Jewellery and watch industry is still lacking when it comes to sustainability, the World Wildlife Fund (WWF) said in a report on brands’ environmental performance.Traceability and transparency are behind where they should be, while subsidiaries of larger luxury groups are doing better than private labels, the conservation charity said earlier this month in a report titled “Time for Change.”
Stakeholder engagement is also limited, according to the WWF, which ranked 21 well-known luxury watch and jewellery brands based on efforts including sustainability strategies, climate action, biodiversity and human rights management.
“Most companies are not yet engaging their suppliers, employees, and consumers in a targeted and comprehensive way in their sustainability efforts,” WWF said.Many are “still at the very beginning in the areas of water, biodiversity, human rights stewardship, as well as the implementation of circular approaches,” it added.
While no jewellery brand’s sustainability rating was high enough to land in the WWF’s two top tiers (of “visionary” and “front-runner”), Pomellato, Tiffany, IWC, Boucheron, Cartier, Panerai, and Bulgari all earned its third highest ranking, “ambitious.” Every one of those brands is owned by one of the three main luxury conglomerates—LVMH, Richemont, or Kering.
Four Swatch Group–owned brands (Omega, Tissot, Swatch, and Longines) received lower ratings, which put them in the fourth of the WWF’s six tiers. Privately held watch brands Chopard, Audemars Piguet, and Rolex landed in the second-to-bottom category, while Patek Philippe got the lowest ranking, “nontransparent.”
Damian Oettli, head of markets at WWF Switzerland, said jewellery and watch sector made a lot of progress in sustainability since the WWF’s last report in 2018, but it lags behind other industries such as automobiles and food, which have a more complex supply chain than the jewellery and watch business.
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