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The Jewelry Market In Brazil Is Growing And Demanding Sustainable Products. With 50% Of Gold Marketed Being Illegal, Supply Chain Auditing Becomes Crucial. Traceability, Blockchain, And Renewable Energy Are Solutions.
The jewelry market in Brazil is rapidly expanding, with a current estimated turnover of US$ 3.5 billion. The forecast is that this amount will reach US$ 5.34 billion by 2029. However, with about 50% of the gold marketed being of illegal origin, supply chain auditing has become imperative. Among the proposed solutions are the use of traceability technology, implementation of blockchain, and adoption of renewable energy sources.
To ensure the integrity of the supply chain, it is essential to adopt efficient logistics practices. The traceability of materials from their origin to the end consumer is essential for ensuring compliance and sustainability in the sector. Furthermore, supply chain management needs to be aligned with the best practices and technologies available to minimize environmental impacts and increase transparency at all stages of the process. Thus, the industry can advance ethically and sustainably, meeting the growing demands of consumers and government regulations.
The Warming Of The Domestic Market And Exports
The supply chain in Brazil is not only heating up the domestic market but also placing the country among the top 20 gold exporters in the world. With this advancement, it is natural that the demand from consumers for more sustainable products increases. Brazilian consumers are showing a growing awareness of sustainability, being more willing to spend larger amounts on eco-friendly or sustainable products.
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Problem Of Illegal Mining And The Need For Regulation
But how can one manage a sustainable supply chain using gold? Data from the Instituto Escolhas, released in July last year, reveals that at least 50% of gold traded in Brazil between 2015 and 2020 was illegal. Illegal mining has also expanded its operations in indigenous territories by five times. This issue is currently being debated in society and Congress, prompting the adoption of new metal traceability rules.
Fragility And Governance In The Supply Chain
The subject demands that companies change their controls over the supply chain and governance. Given the fragility of internal supply chain logistics, Brazilian manufacturers, focusing more on the international market, must intensify their oversight of the origin of raw materials. From the responsible sourcing of raw materials to fair working conditions, an ethical supply chain seeks to address environmental, social, and transparency issues in the jewelry production cycle.
Transparency And Responsibility
The lack of transparency in the supply chain where raw materials from illegal mining are present makes the jewelry market adopt a less transparent position. Ethical supply chains in the jewelry industry strengthen the importance of responsible sourcing of materials, involving the traceability of the origins of metals and gemstones to ensure that they are extracted and processed legally.
Impacts And Environmental Conservation
A responsible supply reduces the negative environmental and social impacts associated with mining, promoting sustainable practices that protect natural resources for future generations. By adopting responsible sourcing practices, the jewelry industry can play a crucial role in conservation and environmental management efforts. A transparent supply chain not only meets consumer expectations but also offers numerous benefits for the industry itself.
Benefits Of An Ethical Supply Chain
By disclosing information about the origins of materials, production processes, and practices, jewelers build a framework that serves as a catalyst for continuous improvement, encouraging companies to adopt more sustainable and responsible practices. Public supply chain management holds companies accountable to an informed and conscious consumer base.
Commitment To The ESG Platform
At its core, the importance of maintaining an ethical supply chain in the jewelry industry goes beyond mere compliance; it integrates a commitment to the ESG platform as a whole. There are various ways to build an ethical supply chain within the jewelry industry. One of the most essential is the supply chain audit, with regular analysis of suppliers.
Technology And Best Practices
Companies can leverage data analytics to measure and monitor their supply chains, identifying areas for improvement and ensuring alignment with ethical standards. This proactive approach allows for continuous optimization and accountability in ethical practices. Additionally, technology can be an ally through the incorporation of blockchain for transparency and traceability, using recycled materials in production, and integrating renewable energy into industrial operations.
Importance Of Image And Sector Growth
Building an ethical supply chain in the jewelry sector goes beyond good ESG practices. The adoption of these practices is crucial for the sector’s image and for maintaining growth in the sales of high value-added products, both in the domestic and international markets.
Source: Allan Costa
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