Pandora stops using mined silver and gold

LONDON (Reuters) – Pandora, the world’s largest jeweler by number of products sold, has stopped using mined silver and gold and now produces only with recycled precious metals, which require less energy to produce.

The Danish company, known for its charm bracelets ranging from $65 to $95, buys about 340 tons of silver and one ton of gold annually. According to the annual report, the supply chain generated 264,224 tons of CO2 in 2022.

Using recycled, rather than newly mined, metals reduces Pandora’s indirect carbon emissions by about 58,000 tons per year, said Mads Twomey-Madsen, senior vice president of communications and sustainability.

Recycled metal supply chains pose risks because stolen gold can be sold as scrap for recycling, and it is difficult to prove the origin of metals after they have been melted down.

To reduce risk, Pandora uses a Chain of Custody standard developed by the Responsible Jewelery Council (RJC). For example, that standard excludes gold coins and gold bars as a source of recycled gold.

Pandora, which said it had achieved 100% recycled silver and gold in December, is investing about $10 million a year in the switch, a cost it will absorb rather than pass on to consumers through price increases, Twomey said Madsen.

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

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

Metal refineries recycle silver from industrial catalysts, x-rays, electronic equipment and scrap silverware. They obtain recycled gold from jewelry production waste and old jewelry.