Pandora, the biggest jewelry maker in the world, has decided to stop using newly mined silver and gold and pick only recycled precious metals, as it consumes less energy.
The Danish company, famous for its charm bracelets that cost between $65 and $95, typically buys 340 tonnes of silver and one tonne of gold annually.
According to their annual report, getting these materials in 2022 created 264,224 tonnes of carbon dioxide.
“We pay a premium for recycled because we also need to help our suppliers make these transitions,” said Mads Twomey-Madsen, the company’s senior vice president of communications and sustainability.
To reduce risks, Pandora follows a set of rules created by the Responsible Jewellery Council (RJC). These rules say that certain items, like gold coins and gold bars, can’t be considered sources of recycled gold.
Switching to recycled metals, instead of mining new ones, reduces Pandora’s yearly indirect CO2 emissions by about 58,000 tonnes, according to Twomey-Madsen.
In December, the company announced that it now uses 100% recycled silver and gold. They are putting about $10 million each year into making this change, and customers will not have to pay more for it— they’ll cover the cost themselves instead of raising prices.