Consumers are increasingly aware of the environmental and social impact of their jewellery. In a cross-market survey of 4,300 jewellery consumers in Q3 2022, Platinum Guild International (PGI) found 94% of Indians, 87% of Chinese, and 72% of Americans agree with the importance of sourcing jewellery responsibly. Furthermore, when considering purchasing jewellery, “responsibly sourced materials” was ranked as one of the top three most important factors in sustainability by consumers across four major platinum jewellery markets - China, India, Japan and the US.
In response to this trend, PGI has launched an information portal on responsible platinum to help the jewellery trade and consumers learn about how platinum is responsibly sourced, abiding by industry-leading guidelines concerning environmental standards, social impact and governance practices.
Speaking on this portal, Huw Daniel, CEO of PGI, said, “Awareness about ESG factors and responsible sourcing has grown globally throughout many industries, and the jewellery sector is no exception. Consumers are paying increasing attention to this trend, and in some markets, they are willing to choose jewellery that has a positive environmental and social impact at a premium. Leading platinum producers, who are also funding PGI, are actively driving a wide range of activities that put the environment and society at the heart of what they do. This platform showcases some of these initiatives that drive responsible platinum production and support local communities.”
The platform also elaborates on platinum’s attributes that benefit society and the environment beyond jewellery. For example, platinum is an important ingredient in diesel catalysts to reduce emissions. Platinum is also a key component of the hydrogen economy, which has the potential to provide zero-emission vehicles and energy storage solutions that all contribute to combatting climate change. Platinum is also biocompatible and used in pacemakers and other medical instruments placed in the body, and platinum-based therapies have been at the forefront of cancer treatment.
More broadly on platinum as a metal, Mr. Daniel added, “Platinum is a precious and rare metal with unique attributes. Alongside creating stunning jewellery, platinum contributes to society and the environment. It's our mission to communicate its superior qualities to consumers and the jewellery industry.”