The 2008 recession hit the world, but for jeweller Stephen Sheehan in San Francisco, California, it was an opportunity to innovate. Realising that his business had been severely affected, he decided to borrow money to vertically integrate and create a transparent supply chain and ethical sourcing model. This decision not only changed his business model, but had a profound impact on the industry as a whole.
Stephen believes that sustainability is at the root of many social problems and is committed to creating a sustainable jewellery supply chain. He works with clients to achieve what he calls "custom" vertical integration. By becoming directly involved in the mining industry and providing full documentation, including where the sapphires came from and the names of the handlers and cutters, he has secured the entire supply chain. This approach not only allows customers to understand the origin and manufacturing process of the jewellery they purchase, but also provides training and education opportunities for Sri Lankan workers.
Stephen's efforts have been recognised by customers. Today, many customers are willing to pay a premium for documented ethical sapphires and sapphire jewellery, fueling the growth of his business. Central to his business model is building long-term relationships with Sri Lankan miners and cutters, which takes patience and time. However, the success of this model has led him to plan to expand it to other gem mining countries, particularly in Africa.
Stephen Sheehan's story tells us that through innovation and belief, the perfect combination of business success and social responsibility can be achieved. His experience not only inspires the entire jewellery industry, but also sets an example of sustainable development for other industries.
