Add price alert

Pandora Has Made the Move To Recycled Gold and Silver

Published by honor in category Market News on 16.04.2024
Gold price (XAU-GBP)
1,840.53 GBP/oz
  
+ GBP7.10
Silver price (XAG-GBP)
24.53 GBP/oz
  
+ GBP0.65

In January 2024 Pandora, the worlds largest jewellery company by volume, announced it is now sourcing only recycled silver and gold for all its jewellery. Will this be the start of a large shift for other jewellers in 2024?

By using recycled instead of newly mined silver and gold, Pandora avoids 58,000 tons CO2 every year

(Pandora, 2024)

The Danish chain Pandora, which sells more than 100 million pieces a year, is the largest jewellery brand in the world by volume. Pandora is well-known for its reasonably priced sterling-silver charm bracelets of high quality 999.9 silver

pandora bracelet

Source: Pandora

This shift by Pandora reduces significant greenhouse gas emissions that are produced from the extraction of the raw materials. This is as mining requires more energy and resources than recycling. Recycled silver has a carbon footprint one-third that of produced silver, but recycling gold produces less than 1% of the carbon emissions from mining fresh gold. This is comparable to driving 6,000 cars around the globe or using 11,000 homes’ worth of electricity annually.

Read more on the topic here: Precious Metal Recycling

Precious metals can be recycled forever without any loss of quality. Silver originally mined centuries ago is just as good as new, and improved recycling can significantly reduce the climate footprint of the jewellery industry

CEO Alexander Lacik

Less than 20% of the silver produced worldwide today is derived from recycled materials, most commonly from abandoned electronics, broken jewellery, cutlery, manufacturing refuse, and other industrial waste. Recycled silver is gathered, then goes through a refining process to remove contaminants before being cast anew.

gold recycling

As the Responsible Jewellery Council Chain of Custody has some of the tightest recycling certification standards in the business, all suppliers have had to change the way they obtain materials.

To guarantee total segregation of mined and recycled metals throughout the whole supply chain, including sorting, melting, and manufacture, this has, for many, resulted in the introduction of novel procedures and machinery.

With enough time to allow for the depletion of current metal inventory, Pandora anticipates using 100% recycled silver and gold to produce all new jewellery starting in the second half of 2024.

In 2023, 97% of the silver and gold sourced for Pandora’s jewellery was recycled

The Future of Gold and Silver recycling

As of 2021, the estimated known reserves stand at 50,000 metric tons of gold, expected to sustain for approximately 15 years based on current extraction rates.

The data spanning from 2010 to 2022 reflects the gold mining industry’s trajectory as it embraces technological advancements, embraces environmental standards, and adapts to economic shifts inline with customer demand.

As the industry moves forward, it grapples with the intricacies of contemporary mining This is striving to harmonise efficiency and profitability with ethical and sustainable approaches, all while preparing for upcoming ventures such as deep-sea and space mining. This period signifies a pivotal phase in the industry’s development, laying the groundwork for its future direction in supply chain management.

Key Takeaways

Pandora’s recent shift to sourcing only recycled silver and gold for its jewellery marks a significant milestone in the industry. As the world’s largest jewellery company by volume, Pandora’s decision to prioritise sustainability over traditional mining practices sets a powerful precedent for long term decision making. By avoiding 58,000 tons of CO2 emissions annually, the company demonstrates the tangible environmental benefits of embracing recycled materials for their finished product.

This move not only reduces greenhouse gas emissions but in the bottom line it highlights the importance of responsible sourcing in the jewellery industry. With Pandora leading the way, other jewellers may feel compelled to follow suit, potentially sparking a larger shift towards sustainability in 2024 and beyond.

Furthermore, Pandora’s commitment to using 100% recycled silver and gold in all new jewellery by the second half of 2024 underscores the company’s dedication to driving positive change

By leveraging recycled materials and adhering to stringent recycling certification standards, Pandora sets a new standard for ethical and environmentally conscious practices in the industry when providing their goods and services.

As the world continues to grapple with environmental challenges, initiatives like Pandora’s serve as a beacon of hope for a more sustainable future. By prioritising recycled materials and reducing reliance on newly mined resources, the jewellery industry can play a vital role in mitigating its environmental impact and paving the way for a greener, more responsible future.

Gold price (XAU-GBP)
1,840.53 GBP/oz
  
+ GBP7.10
Silver price (XAG-GBP)
24.53 GBP/oz
  
+ GBP0.65

You might also like to read