World's largest jeweler to use 100% recycled gold and silver by 2025
(Kitco News) - Environmental Social Governance policies are playing a growing role in the precious metals market as the world’s largest jewelry maker announced that it is only using recycled gold and silver.
In a press release Tuesday, Pandora, the world’s largest jewelry brand, said that it will stop using newly minted gold and silver within the next five years.
“This will cut carbon emissions by two thirds for silver and by more than 99% for gold,” the company said in the press release.
Currently, Pandora uses 71% recycled metal in its jewelry. The company said that recycled silver and gold will reduce CO2 emissions, water usage, and other environmental impacts because recycling of metals uses fewer resources than mining new metals.
According to its research, Pandora said that using recycled gold produces about 600 times less carbon than mining new gold.
“The need for sustainable business practices is only becoming more important, and companies must do their part in response to the climate crisis and the depletion of natural resources. For many years, Pandora has used recycled metals in our designs. Now we are ready to take the next step and stop using mined silver and gold altogether. This is a significant commitment that will be better for the environment and make our jewelry more sustainable,” said Pandora CEO Alexander Lacik.
The company said that the decision to use recycled precious metals is part of its ambitious decarbonization targets announced in January. For this year, Pandora said that it will source 100% renewable electricity at its two jewelry crafting facilities in Thailand.
The company said that it wants to bee carbon neutral by 2025.