The environmental charity WWF is preparing to release its Watch & Jewellery Rating for 2023, assessing 21 watch and jewellery brands on their sustainability efforts. This evaluation comes five years after the WWF published a critical report highlighting the lack of transparency within the industry.
The WWF report analyzes these brands in nine key categories, including sustainability strategy, climate action, human rights, traceability, and transparency. It has become increasingly evident that consumer pressure for sustainable practices has pushed luxury watch companies to introduce sustainability policies, with Deloitte’s Swiss Watch Industry Study 2023 indicating a rising awareness among consumers about the environmental and social impact of their luxury purchases.
The lack of transparency in the watch industry has come under scrutiny this year, extending beyond sustainability concerns. For example, a vintage Omega Speedmaster watch sold at auction in 2021 was found to be a composite of multiple watches, leading to allegations of fraud and an ongoing criminal investigation. Furthermore, the Only Watch charity auction was postponed due to a lack of financial disclosure.
The WWF report aims to encourage transparency and sustainability within the watch and jewellery industry, highlighting the sourcing of critical raw materials like gold. It should be noted that the report’s selection of brands is not exhaustive, as it takes into account various factors such as company size and geographic footprint. Some brands known for their sustainability efforts, like Oris and Ulysse Nardin, were not assessed by WWF.
The survey consisted of approximately 50 questions sent to the 21 participating brands. Brands that did not respond were evaluated based on publicly available information, like annual sustainability reports. Notably, all six Richemont Group brands declined to comment.
Some brands are embracing transparency, a noticeable shift that WWF acknowledges in its report. Rolex, for instance, participated in the latest survey after not publicly commenting on its sustainability policies previously. While
Rolex received a “lower midfield” rating in the WWF report, this marks a significant improvement from its 2018 rating as a “latecomer” and “non-transparent.”
Breitling, another participating brand, received an “upper midfield” rating, indicating its commitment to addressing sustainability issues. Breitling’s focus on carbon reduction and plans to use artisanal gold and lab-grown diamonds in its watches by March 2026 reflect its dedication to sustainability.
The WWF report also highlighted that several brands, including Audemars Piguet, Chopard, Patek Philippe, and Swatch Group brands Omega, Longines, Swatch, and Tissot, showed little effort in reducing their carbon emissions.
The industry’s use of recycled gold is another focus of the report. The lack of a common definition for recycled gold can mislead consumers. Gold labeled as recycled may have originated from waste virgin material, rather than post-consumer waste like discarded electronics. WWF supports a new definition proposed by the Precious Metals Impact Forum, emphasizing that gold should be considered recycled only if it comes from products with a gold content of less than 2% by weight destined for disposal and refinery processing.
The European Union’s Corporate Sustainability Reporting Directive (CSRD) has prompted many brands to participate in such assessments, as it requires large companies to report on their sustainability profiles according to European Sustainability Reporting Standards. Swiss watch companies may also fall under the CSRD’s scope under certain conditions, leading to increased sustainability reporting.
Overall, the luxury watch industry is gradually moving towards greater sustainability and transparency. Brands are recognizing the importance of embracing sustainable practices, driven not only by consumer demands but also by evolving legislation. As brands adapt to new realities and consumer expectations, the industry is likely to see further progress in sustainability strategies.
Find the latest supply chain report news at The Supply Chain Report. For international trade tools, see ADAMftd.com.
#WWFSustainabilityReport #WatchJewelleryIndustry #LuxuryWatchSustainability #SustainableLuxury #WWFWatchRating #TransparencyInLuxury #SustainableWatches #CarbonReductionInWatches #RecycledGold #WatchIndustryTransparency #SustainabilityInJewelry #ClimateActionInLuxury #RolexSustainability #BreitlingSustainability #OmegaTransparency #OnlyWatchAuction #SustainabilityInSwissWatches #LuxuryWatchReport #DeloitteSwissWatchStudy #CorporateSustainability #EUReportingDirective #SustainabilityStrategy #TraceabilityInLuxury
