Innovation is not often associated with jewelry as it has traditionally operated in a similar way over the past century without much change. However, in today’s context, it is important to identify the inherent inefficiencies in the system before innovation can be pursued. Making jewelry without maximizing its use is wasteful and unsustainable at its core.
“For example, 90-95% of jewelry in India is made of gold. However, gold is extremely destructive to the environment. 20,000 kg of toxic cyanide and mercury waste is hidden behind a 22-karat gold ring. It is 6 billion tonnes annually. On top of that, gold mining emits more than 100 million tons of carbon emissions. And beyond that there is widespread ecological destruction. India accounts for almost one-third of the global footprint,” says Vivek Ramabhadran, founder and CEO, Allearth.
One of the major inefficiencies in the jewelry industry is the excessive amount of waste generated during the production process. The production of traditional jewelry often involves significant material waste, as precious metals and gemstones are cut, shaped, and discarded to create the desired design. Not only does this result in the loss of valuable resources, but it also has environmental impacts, including land degradation, water pollution, and carbon emissions from mining and processing activities.
Another inefficiency is the underutilization of jewelry. Many people have jewelry that they rarely wear, resulting in little use for these valuable pieces. Additionally, jewelry trends and fashion preferences change over time, causing older designs and some jewelry to lose demand. As a result, jewelry often ends up sitting unused in drawers or is eventually discarded, contributing to unnecessary waste and environmental impact.
To overcome these inefficiencies, innovation in the jewelery industry can focus on several areas. One approach is to adopt more sustainable and responsible practices throughout the entire jewelery supply chain, from mining and sourcing of materials to manufacturing, distribution and retail. This can include the use of recycled precious metals and gems, ethical sourcing practices, and eco-friendly manufacturing processes such as 3D printing and laser cutting that reduce material waste.
Now, there’s also a clear difference from a consumer perspective. “Four out of five women admit that when it comes to a particular dress-up occasion, they struggle to find the right piece of jewelry to wear – it doesn’t match their outfit or their sensibilities. Storing and carrying gold jewelry is cumbersome. Costume jewelery is by and large poor in quality, and not reliable,” says Ramabhadran.
What if jewelry could be experienced in a totally different way?
Ramabhadran shares how sustainable jewelry drives innovation such as the exploration of new materials, techniques and design concepts.
- From two-three shopping moments in a woman’s lifetime, which are then mostly confined to a locker and then tied down by limiting her choices to Netflix-like offerings, where a woman gets to wear whatever she wants is, whenever she wants, and for however long she wants.
- From showcasing preciousness through materials that are destructive to the planet, to a fusion of high design, and fine craftsmanship all with recycled reclaimed materials, but still with lifetime reliability – therefore with a significantly reduced footprint.
We’ve all been reading about lab-grown diamonds – the best innovation in that space is the case where carbon is extracted from the atmosphere and then translated into the finished product in an energy-efficient process. Could there be other materials that provide the great (non-reactive) properties of gold, but with a significantly smaller footprint?
And then on top of that, what are the different ways to provide a fast, low-cost personalized high-trust jeweler experience with high reach — through technology? The technology to leverage AR/VR for trials is not yet mature; Therefore, this aspect is currently all about marketing automation, while maintaining a personalized concierge service context.
Innovative business models such as jewelry rental, leasing, or subscription services can also be explored to promote a circular economy approach and extend the lifetime of jewelry to allow multiple users to enjoy the same piece over time. Additionally, leveraging technology such as blockchain can increase transparency and traceability in the jewelry supply chain, ensuring responsible sourcing and production practices.
Here’s to a shining bright and clean future for jewelry!
Historically, jewelry has been pushed as an investment option in India, and hence the underutilization of the product has never been a point of contention. However, there is a growing awareness today that jewelery is ineffective as an investment option. Therefore, the real drivers of value are self-expression, the capture of time with design and craftsmanship.
The overarching question is – do we really need to destroy the planet in this direction?
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