Pandora, the global leader in jewelry sales, has taken a momentous step by discontinuing the use of mined silver and gold in its manufacturing processes, according to a Reuters report. The Danish company, renowned for its popular charm bracelets priced between $65 and $95, has transitioned exclusively to recycled precious metals, marking a significant reduction in its carbon footprint.
Mads Twomey-Madsen, the Senior Vice President of Communications and Sustainability at Pandora, stated, “Using recycled metals cuts Pandora’s indirect CO2 emissions by around 58,000 tonnes annually,” as reported by Reuters. Previously, Pandora sourced approximately 340 tonnes of silver and one tonne of gold, contributing to 264,224 tonnes of CO2 emissions through its supply chain.
The shift to recycled metals aligns with Pandora’s broader environmental objectives, reflecting its commitment to mitigating the ecological impact of its operations. This move is part of a substantial investment by the company, allocating an annual budget of about $10 million to facilitate the transition. Importantly, Pandora aims to absorb this cost internally, without passing it on to consumers through price hikes.
While the adoption of recycled metals offers environmental benefits, it also introduces unique challenges, particularly the risk associated with stolen gold being sold as scrap for recycling. In response, Pandora has implemented a chain of custody standard developed by the Responsible Jewellery Council (RJC). This standard includes exclusions, such as gold coins and gold bars, as sources of recycled gold.
Twomey-Madsen highlighted that Pandora mandates its suppliers to adhere to the RJC standard, ensuring transparency and accountability in the sourcing of recycled silver and gold. As part of this transition, suppliers are required to segregate certified recycled metals from non-certified ones. Additionally, the company expresses a willingness to pay a premium for recycled metals, thereby supporting suppliers in making this sustainable transition.
Notably, competitors in the industry, including Monica Vinader and Missoma, also emphasize their commitment to using 100 percent recycled silver and gold, aligning with the growing trend towards sustainable practices within the jewelry sector.
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