said: “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.”