6 Shockingly Unethical Secrets of the Jewelry Industry

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Women today aren’t afraid to protest.

Brands, products, and entire industries know that we, the consumers, now hold power.

But have we stopped and considered the jewelry industry?

Every time we buy from a major jewelry store, we’re supporting their practices—many of which are hidden in plain sight.

What type of practices? I’m glad you asked.

Let’s start with the price of jewelry

Sure, we all know that precious metals and gemstones are expensive. That’s why jewelry costs so much, right?

Well, that’s only part of the story.

You see, most brick-and-mortar jewelry stores use a pricing mechanism known as “keystone.” In non-jeweler terms, that simply means they double the price of everything before selling it‚ at a minimum.

So that $1,200 ring? The jeweler bought it for $600 (or less).

This means fat margins for the jeweler—and sets a high barrier of entry to anyone without that kind of disposable cash.

Source: Photo Mix from Pixabay

There’s a history of gender discrimination in the jewelry industry

The jewelry industry is notorious for its discrimination against women.

Despite being an industry where most products are bought or worn by women, most workers and influencers are men.

Have you ever heard of Sterling Jewelers? It’s the parent company of major brands like Kay, Jared, and Zales.

They’re currently facing a class-action lawsuit from 70,000 women employees for discrimination and unfair wages.

And it’s not just one event or one retailer. According to a 2019 study by the Women’s Jewelry Association, 49% of industry professionals have witnessed or are aware of gender discrimination.

Jewelers prefer one body type

Ever noticed how some glamourous clothing brands just don’t make plus-size clothes?

It’s not a sales decision—there are plenty of plus-sized women with a taste for high fashion. No, it’s a marketing decision.

They don’t want “people like that” wearing their clothes. And it’s the same in the jewelry industry.

To put it simply, jewelers carry jewelry only for people they find attractive.

Go ahead, try it. Walk into a fine jewelry store and ask for a size 14 ring.

You won’t like the reaction you get.

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Luxury brands profit off of wealth inequality

There’s a little secret most people don’t know about buying patterns when the economy takes a turn for the worse.

While most retailers (not to mention most workers) see a big hit, the flashiest luxury brands don’t see a significant sales decrease.

The reason is simple—a recession is when the Haves desperately want to distance themselves from the Have Nots. Luxury goods create a powerful and indisputable barrier.

Many brands increase their prices during a recession. Higher prices create even more substantial barriers between the privileged who can afford their products and people “beneath” them.

At the onset of the 2008 recession, the president of Neiman Marcus was confident. “Remember,” he said, “when our customer tightens their belt, it’s generally ostrich or alligator.”

The diamond supply is artificially controlled

Most people think that diamonds are rare and valuable.

But that’s just a marketing message. In reality, there are 100 times more diamonds mined today than a century ago, and a monopoly controls their price.

The De Beers company, which at one point owned 90% of the world’s diamond supply, had so many diamonds in 2019 they’re struggling to keep the prices artificially high.

Source: Peter Döpper from Pexels

Many brands won’t share the origins of their jewelry

The best way to know how ethical your jewelry is? Learn the origins of the piece.

“Disclosing who made it is not a must,” says sustainable jeweler Arabel Lebrusan, “so always go with jewellery from brands, designers or designer-makers who can tell you exactly who made that piece of jewellery.”

The best jewelers know precisely where their jewelry was designed, crafted, and checked for quality. More importantly, they’re not afraid to tell you.

A little secret about the industry

Jewelry gets its support from one source: your votes.

But not the voice you express at the ballot box. The votes you place with your dollars.

Jewelry is a beautiful way to dress up, express yourself, and show your individuality.

But the industry is broken. It’s built on generations of poor business practices that continue to this day.

The best way to initiate change? Do some research and find jewelers with ethical practices.

Find companies with reasonable profit margins and accessible prices.

Brands owned by women that have jewelry for all body types.

Jewelers that don’t work to fix prices, and professionals who are open and honest about where every piece is made.

It’s time for an ethical jewelry revolution.

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