I have to start by saying, looking into the luxury goods industry was like the perfect assignment for me! I am one of those girls who tends to enjoy some of the finer things in life, whether it be flicking through a copy of vogue, getting my mitts on something in a shop, or actually being lucky to own something.
I’m sure there are many of you out there, who like me enjoy these things too, and have a little penchant for something in particular, for me, it seems to be jewels, sunglasses, handbags, shoes, you name it, I’m sure I like it, but it can also be music devices, cars, technology, even a nice wine.
But when I thought about the luxury goods industry for my ethics project, it actually dawned on me, can a luxury brand ever really be ethical? I mean you can look at this question from a number of different angles: do luxury brands use ethical sourcing at all? Do they give back to any communities? It is really ethical to charge huge amounts of money for some goods that may be deceptive in price?
But then we do have to look at the other side of the industry, where your money may be going to a worth wile cause. De Beers are well known diamond specialists, and yes, we all know diamonds are expensive little gems anyway, but at De Beers you will pay that little bit more, but it may just be worth the money. See De Beers work alongside the Kimberley Process Certification Scheme (KPCS), which works to certify un cut diamonds, and prevent diamonds. The president of De Beers, Andrew Coxon is actually a founding member of the World Diamond Council and spearheaded this initiative on behalf of the diamond industry. Each diamond you buy from De Beers comes with its own De Beers diamond passport, which in their own words “clearly states our stringent conflict diamond policy and confirms that every single piece of De Beers jewellery is ethically produced and 100% conflict-free.”
So now I’ve given you these two examples of pricing within the luxury goods industry I’m asking for your input, when do you think it is acceptable to charge such large amounts of money for luxury goods and when do you not?
Have you ever thought about where all the profit is going once you’ve purchased it, from Louis Vuitton who profit everything, to De Beers who use their money to help stop conflict diamonds?
Georgina x