World’s biggest jeweller abandons mined gold and silver, only uses recycled metals; Everything to know
Using recycled materials, instead of newly mined indirect CO2 emissions is well-appreciated. The world’s largest jewellery brand announced that it has changed its precious metals supply and is now sourcing only recycled silver and gold for all its jewellery. This shift will avoid significant greenhouse gas emissions as direct mining requires more energy and resources than recycling.
The
carbon footprint of recycled silver is around one-third compared to mined
silver, while the recycling of gold emits less than 1% of the carbon emissions
from mining new gold. Therefore, by sourcing recycled metals, Pandora avoids
around 58,000 tons of CO2 per year. This is similar to the annual electricity
used by 11,000 homes or driving 6,000 cars across the world.
Recycled metal supply chains also pose a risk as stolen gold can be sold as scrap and can be recycled. It is also difficult to prove the origin of metals once it melts down. Thus, to mitigate the risks, the company uses a chain of custody standard developed by the Responsible Jewellery Council.
Pandora reached 100% recycled silver and gold in December and is investing around $100 million a year into the big switch. It will absorb the cost rather than pass it on to its consumers through price hikes. It merely requires its suppliers to be assessed against the standards of RJC by independent auditors and wishes to initiate documenting the source of recycled silver as well. It sold 103 million pieces of jewellery in 2022 and produces its jewellery in two factories in Thailand and Vietnam.
About Pandora
The largest jewellery brand in the world, the company designs, markets, and manufactures hand-finished jewellery made from high-quality materials at an affordable price. It sells its jewellery in more than 100 countries through more than 6,500 points of sale which also includes more than 2,500 concept stores.
107140271
It is a Danish company, headquartered in Copenhagen, and employs more than 32,00 people worldwide, crafting its jewellery at two LEED-certified facilities in Thailand. It is committed to leadership sustainability and will only purchase recycled silver and gold by 2025.
Source: https://www.msn.com/