Currently, gold is considered to be “recycled” if it has been transformed at least once after its primary refining from freshly mined gold (also called virgin material). The specifics of which type of gold is included or not differs between OECD and current standard setters (LBMA vs RJC vs RMI vs UAE or other standard setters). This means that freshly mined gold can be converted into recycled without ever seeing a consumer. In the view of the working group which developed this new definition, this poses a significant risk of greenwashing. As the majority of the consumers associate the definition of recycled with responsible, there was a need to come up with a more precise definition of what “recycled” gold is, that fulfills the criteria given by the general perception of recycling
Development of a sectoral approach for carbon footprint calculation
In 2023, as a natural consequence of the publication of a new definition for recycled gold, the Precious Metals Impact Forum will work on the development of a sectoral approach for carbon footprint calculation.
Such process, if successful, should guarantee more transparency in the claims made by organization involved in gold.
Centralized due diligence