Pandora will invest more than $13 million towards sourcing 100 per cent recycled gold and silver, to solidify its commitment to sustainable jewellery practices. The move to abandon traditional precious metal mining will cut the brand’s CO2 emissions by around 58,000 t (63,934 tons) annually.
By the end of 2023, 97 per cent of Pandora’s gold and silver was recycled. The transition demanded the implementation of new equipment and processes to ensure recycled and mined metals were completely separated at all points of the supply chain, from sorting to manufacturing.
Given the potential risks associated with determining the origin of metals earmarked for recycling, especially concerning the possibility of stolen gold, Pandora has implemented a chain of custody standard created by the Responsible Jewellery Council (RJC)—which excludes gold coins and bars as a recycled gold source. Pandora’s suppliers are also required to undergo independent assessments under the RJC standards.
The company aims to achieve 100 per cent recycled precious metal status by the second half of 2024. In order to reach this target, Pandora has committed an annual investment of approximately C$13.5 million (US$10 million). By investing in this sustainable shift, Pandora will absorb the costs without passing them on to consumers through price hikes.
In conversation with Reuters, the brand’s senior vice-president of communications and sustainability, Mads Twomey-Madsen, emphasized, “We pay a premium for recycled, because we also need to help our suppliers make these transitions.”