(PRESS RELEASE) MILAN, IT — The World Jewellery Confederation (CIBJO) is recommending a new definition of “recycled gold״ to be used in the jewellery and watch sectors, so as to provide greater clarity and consistency both within the industry and marketplace. CIBJO will henceforth include the definition in the guidance documents it produces.
The definition, which covers recycled materials recovered during manufacturing and fabrication processes before being sold to consumers, and also gold recovered from materials after they have been sold to consumers, was developed through extensive discussions among industry experts. It is designed to set stricter criteria for secondary and circular gold supplies, and aims to improve the identification of inputs and outputs in the gold refining and fabrication processes, as well promoting transparent and responsible sourcing.
The full text of the new definition follows the press release.
CIBJO acknowledged the contribution made by the International Standardization Organization (ISO) in creating a draft of the definition, as part of a wider standard ISO was developing for responsibly sourced gold, a project in which CIBJO was an active participant.
“There has been growing confusion about the different names and labels for re-refined gold,” explained CIBJO President Gaetano Cavalieri. “The new definition provides a clear statement and set of criteria for recycled gold, which is more stringent than definitions for many other materials. The industry needs a clearer definition to avoid consumer confusion and greenwashing, and to enhance trading practices and supply chain transparency.”
The new definition has already being accepted as a substantial improvement by leading jewellery industry participants and associations, and key industry bodies like the London Bullion Market Association (LBMA) and the World Gold Council (WGC) are considering how to incorporate the main elements of this definition into their guidance and responsible sourcing practices. For its part, the Responsible Jewellery Council (RJC) has already included a definition based on the same criteria in its updated Chain of Custody standard.
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RECOMMENDED DEFINITION FOR RECYCLED GOLD
Recycled gold is
- Pre-consumer recycled gold OR
- Post-consumer recycled gold OR
- A mixture of both.
Recycled gold excludes gold in investment product form (e.g. bullion bars and investment coins (unless that gold is entirely produced from Pre-Consumer/Post-Consumer recycled gold).
Pre-consumer recycled gold
Pre-consumer recycled gold is gold obtained by refining materials generated during a manufacturing or fabrication process.
This includes melted scraps, sweeps, solutions, wastewater treatments, as well as manufactured materials, products, components and alloys which are no longer required, or which can no longer be used for their original purpose. Scraps and materials refined within the organization which generated them can be qualified as pre-consumer recycled gold only if all the starting scraps and materials are already ‘pre-consumer recycled gold’.
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Post-consumer recycled gold
Post-consumer recycled gold is a gold obtained by refining products sourced from individuals, organizations or industrial facilities in their role as end-users of the products which are no longer required or desired, or can no longer be used for their original purpose.
This includes jewellery products and components, electronic and industrial components, dental scrap, numismatic/collectable coins (but not investment coins), decorative products, plated materials/coatings, spent solutions, as well as returns of products by participants in the gold supply chain (e.g. excess inventory from wholesalers, retailers…).
