Gold may be a huge industry but while demand is high, supply is incredibly scarce.
It is estimated that for every gram of gold on our planet, there are around 60 grams of silver and in the region of 400,000 grams of diamonds.
And while generations of us may have been more concerned with the price of gold than the origin of the precious metals we purchased, provenance has become a huge concern for today’s consumer.
The question is being asked more frequently than ever before: do you know where your gold comes from?
Almost 80% of the world’s gold is said to be turned into gold jewellery.
The economic impact is significant: the World Gold Council reports that gold mining contributes more than $170bn to the global economy.
Gold is mined in more than 60 countries worldwide and employs as many as 15 million people, but its supply chains have often been plagued with environmental and humanitarian issues.
From child labour to dangerous working conditions, a lack of health and safety standards have made for unsavoury headlines that have demanded a positive response from the precious metals industry.
Fairmined is an independent, not-for-profit initiative. Not only does it get mines up to an ethical working standard, it also operates minimum prices to ensure miners aren’t exploited.
Think of it as an assurance label, that verifies gold from responsible artisanal and small-scale mining businesses.
The Fairmined Initiative was created by the Alliance for Responsible Mining, a non-profit organisation that is recognised globally as a leader of responsible artisanal and small-scale mining.
Fairmined strives to transform the entire mining industry into a force for good. It seeks to eradicate economic exploitation and ecological destruction, and looks to a future where all gold is sourced in a fashion that we can be proud of.
You can be sure that Fairmined gold and associated precious metals support responsibly managed community mines. Why? Because Fairmined is backed by a rigorous third party certification and audit system.
It ensures that artisanal and small-scale mining organisations are meeting world-leading standards for responsible practices, including social development and environmental protection.
Fairmined describes the process as ‘an exchange between markets and miners’.
A fair deal for miners:
- A guaranteed fair price for minerals
- An additional premium to cover the costs of certification and promote investment in mining operations, social development and environmental protection
- Direct access to international markets and responsible supply chains
- Legitimacy within the industry, as well as government, national and international audiences
- Access to a network of miners, experienced allies and mining support organizations.
Value to the gold industry:
- Demonstration that the market puts a value on responsible practices
- Risk mitigation: the Fairmined Standard ensures that companies not only comply with but supersede all international norms and regulations
- Companies position themselves as pioneers and leaders in the growing trend towards sustainable and ethical sourcing
- Added value and access to a growing market of ethical consumers
Assurance for consumers:
- A story of origin
- Human connection to the mining communities
- Generating a positive impact with a purchase
- Assurance that the gold is responsibly mined
- Added emotional benefits
Information courtesy of Fairmined. You can find out more about the initiative by visiting: http://fairmined.org/
Betts Group is a family-owned precious metals business with more than 260 years of industry experience.
We offer a complete and personal service proposition to jewellers, including refining services and a wide range of products and sundries such as grain, sheet, wire, bullion, wedding bands and engagement rings, jewelers’ tools and bespoke investment products.
Our business specialises in a range of sustainable options, which also includes Fair Trade, recycled precious metals and Single Mine Origin Gold (SMO).
We can help you to give your customers peace of mind that their metal is ethically sourced.
You can trust us to guide you through all of the options.
Betts Metal Sales is proud to be an authorised supplier of Fairmined Gold. We can produce your wires and grain within 3 to 4 days.
For more information www.fairmined.org
To send us your enquiries email [email protected], or if you'd rather speak to us in person feel free to call us on 0121 233 2413.