This work is part of a doctoral thesis in progress that analyzes the perception of ethical practices by workshops that make up SMEs in the jewelry industry of Jalisco, Mexico, and how these influence the development of sustainable value. A mixed methodology is applied, combining literature review, interviews, and surveys. The partial results allow the identification of main limitations, areas of opportunity, and the level of knowledge regarding moral norms that guide individual behavior within the sector, as well as their impact on value creation in three dimensions: economic, social, and environmental. This study aims to provide evidence on the role of personal ethics in consolidating a sustainable development model that benefits all actors across the jewelry industry’s value chain.