World's Largest Jeweller, Shifts to 100% Recycled Metals, Abandoning Mined Gold & Silver

SEATTLE (Scrap Monster): Pandora, the world's leading jeweller in terms of products sold, has made a groundbreaking decision to cease the use of mined silver and gold in its manufacturing process.

This is based on a Reuters report.

The Danish company, renowned for its popular charm bracelets ranging from $65 to $95, now exclusively utilises recycled precious metals, significantly reducing its carbon footprint.

"Using recycled metals cuts Pandora's indirect CO2 emissions by around 58,000 tonnes annually,” Reuters quoted Mads Twomey-Madsen, the Senior Vice President of Communications and Sustainability at Pandora, as saying.

Previously, Pandora used to purchase about 340 tonnes of silver and one tonne of gold, generating about 264,224 tonnes of CO2 though its supply chain.

The shift to recycled metals aligns with Pandora's broader environmental goals, aiming to mitigate the ecological impact of its operations.

The move is part of a significant investment by the company, allocating approximately $10 million annually to facilitate the transition, a cost that Pandora intends to absorb without passing it on to consumers through price hikes.

While the adoption of recycled metals presents environmental benefits, it also introduces unique challenges, notably the risk associated with stolen gold being sold as scrap for recycling.

In response, Pandora has implemented a chain of custody standard developed by the Responsible Jewellery Council (RJC).

This standard includes exclusions, such as gold coins and gold bars, as a source of recycled gold.

Twomey-Madsen noted that Pandora requires suppliers to adhere to the RJC standard, ensuring transparency and accountability in the sourcing of recycled silver and gold.

As part of this transition, suppliers are mandated to segregate certified recycled metals from non-certified ones.

Twomey-Madsen also highlighted the company's willingness to pay a premium for recycled metals, emphasising the support provided to suppliers in making this transition.

Rivals in the industry, such as Monica Vinader and Missoma, also tout their commitment to using 100 per cent recycled silver and gold, aligning with the growing trend towards sustainable practices in the jewellery sector.

Courtesy: www.wionews.com