Fairtrade Fairmined Gold
Fairtrade and Fairmined certified gold, the world’s first independent ethical certification system for gold and associated precious metals, enables jewellery designers, retailers and manufacturers to offer you the guarantee of a product which has been responsibly mined.
Element Jewellery is proud to be among the world’s first 20 Licence Holders that can manufacture jewellery with the Fairtrade Fairmined dual certification on our exclusive Diamond Engagement Ring and Wedding Band Collection.
The dual certification scheme demonstrates Element Jewellery and the jewellery industry’s commitment to fair sourcing practices in a bid to shape jewellery supply chains of the future.
The Dual-Certification ensures development standards in the following aspects have been adhered to:
Such as benefits to local communities in mineral rich ecosystems, and improved governance to this sector, social and environmental programme
Such as fairer market access
Such as environmental management (including mitigation of the use of mercury and ecological restoration)
Such as gender equality, progressive elimination of child labour in mining.
Fairtrade Minimum Price
The Fairtrade Minimum Price (FTMP) means that miners are being paid a fair price for the gold which they mine. The FTMP is based on the London Bullion Market Association?s (LBMA) fixing for gold. The LBMA is the London-based trade association that represents the wholesale market for gold and silver in London. The Fairtrade Minimum Price for the pure gold content is set at 95% of the LBMA fixing at the FOB export point. This is substantially higher than the 70% of the LBMA which many marginalised miners often receive.
In addition, organisations that buy certified gold must pay the Fairtrade premium, which the miners can use to invest in their communities.
Paying a fair price for the gold may mean that Fairtrade and Fairmined gold jewellery is more expensive than non-certified jewellery, but it does provide consumers with reassurance than the gold has been sourced in a responsible manner.
A Fairtrade premium of 10% for Fairtrade Fairmined Gold, or 15% for Fairtrade Fairmined Ecological Gold is money paid on top of the Fairtrade minimum price that is invested in social, environmental and economic developmental projects, decided upon democratically by a committee of producers within the organisation or of workers on a plantation.
Fairtrade and Fairmined certified gold is unique in offering the first transparent and traceable supply chain for gold. Certified gold is kept separate from non-certified gold during processing, refining and manufacturing. In exceptional cases, where the physical traceability requirements impose disproportionate costs for suppliers, an exception may be applied for. Physical traceability for ecological gold is compulsory at all times.
As an ethical alternative to Fairtrade Fairmined Gold, Element are able to recycle old gold you may have into new pieces of jewellery. Click here for further information.
Interview with Tania Kolwaski of Oria Ethical Jewellers
Greg Valerio, Co-Founder of Alliance of Responsible Mining
Gold: Every Piece Tells a Story
Diamond Engagement Rings
Oria Ethical Jewellery
Ethical Gold Wedding Bands