Natural diamonds are glittering treasures from mother nature herself, gems that have been slowly cultivated over thousands of years. The resulting diamonds are far and few between. In recent years, much discussion has taken place to ensure the sustainable harvesting of such a rare find, a discussion that has in many ways been pioneered by De Beers Group. With its 133-year-old history and business across the entire diamond value chain – sustainability and ethics are at the forefront of the brand’s values, and are also a primary consideration among global consumers when buying diamonds, according to the Group’s 8th annual edition of the Diamond Insight Report. And the younger generation of consumers, particularly Millennials and Gen Z, are leading this trend.
A New Wave
We have all seen how the subject of sustainable development has evolved from being a trendy topic of discussion into one where businesses and operators across industries have transformed their businesses to incorporate sustainable practices across design and production processes. An important driver of this change undeniably resulted from the collective voices of consumers such as Millennials and Gen Z – how could you forget the impassioned speeches by 18-year-old environmentalist Greta Thunberg, and other such voices striving to make change? Values of sustainability are the building blocks that will drive the future development of the fashion industry, and will certainly be embedded across how a company operates.
According to the recently released Diamond Insight Report, fine jewellery ranks third, after only food and clothing, as the category most frequently purchased on the basis of sustainability considerations, with one in five consumers globally having bought jewellery with sustainability credentials in recent years. Among them, 56% of consumers are willing to pay a premium for natural diamonds that came with such certifications, and close to 17% of consumers are open to pay 25% or more for the sustainable stones.
What’s interesting is the more symbolic and emotive the occasion and the larger the carat weight, the more sensitive consumers are to a brand’s ESG values. 62% of consumers who buy natural diamonds for weddings, engagements and anniversaries cited sustainability as the most important factor in their purchase decision, as did 50% and 45% respectively for purchases made during other festivals such as Christmas, Chinese New Year, Mother’s Day, and for personal use. Unsurprisingly, the younger generation of consumers are leading this trend: 30% of millennials buy jewellery with sustainability credentials, highly-educated consumers (67%) and consumers from wealthy backgrounds (70%) also pay more attention to sustainability.
De Beers was certainly ahead of the game with its foresight, having long since urged to keep the environment in mind. Long before other companies hopped on the sustainable green bandwagon, De Beers had already grasped how crucial it was to incorporate sustainability into the corporate DNA and operational strategy for the long run. Needless to say, the Group also holds a unique position in the industry, not just as a leading diamond miner and supplier, but as a one-stop diamond jewellery brand having entered the business of jewellery production in the 21st century. With scarcely-available natural diamonds being a core product, it is no wonder that it has placed immense emphasis on sustainable development, and ahead of time.
To this end, De Beers has made a commitment towards ‘Building Forever’, which is seen as the cornerstone of all the work it does. It is to ensure that every diamond mined would bring long-term positive impact to its place of origin and the local people towards a better future, one that is fairer, safer, cleaner and healthier, where communities thrive while the environment is protected.
Building Forever
In the spirit of ‘Building Forever’, the Group will concentrate on four pillars it believes will make meaningful impact. The first is ‘Leading Ethical Practices Across Industry’, where it commits to improving industrial ethical standards so as to boost the public’s confidence in the diamond industry. The group launched the Best Practice Principles which set the industry’s most stringent health, safety, labour and environmental standards to ensure that all diamonds are non-conflict diamonds but are mined in a responsible and ethical manner.
Then there is ‘Partnering for Thriving Communities’. In mining areas, De Beers will continue to help increase the resilience of surrounding communities, provide first-class medical care for employees and communities where it operates, and cater to the future needs of schools that the group manages and funds to provide high-quality educational services. In addition, through business development plans, it aims to create more job opportunities for young people, women, and companies of reasonable size in southern Africa.
The third pillar lies in ‘Protecting the Natural World’ – continual protection of nature, wildlife and biodiversity, including the 200,000 hectare “Diamond Route” ecological protection network managed by the Conservation Group in southern Africa. At the same time, the Group will leverage innovative research and technology to reduce its water footprint through reduced usage, substitution and recycling across business operations, offices and brand boutiques, to achieve the goal of carbon neutrality step-by-step.
De Beers Enchanted Lotus High Jewellery Collection
I do.
The last pillar of ‘Accelerating Equal Opportunity’ is the commitment to work hard to provide equal opportunities for all, and build more diversified and inclusive work teams that achieve gender parity. The Group works with UN Women and local partners in mining areas to support female micro-entrepreneurs to start their own businesses and encourage young women to join STEM fields (science, technology, engineering, and mathematics). In addition, it will strive to increase the diversity in the jewellery industry, providing young and promising designers from partner countries with opportunities to showcase their talents and receive scholarships to study design. To demonstrate and keep track of its commitment and work for ‘Building Forever’, the Group has set 12 goals to be achieved by the end of 2030, spelt out in black and white on the corporate website for all to see and hold it accountable for.
Long-term goals aside, De Beers will also establish short-term tasks, like the latest global advertising campaign ‘I do’. While ‘I do’ is usually used in wedding ceremonies, symbolizing a couple’s life-long commitment made to each other, the new campaign has creatively broadened its use to one which involves all people. People’s commitment to themselves, to each other, and to the world, as well as encompassing all human relationships, be it of love, friendship, familial, to society and nature.
Two simple words that have been ingeniously used to effect a new way of thinking. Each commitment, albeit unconsciously, is turned into an action to achieve a better future. That action is to wear a De Beers diamond; from individual to collective power, everyone becomes the spokesperson of De Beers’ commitment.
It is worth mentioning that the new advertisement campaign also reflects De Beers’ latest strategy of ‘One Brand, Two Houses’. The De Beers Jewellers and De Beers Forevermark brands are a reflection of the De Beers brand moving towards integration. Although the two brands offer different collections, they are both stewarded by De Beers, embodying the Group’s values that steer them towards meaningful commitments.
Naturally, this commitment will also come through in various De Beers collections and series. Like the Forevermark Avaanti® series of diamonds released this spring, the unique curved line design symbolizes an endless ripple effect. As long as one person says I do, it will cause a ripple that spreads the happiness brought about by the sustainability commitment, thus inspiring more people to join the conversation. Furthermore, the word “Avaanti” means “forward” in Italian. Through the design style of the series, one can feel that it wasn’t limited to the traditional maverick, but carried a pioneering temperament.
Similarly, the Forevermark Icon series boasting of excellent craftsmanship, was designed to perfectly integrate the brand mark with four-claw inlays to showcase the dazzling brilliance of De Beers Forevermark natural diamonds. The natural power of each diamond sends a message to the new generation of women, that they are the mistress of their shining lives, brimming with self-confidence and positive energy.
De Beers Enchanted Lotus High Jewellery Collection
De Beers Forevermark Avaanti® Collection
De Beers Forevermark Avaanti® Collection
De Beers Forevermark Avaanti® Collection
De Beers Forevermark Icon® Collection
In partnership with De Beers
Editor
Regina ChanCredit
Lead image: courtesy of De Beers
