Page 12 - Bullion world volume 4 issue 6 june 2024

Bullion World | Volume 4 | Issue 6 | June 2024

Our main efforts are now dedicated to the secondary
feeds. Recycled gold is more eco-friendly than mined
gold: not only is the mining process absent and
transportation more efficient, but the refining process
is also more efficient and has less of an impact on the
environment, due to the reduced need for energy and
chemicals.

At the same time, identification of the origin of recycled
materials is more complex. The technological solutions
that work for the primary feeds, which mostly rely on the
analysis of the impurities included in the mined materials,
are not sufficient for gold. This is because gold has a
high purity and has been refined several times, often
after being alloyed to produce 18 carats or even lower
purity jewellery.

We are confident that there will be new solutions
soon, and we are actively investing in research and
development to achieve this target. To bridge this period complemented by verifications on-site, at the supplier
until the technology is available, we have contributed and intermediate refinery premises, and corroborated by
to the development of software tools that allow the independent assurances. Some of these measures were
traceability of the upstream value chain while protecting introduced by Valcambi in 2014, ten years ago.
the commercial-valued information of our business
partners. Secure Data Storage (SDS) is one of these In taking care of the environment as well as the
tools: it allows us to ensure that our gold supplier need of our downstream partners, some years ago
has performed Due Diligence which is in line with we established a collaboration with independent
OECD guidance and that of other regulators (LBMA, advisors who developed a tool for reporting the ESG
LPPM, RJC, Swiss Governmental authorities), and is
performances of the major mining companies and mining
sites. This tool, in combination with a deep analysis
of Valcambi’s footprint, that since 2016 is calculated
with the support of an independent advisor, allows our
clients to make a precise calculation of their impact
in CO2 equivalents of their products. In taking care
of the expectations of clients looking for the minimum
environmental impact, we now offer gold produced
exclusively from recycled materials.

We have discussed the Environmental and Social
aspects, but what about the Governance principles that
were set out in 2004 – are they still valid? Yes, they are.
And Governance expectations have also increased. A
solid management system, with well-defined policies,
roles, duties, effective controls, and related segregations
to avoid any possible conflict of interest, are self-
evident. Our organisation is independently audited
several times a year by different auditors to ensure
compliance with all the required and voluntary standards
and regulations. In 2024, we received independent
confirmation of compliance with the EU regulation on
conflict minerals: we care and we take care of the needs
of our downstream clients who directly or indirectly will
introduce gold into the EU market.

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