💎Mine-free diamonds
🐄Vegan silk and leather
👃🏽Bioengineered perfumes
Lab-grown products with ethical appeal could be the future of luxury trib.al/evG0iOh
Diamonds are getting a green makeover.
It’s no surprise. Younger shoppers are more concerned about factors such as a brand’s purpose and a product’s cost to the planet twitter.com/i/broadcasts/1…
Pandora said last week it would no longer use mined diamonds and instead turn to lab-grown stones.
But when it comes to high-end bling, it’s hard to see synthetic diamonds replacing the real thing anytime soon trib.al/3vEMA3v
In the luxury industry, the biggest environmental impact comes from:
🏭Production of raw materials
💎Natural stones
⚙️Metal
👢Leather
Someday, growing meat or silk or leather in a vat could make these natural alternatives seem repugnant trib.al/evG0iOh
Some new materials, such as Impossible Meat, bioengineered vegan silk or leather substitutes, are alternatives to traditional products.
Others are the real thing, produced in a new way trib.al/evG0iOh
Take those lab-grown diamonds.
They are chemically, structurally and optically identical to the natural variety — a fact that irks mined-diamond purveyors no end trib.al/evG0iOh
Synthetic diamonds have the benefit of being cheaper. But while that may appeal to younger generations, it might not track with luxury shoppers.
Showing off a big ring may not deliver the same delicious feeling if you knew it cost less than the real thing trib.al/3vEMA3v
Bioengineered molecules and lab-grown diamonds lack the provenance of traditional luxuries, but they aren’t fakes.
Both chemical analyses and human senses deem them authentic. Once they’re in the world, telling the difference requires a paper trail trib.al/evG0iOh
More jewelry customers want to know:
🗺️Exactly where their diamond has come from
👐🏽Whose hands it has been in
🔎If it has been ethically sourced trib.al/3vEMA3v
De Beers, the world’s biggest diamond producer by value, launched a lab-grown diamond company focused on lower-priced and fashion-oriented pieces.
But other big luxury groups haven’t followed suit trib.al/3vEMA3v
The pressure to be more sustainable will only grow.
To ensure young people keep buying diamonds, the jewelry industry will have to step up environmental and social efforts trib.al/3vEMA3v
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$700 billion is about nine times current US customs revenue, and 2.4% of the most recent estimate of US GDP.
Tariff revenue hasn’t surpassed 2% of GDP since the early 1870s, and hasn’t surpassed it on a sustained basis since the 1820s and 1830s
Trump often cites President McKinley’s high tariffs as an inspiration, but during McKinley’s presidency (1897 to 1901) tariffs generated less than half the share of GDP that $700 billion would amount to now
We *just* learned that #SVB’s downfall was announcing it was raising equity without having buyers lined up, says @matt_levine.
So why would Credit Suisse’s biggest shareholder announce they would “absolutely not” put more money into the embattled bank? trib.al/aS9oy3I
After Saudi National Bank ruled out providing more assistance, #CreditSuisse closed down 24% at 1.697 Swiss francs per share, its lowest closing price on record trib.al/nnFD2F8