Pandora, the world's largest jeweler by volume, made a groundbreaking announcement earlier this year that could reshape the jewelry industry. The brand revealed that every piece of jewelry it sells is now made exclusively of recycled gold and silver, Fast Company reported.
According to Human Rights Watch, 1,600 tons of gold are mined for jewelry each year — which can be harmful to workers as well as the environment. While many communities worldwide rely on mining for their livelihoods, working conditions can be fatal.
Mining can also pollute waterways with toxic chemicals. Fast Company detailed that Pandora sells 107 million pieces of jewelry per year, and this move could save 58,000 tons of carbon dioxide annually.
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Pandora set a goal in 2020 to drastically reduce its carbon footprint by shifting to recycled materials, ESG Today detailed. The process of building a supply chain solely of recycled materials took several years, and by the end of December, Pandora's suppliers evolved their operations, and the company has been slowly reducing its non-recycled inventory, per Fast Company. This pivotal change comes as more consumers look to patronize companies that share their sustainable values.
According to PwC, consumers are willing to spend 9.7% more for sustainably produced or sourced goods even with cost of living and inflation concerns. See if your favorite brands are prioritizing eco-friendly initiatives.
"Precious metals can be recycled forever without any loss of quality," Pandora CEO Alexander Lacik said, per ESG. "Silver originally mined centuries ago is just as good as new, and improved recycling can significantly reduce the climate footprint of the jewelry industry."
Pandora's sustainable efforts also include a shift to lab-grown diamonds and other human-made stones, including cubic zirconia. The lab-grown diamonds are produced using 100% renewable energy, reducing their carbon footprint to just 5% of mined diamonds.
Pandora is also thinking about how to take back and recycle old jewelry customers no longer want. "This would create a fully circular system," said Luciano Rodembusch, Pandora's president for North America.
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