Huge changes announced by Pandora. What will the new jewelry be made of? Until now, he had bought hundreds of tons of gold and silver.

Pandora, the largest jewelry manufacturer in the world by units sold, is making huge changes to the jewelry they produce that is highly sought after around the world. The company is especially famous for its bracelets, with which each of us buys tons of gold and silver.

Pandora's Solution

Pandora has announced that it will no longer use silver and gold from the new mining. From now on, its jewelry bracelets will be made only from recycled precious metals, which require less energy to produce, Reuters reports.

The Danish company, known for its bracelets ranging from $65 to $95, purchases about 340 tons of silver and one ton of gold annually.

According to the company's annual report, its supply chain produced 264,224 tons of CO2 in 2022, Agerpres reported.

Using recycled metals instead of newly mined metals reduces Pandora's indirect CO2 emissions by about 58,000 tons per year, said Mads Twomey-Madsen, the company's senior vice president of communications and sustainability.

There are also risks

Recycled metal supply chains are risky because stolen gold can be sold as scrap metal for recycling and it is difficult to prove the origin of the metals once they are melted down.

To reduce risk, Pandora uses a standard supply chain developed by the Responsible Jewelry Council (RJC). This standard, for example, excludes gold coins and gold bars as a source of secondary gold.

Pandora, which said it will reach 100% of recycled silver and gold by December 2023, is investing about $10 million a year in the changes, a cost it will absorb rather than pass on to consumers through price increases, Mads Toomey said. Madsen.

Pandora requires its suppliers to be assessed against the RJC Standard by independent auditors, including documenting the source of the recycled silver. As part of the transition, Pandora's suppliers had to separate certified recycled metals from non-certified ones, Mads Toomey-Madsen said.

Pandora, which sold 103 million pieces of jewelry in 2022, makes jewelry in two factories in Thailand and is building another factory in Vietnam. Its competitors such as Monica Vinader and Missoma advertise that they also use 100% recycled silver and gold.

Smelters recycle silver from industrial catalysts, X-ray machines, electronic equipment and old silver. They obtain recycled gold from jewelry production waste and old jewelry.