Unethical and unlawful practices have plagued the global diamond industry for many years. The Kimberley Process is a critical mechanism to help protect the integrity of the diamond supply chain and ensure that consumers worldwide can have confidence that the diamonds they purchase are conflict-free. By working together, governments, civil society, and the diamond industry have made a real difference in the global diamond trade. The Kimberley Process has provided a robust framework to prevent, detect, and combat the illegal trade of diamonds. This process has helped prevent the exploitation of diamond-rich countries and the funding of armed conflicts. The Kimberley Process has been instrumental in transforming the diamond trade and improving people’s lives in diamond-producing countries.
The Kimberley Process Certification Scheme
The Kimberley Process Certification Scheme is a system for tracking and controlling the trade of rough diamonds to ensure that the lab grown diamonds are from non-conflict areas and are not financing violent armed groups. The KP has helped combat the illegal mining of conflict minerals. In 2017, the KP transitioned from an inspection and certification regime to a certification-only regime. Under the new system, countries that produce and export rough diamonds have agreed to implement a third-party audit system to ensure full compliance with the KP’s requirements.
Benefits and Challenges of the Kimberley Process
The KP has helped transform the global diamond industry. For example, it has helped improve the lives of people living in diamond-producing countries. Diamond producers have also been able to boost their economies and generate more revenue by participating in the KP. The KP has also made it easier for consumers to purchase diamonds. Since the implementation of the KP, it has become easier for people to be assured that the diamonds they purchase are conflict-free and that their purchases are helping to reduce poverty in diamond-producing countries. The KP has also helped transform business practices in the diamond industry. For example, the KP has helped spark innovation and growth in the diamond-testing industry. The KP has also helped spark innovation and growth in technologies that track diamonds from the mine to the retailer. Consumers can also use a smartphone app to trace diamonds to their source.
Impact of the Kimberley Process
The KP has had a major impact on the global diamond trade. For example, diamonds are now synonymous with ethical practices, and the KP is recognized as a robust mechanism that helps protect the integrity of the diamond supply chain. As a result, many retailers and manufacturers have adopted the KP standards and gained assurance that their diamonds are ethically sourced. Consumers can track diamonds’ sources using a smartphone app or handheld scanner. They can also be assured that their purchases are conflict-free and help people in diamond-producing countries. Their retailer’s assurance that the diamonds are KP-compliant helps with that.
The Kimberley Process is an international effort to fight the conflict diamond trade. The KP has helped protect the integrity of the diamond supply chain and ensure consumers can be confident in their purchases.
Luxury Jewelry Market Trends and New Demand Analysis Report by MRFR
Market research Future (MRFR) reports states that the global luxury jewelry market is likely to register a remarkable market valuation at a significant CAGR over the forecast period.
The global luxury jewelry market is driven by multiple influential factors such as the rising demand for luxury statement goods, fashion consciousness among consumers along with the changing trends enabling market players to launch stylish jewelry. These impactful factors are expected to contribute to the majority of the market share over the forecast period.
Get a Sample PDF Brochure: https://www.marketresearchfuture.com/sample_request/6992
The key players acknowledged in the global luxury jewelry market are Buccellati Holding Italia SpA (Italy), Bulgari S.p.A.(Italy), Chopard International SA (Switzerland), Compagnie Financière Richemont SA (Switzerland), the Graff Diamonds Corporation (UK), Guccio Gucci S.p.A. (Italy), Harry Winston, Inc. (US), K. Mikimoto & Co., Ltd. (Japan), Société Cartier (France), Tiffany & Co. (US)
The global market for luxury jewelry has been segmented on the basis of type, material, end-user, and distribution channel.
Based on type, the global market for luxury jewelry has been segmented into bracelet, earring, necklace, ring, and others. The earring segment accounts for the largest market share over the review period, owing to the increasing fashion trend driving the women preferences towards earrings as statement jewelry and everyday-wear. The ring segment is also expected to rise at a higher growth rate for its increase in usage as investment and gifts applications.
Based on material, the global luxury jewelry market has been segmented into gold, platinum, silver, and others. the gold segment accounts for the largest market share over the forecast period, owing to its higher preference in jewelry products by consumers.
Based on end-user, the global luxury jewelry market has been segmented into men and women. The women segment is assessed for the dominant market share over the evaluation period, owing to the higher purchase of jewelry from women consumers as a fashion statement. However, the men segment is also expected to grow significantly over the forecast period, owing to the shifting trend towards men jewelry for aesthetic appeal.
by the distribution channel, the global market for luxury jewelry is segmented into store based and nonstore based. The store-based segment has been sub-segmented into multi-brand stores, specialty stores, and others. The store-based segment is accounted for the dominant market share over the forecast period, owing to the higher consumer preference for multi-brand stores. The non-store based segment is expected to rise at a higher CAGR over the review period, owing to the massive growth of the e-commerce industry and consumer shift towards online retailing.
Click Here to Read Full Summary of Report: https://www.marketresearchfuture.com/reports/luxury-jewelry-market-6992
Based on the region, the market is segmented into North America, Europe, asia Pacific, and the rest of the world.
North America accounts for the largest region in the global luxury jewelry market and is expected to register a significant market share over the forecast period. The presence of a rich population along with key market players in developed countries such as Canada and the US is expected to fuel the demand for luxury jewelry over the forecast period.
Europe is assessed as the second largest market in the global luxury jewelry market, owing to the rapidly growing popularity of customized jewelry as per consumer requirements, and the increasing demand for the fusion of traditional and trending jewelry in the region over the forecast period.
The Asia pacific is expected to witness the fastest growth in the global luxury jewelry market, owing to the constant demand for luxury jewelry in countries such as India and China, where jewelry is an essential part of their culture. Women in these countries are almost always sporting some type of jewelry. The shift from traditional to the adoption of trendy jewelry is likely to drive the market over the forecast period.