The CSR acronym has gained increasing attention in the diamond and jewelry industries in recent years. Indeed, corporate social responsibility has become something of a no-brainer. No longer can businesses assume their only goal is to make a profit, they must also invest in attracting and retaining consumers with a strong CSR element.
Buyers are more socially aware than they have ever been, and are interested in brands which are transparent in their business dealings – both with their suppliers and customers. Investing in social projects that bring good to workers as well as being environmental responsibility is the new normal as far as many consumers are concerned – especially the vital Millennial buyers that the diamond industry is trying to attract. Improving local communities as well as internal company operations to create healthy people, ecosystems and planet are where it’s at.
There may be a concern among the management of some publicly owned businesses that investors will not be enamored with CST due to the cost of sustainability work since there is a cost involved and that has a subsequent impact on profits. However, since sustainability is now everywhere and a required part of business operations, brands have little choice but to ensure such efforts are made. The advantages of putting such policies into effect outweigh any financial risks, meaning that ethical and sustainable practices are clearly in the interest of investors in the long-term.
Attendees of a recent conference in London called Positive Luxury heard from the De Beers’ Forevermark brand’s head of communications Jo Blake who was on a “Responsible Business in the Luxury Industry” panel featuring executives in the diamond, retail and watchmaking sectors, who explained about the work that Forevermark does in the CSR space and its importance.