As the leading buyer of diamonds, jewelry and watches from the public, we feel a responsibility to raise awareness about sustainability and the surrounding significant environmental consequences of diamond and precious metal mining. We strive to mitigate these effects by facilitating the resale and recycling of jewelry that is no longer worn.
Each year, over 150 million carats of diamonds are extracted from the earth. Incredibly, it requires one ton of earth to be moved to source the equivalent of every one-carat stone. This massive environmental disruption causes soil erosion, deforestation, and ultimately the collapse of entire ecosystems. Nonetheless, many individuals and even jewelry retailers are unaware of the effects of diamond and precious metal mining. Unfortunately, due to decades of the jewelry industry’s successful marketing campaigns convincing the public that “diamonds are forever,” and should never be sold, most people don’t realize that unworn gems and jewelry are equally as important recyclables as papers and plastics.
At Louped, we seek to reveal the realities of diamond and precious metal mining, as well as to provide easily accessible outlets to reduce these effects, including our online Marketplace, Louped, our brick and mortar services, and mobile features. We strive to create a sense of urgency for the public to resell gems and jewelry that are no longer wanted or worn. This shift in behavior will significantly lessen the demand for newly mined stones and metals.
Known as the “overhang,” there is an estimated $1 trillion worth of unworn diamonds locked away in personal safety deposit boxes and jewelry cases. This environmentally friendly inventory is large enough to satisfy a substantial percentage of consumer demand for years to come. At Louped, we have the unprecedented ability to purchase, and resell these stones back into the market in entirely new and effective ways.
It is critical to remember that every diamond or piece of jewelry that reenters the market replaces the need for newly extract materials from the earth. These recycled pieces are every bit as precious as newly mined diamonds, however, the social and environmental debt has already been paid.