Circular Business Model Transformation in Swedish Fine Jewelry SMEs : A 3R-Based Study of Practices and Critical Factors

Sammanfattning

With the circular economy becoming more important to policymakers, consumers, and industry leaders, companies in traditional industries are being pushed to reconsider how they create, deliver, and capture value. The fine jewelry industry, expected to be worth about USD 237 billion in 2025, stands out because of its valuable materials, resource use, and rising demands for environmental and social responsibility. However, there is still limited understanding of how small and medium-sized enterprises (SMEs) in this industry apply circular economy principles. This thesis explores how Swedish fine jewelry SMEs operationalize circular business model transformation and identifies the critical factors shaping this process. Drawing on the 3R model, circular business model transformation literature, and industry-specific drivers and barriers, the study develops a practical and theoretically grounded understanding of circularity in fine jewelry. The research draws on interviews and company documents from Swedish fine jewelry SMEs to closely examine current practices, challenges, and future opportunities. By focusing on Swedish fine jewelry SMEs, this thesis contributes to both circular economy and business model literature by showing how underlying conditions shape the transition from isolated circular practices to more systemic business model innovation.