Today: Wednesday, 8 July 2020 year

Pandora: Jewelry firm moves to recycled gold, silver

Pandora: Jewelry firm moves to recycled gold, silver

Pandora, one of the biggest jewellery company, has announced its plans to use the only recycled precious metals in its work. For the Copenhagen-based company, which makes the record-high number of pieces of jewellery globally, the move means a lot. Since 2025, Pandora stops relying on newly mined gold and silver and instead use only recycled precious metals.

As an official statement reads, the new policy takes effect in five years. The new approach will help Pandora beef up its climate credentials and make it a more appealing target for investors eager to fill their portfolios with assets that meet environmental, social and governance goals.

As Bloomberg News reports, shares in Pandora jumped about 5% when trading started in the Danish capital, bringing gains in its market value this year to about 20%. Actually, the main Copenhagen benchmark index fell about 0.1% on Tuesday. According to a spokesman for Pandora, the change in policy won’t have any material impact on costs.

Alexander Lacik, a CEO, noted that the new direction won’t drag down the quality of the jewellery produced.

“Metals mined centuries ago are just as good as new,” he said in a statement on Tuesday. Meanwhile, “the need for sustainable business practices is only becoming more important,” Lacik explained.

Pandora seeks ways to decrease its CO2 footprint

Pandora is currently using 71% recycled gold and silver in its production, with roughly 15% of the world’s silver coming from recycled sources.

The firm says its shift to recycled precious metals will cut carbon emissions by two thirds for silver and more than 99% for gold. One of the key benefits to the environment is the considerable reduction in water use as a result of less mining, it said.

Generally, annual emissions from the global gold market are equivalent to around 126 million tons of CO2, with more than a third of that coming directly from mining and smelting, according to the World Gold Council.

The Danish firm intends to work with suppliers to make sure it gets access to “responsibly sourced recycled silver, certified according to leading supply chain initiative standards such as the Responsible Jewellery Council.”