I take your point about lab diamonds not necessarily being more ethical, although the relevant question is not whether they are ACTUALLY more ethical, it’s whether they are perceived by consumers to be more ethical. My rough sense is that they are, at least today, though that may change, and I don’t have hard evidence to back that up.

To your other points, I think the strong strong consensus among fashion investors and market analysts is that consumers in all sectors, but especially the luxury sector, are (a) more values-conscious and (b) more comfortable with resale than they used to be. I could pull up dozens of articles reflecting that. You don’t need to look any further than the booming luxury resale market to see, or to the loads of companies publicly announcing values-based commitments. To take one example, Vestiaire Collective closed a $65 million fundraising round in the midst of the pandemic.