Is Gold Sustainable? Shocking Truths!
What do you think? Are Minerals found in the earth more valuable than the earth itself? Is there any sustainable options for valuable Gold, Silver, Diamond, Ruby?
Let’s talk about Gold, Gold is a symbol of wealth, prestige, and stability. But in today’s world, increasingly focused on sustainability, a crucial question arises: is gold sustainable? Let’s understand in details :-
Table of Contents
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Environmental Cost of Gold
Getting gold out of the ground is a messy job. The World Bank says that mining just one ounce of gold can produce as much as 20 tons of waste. This waste is full of harmful substances like cyanide and mercury, which can pollute water and harm the environment.
Maa project estimates that a total deforestation of 18,421 hectares (45,520 acres) due to gold mining in the southern Peruvian Amazon in the last two years (2021-2022). Of this total, the majority of mining-related deforestation (76.6%, or 14,117 hectares) occurred within the Mining Corridor. Forests are cleared to make way for mines, disrupting delicate ecological balances and displacing indigenous communities.
Gold mining is a major worry due to its high energy usage. According to a study published in the Journal of Cleaner Production, mining just one ounce of gold can consume enough energy to power a house for multiple years. This heavy reliance on fossil fuels not only leads to greenhouse gas emissions but also contributes to climate change.
3 Big Gold Refining Countries in the World!
Switzerland holds the crown in gold refining, Four of the world’s top refiners. Let’s explore these leaders and delve into the global gold refining landscape.
Switzerland
Switzerland is home to four renowned gold refiners, namely Valcambi, Metalor, Argor-Heraeus, and PAMP. Their presence in the country strengthens Switzerland’s status as a global leader in gold refining.
South African Countries
Countries like Ghana, South Africa, and Mali being top global producers, supplying raw gold material. However, Africa has limited refining capacity and most of its gold is exported to countries like Switzerland for refining.
Germany
Heraeus Precious Metals GmbH from founded in 2010 in Germany boasts a rich history in the world of precious metals. Heraeus Precious Metals operates on a global scale, refining and trading a wide range of precious metals beyond just gold. This includes platinum, palladium, silver, rhodium, iridium, ruthenium, and osmium. Their global presence allows them to cater to a diverse clientele.
Certification to measure, Is gold sustainable?
Yes, there are a few certification programs that aim to ensure responsible sourcing of gold. Some of the prominent ones include:
Responsible Minerals Initiative (RMI): This initiative focuses on conflict-free minerals from the Democratic Republic of Congo (DRC) and surrounding countries.
Fairmined Standard: This standard certifies gold that meets rigorous social and environmental criteria.
Chain of Custody Certification: This type of certification tracks gold throughout the supply chain, providing assurance that it originates from responsible sources.
Social Impact of Gold Mining!
Gold mining has a significant impact on people. Child labor is a big problem, especially in small-scale mining operations. According to a 2019 report by the International Labor Organization (ILO), more than 40,000 children work in gold mining globally. These children are exposed to dangerous conditions, toxic chemicals, and lack access to education and healthcare.
Safety risks are a big worry. Gold mining often sees mine collapses and accidents, which happen too frequently. Workers are usually not equipped or trained properly, making their safety at risk.
Unethical sourcing poses a significant challenge in the mining industry. Gold extraction in conflict zones often finances armed groups and contributes to violence. The OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas aims to tackle this problem, but there are still obstacles to overcome in its implementation.
Sustainability Trends in the Gold Industry!
Unethical sourcing poses a significant challenge in the mining industry. Gold extraction in conflict zones often finances armed groups and contributes to violence. The OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas aims to tackle this problem, but there are still obstacles to overcome in its implementation.
Here’s a glimpse into some of the positive trends :-
- Positive trends include the rise of responsible sourcing initiatives such as the Responsible Minerals Initiative and the Fair mined standard, which aim to ensure ethical practices in gold sourcing.
- Technological advancements are also playing a role in reducing the environmental impact of gold mining, with innovations like bioremediation techniques being used to clean up contaminated mine waste.
- Additionally, the idea of a circular economy for gold is becoming more popular, focusing on recycling existing gold rather than solely depending on new mining processes.
What are the challenges of achieving sustainable gold production?
Several challenges remain in achieving truly sustainable gold production :-
Traceability: Ensuring transparency throughout the complex gold supply chain can be difficult.
Small-Scale Mining: Artisanal and small-scale mining (ASM) operations often lack the resources to implement responsible practices.
Consumer Awareness: While awareness is rising, many consumers are still unaware of the sustainability issues surrounding gold.
How Sustainability Concerns Have Evolved in the Past 3 Years.
The past three years have seen a significant increase in consumer awareness about the environmental and social impacts of gold mining. This has been driven by factors such as :-
The issue of gold mining has gained more attention from the media, which has helped shed light on the negative impacts it has on both humans and the environment. Additionally, documentaries such as “Gold!” and advocacy campaigns led by NGOs have played a role in increasing public awareness about this issue.
Social media platforms have also given consumers a space to express their concerns about the sustainability of gold. As a result, there has been an increase in the demand for gold that is sourced in a sustainable and ethical manner. This has placed pressure on jewelers and retailers to ensure that the gold they use is responsibly sourced.
Which is more sustainable – Gold, Silver or Diamond?
Here’s a table summarizing the key points :-
| Material | Sustainability Factors |
|---|---|
| Recycled Gold & Silver | Lowest environmental impact |
| Mined Gold | High environmental impact |
| Mined Silver | Moderate environmental impact |
| Lab-Grown Diamonds | Lower environmental impact compared to mined diamonds |
| Mined Diamonds | High environmental and potential social impact |
Recycled gold and silver are the champions of sustainable jewelry. Unlike newly mined metals, recycled ones don’t harm the environment by extracting new resources. This means less waste, deforestation, and energy usage during production. Research even shows that recycled gold emits 99.8% fewer greenhouse gases than mined gold. So, by choosing these precious metals, you can enjoy their timeless beauty while leaving a smaller environmental impact.
Our Opinion!
Ultimately, the most sustainable choice depends on your priorities. If minimizing environmental impact is your main concern, recycled precious metals are the clear winner. If you prefer diamonds, opting for lab-grown reduces the environmental and social footprint compared to mined stones.
Did your opinion changed after reading this blog?
Do you think minerals found in the earth are more valuable than the earth itself? Will you now choose sustainable options? Share your opinions in the comment section, We would love to hear you!
If you have any further queries in this topic, You can Email us at contact@wecareearth.com. Thank You for being eco conscious! We warmly welcome you at wecareearth.com |
