(PRESS RELEASE) MILAN, ITALY – The development of coherent and well communicated strategies that address environmental and social sustainability issues, responsible sourcing and proper governance are now management requisites in the jewelry gemstone and precious metals industries, Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO) has told an international group of graduate students during a lecture he delivered on February 28, 2024, at the Politecnico di Milano in Milan, Italy.
Dr. Cavaleri addressed the group of students, who are enrolled in the Fashion Accessories & Jewellery Design & Management program of the School of Design of the Politecnico di Milano, one of the world’s leading design institutes and a renowned jewelry industry research and education body, which is offered in cooperation with the POLIMI Graduate School of Management at the Politecnico di Milano.
His almost two-hour lecture traced the development of CSR, sustainability and ESG principles in the jewelry industry, and considered how these today need to be incorporated in the business and marketing plans of companies operating in the sector.
“If one is asked why we have committed ourselves to the principles of sustainability, CSR, ESG and responsible sourcing, our first response should always must be because it is the right thing to do,” the CIBJO president said. However, he added, “It also makes good business sense.”
Consumers are increasingly aware of the environmental and social impacts of the goods they purchase, and when they view them as positive it becomes a marker of status in luxury, he said. Jewellery consumers want their purchases both to align with and reflect their own values and priorities, he stated.
“I strongly believe that, by committing to sustainability, our industry is able redefine the value proposition of our products in the public consciousness,” he told the graduate class. “Not only are they objets d’art and symbols of love and devotion, but they also are instruments that actively serve to create better and more sustainable societies. When consumers buy jewelry, they should feel that they are not only doing something for themselves and their loved ones, but for the world and society as well.”