Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

World’s biggest jeweler Pandora stops using mined silver and gold

PANDORA.LUCERNELUXE.COM

LONDON — Pandora, the world’s largest jeweler by amount of products sold, has stopped using mined silver and gold and now only manufactures with recycled precious metals, which require less energy to produce.

The Danish company, known for its $65 to $95 charm bracelets, buys around 340 tons of silver and one ton of gold every year. Its supply chain generated 264,224 tons of CO2 in 2022, according to its annual report.

Using recycled, instead of newly mined, metals cuts Pandora’s indirect CO2 emissions by around 58,000 tons annually, said Mads Twomey-Madsen, its senior vice-president of communications and sustainability.

Recycled metal supply chains pose risks, as stolen gold can be sold as scrap to be recycled, and it is difficult to prove the origin of metals once melted down.

To mitigate the risks, Pandora uses a chain of custody standard developed by the Responsible Jewelery Council (RJC). That standard, for example, excludes gold coins and gold bars as a source of recycled gold.

Pandora, which said it reached 100% recycled silver and gold in December, is investing around $10 million a year into the switch, a cost it will absorb rather than pass on to consumers through price hikes, Mr. Twomey-Madsen said.

“We pay a premium for recycled, because we also need to help our suppliers make these transitions,” he said. Pandora declined to provide specifics on the premium.

Pandora requires its suppliers to be assessed against the RJC standard by independent auditors, including documenting the source of recycled silver. As part of the transition, Pandora suppliers had to segregate certified recycled metals from non-certified, Mr. Twomey-Madsen said.

Pandora, which sold 103 million pieces of jewelery in 2022, produces jewelery in two factories in Thailand and is building a third in Vietnam. Rivals like Monica Vinader and Missoma also advertise their use of 100% recycled silver and gold.

Metal refineries recycle silver from industrial catalysts, X-rays, electronic equipment, and old silverware. They obtain recycled gold from jewelery manufacturing waste and old jewelery. — Reuters

You May Also Like

Forex

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Forex

The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...

Editor's Pick

STOCK PHOTO Image by 165106 from Pixabay CANBERRA – Around 16,000 livestock remained in limbo aboard an export ship at an Australian port on Friday, having...

Economy

<?xml encoding=”utf-8″ ?????????> Aston Martin is currently in discussions with bankers regarding the management of its substantial £1.1bn debt burden, confirmed Lawrence Stroll, the...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.