Recently, jewelry brand Pandora announced that by the second half of 2024, it will use 100% recycled gold and silver in the production of its iconic bracelets, necklaces, and other jewelry. This milestone is being achieved approximately a year ahead of the original 2025 target.
Back in 2020, Pandora set a goal to fully transition to using recycled gold and silver by 2025. The brand cited data from the World Gold Council and other companies, noting that mining requires far more energy and resources than recycling. Using recycled gold results in approximately 99% less carbon emissions compared to mining and refining, while recycled silver reduces carbon emissions by about 66%. It is also worth mentioning that mineral mining is a major source of mercury pollution.
Pandora estimates that by sourcing and using recycled metals, it will reduce its carbon emissions by about 58,000 tons annually—equivalent to the emissions from powering 11,000 homes or the emissions of 6,000 cars globally in one year.
Pandora's CEO, Alexander Lacik, emphasized that precious metals can be recycled infinitely without quality degradation. "Silver mined centuries ago is still the same quality as newly mined silver. Shifting from mining and refining to recycling can significantly reduce the climate impact of the jewelry industry. Young consumers, in particular, prefer brands they believe to be more ethical, and if your brand isn't in that space, you could be left behind over time."
As the world's largest jewelry company by sales volume, Pandora's commitment to reducing its environmental footprint is seen as a significant step forward for a large corporation. Lacik noted in an interview, "We want to set an example. If we can make a positive impact by using recycled gold and silver, then anyone can do it."
To support this initiative, Pandora plans to spend an additional $10 million annually to use recycled metals. Lacik acknowledged that this would cost more than using newly mined metals, but the company does not intend to raise jewelry prices to cover the extra costs.
In addition to the increased financial investment, Pandora's suppliers must change their practices to source "certified recycled" materials in compliance with the standards set by the Responsible Jewellery Council. For many suppliers, this means adopting new processes and equipment to ensure complete separation between newly mined and recycled metals throughout the supply chain, including sorting, smelting, and manufacturing processes.
Currently, more than 100 Pandora employees are involved in metal recycling efforts. Since 2021, these employees have shifted from diamond mining to lab-grown diamonds—further demonstrating Pandora's commitment to sustainability. Besides transitioning to recycled metals, Pandora also exclusively sells lab-grown diamonds produced with renewable energy.
Given the specific materials used in Pandora's products, the company uses 340 tons of silver and only 1 ton of gold annually. However, analysts note that recycling silver is much more challenging than recycling gold, mainly due to the small amount of silver that is actually recovered. Neil Meader, head of the gold and silver department at Metals Focus, mentioned that global silver demand is around 1 billion ounces annually, but only about 180 million ounces are recycled—just a small portion of the total demand. Since silver trades at about one percent of the price of gold, there is often little incentive for people to recover and recycle it from waste. Pandora also pointed out that less than 20% of the world's silver supply comes from recycled sources, primarily derived from discarded electronics, old jewelry, silverware, and other industrial waste.
To ensure an adequate supply of raw materials, Pandora has been collaborating with suppliers such as Swiss metal refiner MKS PAMP and has developed custom recycling lines for silver production.
Pandora's Senior Vice President of Sustainability, Mads Twomey-Madsen, said in an interview that the company has made significant efforts to achieve its goal of using 100% recycled metals. Now that this milestone is achieved, the company is focusing on reaching carbon neutrality by 2025 and reducing total carbon emissions by half by 2030.
Despite efforts by Pandora, Monica Vinader, Mejuri, Missoma, and other brands to adopt recycled precious metals, the impact remains limited. Luxury brands like Prada have also begun launching jewelry collections featuring recycled metals, but the definition of "recycled precious metals" is still somewhat ambiguous.
Some jewelry industry commentators have expressed skepticism, suggesting that the term "recycled" gives products an "eco-friendly" aura. They argue that simply indicating recycled content without specifying the original source of materials is misleading. Unless the materials come from waste that has already been recycled or diverted, their use cannot be fully justified as sustainable, as precious metals are not typically classified as waste.
The term "recycled" also risks obscuring the true origin of metals, such as those sourced from illegal refineries involved in child labor or that fund cybercrime activities. During recycling, there is a risk that such metals might be misrepresented as "ethically acceptable new gold."
A joint statement released in 2020 by the Alliance for Responsible Mining and other organizations also highlighted the potential impact of exclusively sourcing recycled gold on small-scale mining operations. These smaller enterprises often refine metals more responsibly and provide livelihoods for vulnerable groups.
In response, Lacik clarified that Pandora's decision to use only recycled metals is primarily based on environmental considerations: "We believe that addressing climate issues and driving progress on this front is a more significant matter for humanity in the long run."