For Day's and Gen Y, Fair Trade Diamonds Sparkle
The small regional chain, based in Waterville, Maine, began selling the diamonds late in 2008. And while supply continues to be a problem, company sales are up some 13 to 14% this quarter, in part due to the popularity of the Botswana diamonds, Jeff Corey, president of Day's, tells Marketing Daily.
While Day's may be cutting edge, other retailers will likely begin find their own way to documenting their jewelry soon: Last week, the Securities & Exchange Commission proposed regulations that would require stores that sell store-brand jewelry to report whether their products are made with minerals from war-torn central Africa. While the stores, which include Target and Walmart, would be allowed to sell conflict minerals, they will have to flag them as such to increasingly sensitive consumers.