State of the Industry – The Need for Sustainability

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The Need for Sustainability

Despite a slowing economy, focusing on sustainable efforts can create value and build resilience

Even with the threat of a slowing economy in the new year, should companies still prioritize investments in sustainability? According to a recent McKinsey report, the answer is a resounding yes. The report notes that even “in an economically constrained environment, a through-cycle view on sustainability can be a lever for companies to build resilience, reduce costs, and create value.” Companies need to make sure that their environmental, social, and governance processes are a major part of their strategy in 2023.

This shouldn’t come as a surprise to those in the industry. A 2021 McKinsey study predicted that by 2025, sustainability-influenced purchases will account for 20 to 30 percent of global fine jewelry sales.