Key takeaways
• Ethical sourcing, fair-trade labor, and traceability are increasingly vital to consumers, with an average of 46.6% of customers willing to pay a premium of 20% or more for verified jewelry pieces.
• The Plumb Club’s July podcast, “”Building Trust Through Responsible Sourcing,”” teaches retailers how to leverage transparent supply chains to attract a new generation of consumers and increase sales.
• The podcast details the Responsible Jewelry Council’s efforts to establish standards for an audited, ethical supply chain spanning from mine to market.
(NEW YORK) – More than ever before, today’s consumers seek assurances on the goods they purchase. Ethical sourcing, fair trade labor, traceable origin, environmental footprint, and social responsibility all saw a significant rise in importance to consumers, according to The Plumb Club’s most recent Industry & Market Insights. Additionally, according to the same consumer survey, on average, 46.6% of customers say they would be willing to pay a premium of 20% or more to ensure that pieces are ethically sourced, traceable in origin, and made with fair-trade labor. This trend in consumer desire has continually risen over the past number of years and will most likely continue rising.
The Plumb Club’s Podcast for July focuses on helping retailers understand why these factors are increasingly important to customers and provides retailers with insights and tips on how this can benefit their bottom line with potential new customers, as well as increased trust with their current ones. The following podcast has now been posted:
“Building Trust Through Responsible Sourcing”: There’s growing consumer interest today in responsibly sourced jewelry. Telling the story of the ethical sourcing of the gems and jewelry a retailer carries in-store can build consumer trust, increase sales, and attract a new generation of consumers. This podcast covers the latest consumer research data and how The Plumb Club is working to make it easier for retailers to ensure their supply chains are more responsible and transparent. The podcast also takes a look at the Responsible Jewelry Council’s efforts to set standards for an audited, ethical supply chain from mine to market and what this means for a jewelry customer.
The Plumb Club podcasts, which are added monthly, provide strategies, knowledge and immediately actionable steps from industry leaders that help retailers across a variety of business areas. The newest podcasts, as well as previous ones, are available on The Plumb Club website under “Resources”. https://plumbclub.com/resources/plumbclubpodcasts/
About The Plumb Club
The Plumb Club proudly celebrates over 40 years of educating and innovating within the jewelry category and creating productive connections between jewelry retailers and our world-class manufacturing members. Founded in 1983 by a small group of distinguished manufacturers as a social club, The Plumb Club has evolved into one of the jewelry industry’s leading supplier organizations. Today, The Plumb Club is a unique coalition of leading, responsible and important suppliers spanning all facets of the jewelry, diamond and watch industries. The purpose of the organization is to connect its members and their customers and help shape the future of the jewelry industry. The Plumb Club’s membership accounts for a significant percentage of the domestic fine jewelry market.
