CIBJO's Stricter Definition of Recycled Gold
March 19, 25
(IDEX Online) - The World Jewellery Confederation (CIBJO) is recommending a stricter definition of "recycled gold" to provide greater clarity and consistency in the watch and jewelry industries.
It aims to outlaw consumer confusion and greenwashing.
It says the term should only be used to describe pre-consumer recycled gold, post-consumer recycled gold, of a mixture of the two.
Pre-consumer recycled gold is gold obtained by refining materials generated during a manufacturing or fabrication process.
Post-consumer recycled gold is a gold obtained by refining products that are no longer wanted, and that are sourced from individuals, organisations or industrial facilities.
Gold that does not these criteria should not be described as recycled, it says.
Around a quarter of the world's gold supply is currently "recycled".
CIBJO says its proposed new definition excludes gold in investment products such as bullion bars and investment coins.
"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," said the Milan-based confederation in its announcement yesterday (18 March).
Pic shows industrial gold waste from electric components.