The newly formed Watches & Jewelry Initiative 2030 aims to boost the industry’s sustainable development efforts by committing companies to achieving specific environmental and social governance objectives.
The group, open to other national and international companies in the sector, was launched last week by Cartier and Kering, in partnership with the Responsible Jewelery Council (RJC).
“We make it a top priority to get things done,” said Cyrille Vigneron, CEO of Cartier. JCK.
He says consumers increasingly expect businesses to consider their environmental and social footprint.
“No one wants to travel on an airline that is not safe,” he says. “It will be the same with that. In the future, consumers will no longer do business with a company that doesn’t do the right thing.
The new initiative aims to advance sustainability efforts by setting an aggressive set of targets, said Jean-François Palus, managing director of Kering, the luxury conglomerate that owns various brands of watches and jewelry, including Pomellato, Boucheron and Ulysse Nardin.
“We have to show the way,” says Palus. “We need all of our suppliers to move in the same direction. Everyone involved in the supply chain should get involved. We need collective action. “
RJC Executive Director Iris Van der Veken calls the new initiative a “platform for action” that will accelerate industry action on the United Nations Sustainable Development Goals.
The initiative intends to focus on three efforts: building climate resilience, including achieving net zero climate impact by 2030; preserving resources for nature and communities; and foster inclusion throughout the value chain.
“These two CEOs are mobilizing to take sustainability to the next level,” said Van der Veken. “These brands have an ambitious role and a leadership role, so their efforts will spill over into the entire supply chain. They become a force for positive change and look for ways to accelerate action and measure impact.
The group plans to set specific targets, and the RJC will report publicly if companies have achieved them, Van der Veken said.
“The goal is to develop a system to manage and track their progress,” she says.
Palus says the initiative will be particularly beneficial for small businesses, which often lack the resources to develop a full-fledged sustainability plan.
He compares it to the Fashion Pact, a group launched by Kering to promote sustainable development in this sector. It now includes 250 companies.
“The Fashion Pact had to start from scratch,” says Palus. “We already have the RJC, so we can go even faster. “
The RJC will support the new initiative through training and education, says Van der Veken. Brands will also ask their suppliers and subcontractors to be RJC certified.
“They don’t want to reinvent the wheel,” she said. “This is why they rely on existing standards such as those of the RJC.
The group plans to form a stakeholder advisory committee that will include advocacy groups, academics and financial institutions.
(Top image courtesy of the Responsible Jewelery Council)
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