Story Highlight
– 97,000 tonnes of gold, 790,000 tonnes of silver in collections.
– Recycled metals could reduce emissions by 20%-30%.
– Luxury watches often sit unused in private collections.
– Circular practices enhance resource use and environmental impact.
– Laboratory-grown diamonds represent 20% of the diamond market.
Full Story
The Watch & Jewellery Initiative 2030 has released a comprehensive report highlighting the untapped potential of precious metals in the global watch and jewellery market to mitigate environmental impacts. Titled “Unlocking Decarbonisation through Circularity in the Watch and Jewellery Industry,” the document reveals that there are approximately 97,000 tonnes of gold and 790,000 tonnes of silver already possessed by consumers in the form of watches and jewellery. This existing stock of metals surpasses the predicted output from active mines for the current decade.
The report underscores a significant opportunity for the watch industry, particularly as many luxury watch owners admit to having unworn pieces in their collections. Approximately 50% of these owners report that at least one timepiece remains idle at home.
To enhance sustainability, the report advocates for an increased reliance on recycled materials, along with initiatives focused on repair, resale, and the return of products. The environmental benefits of using recycled gold are substantial, potentially yielding emissions reductions of up to 99.8% compared to newly mined gold, all while maintaining equivalent quality and value. The adoption of circular practices throughout the industry could lead to a 20% to 30% reduction in total emissions within the next five to ten years.
This shift towards recycling is particularly pertinent given the rising costs of newly extracted gold and silver, which has intensified financial pressures within the sector. By utilising existing materials, watch brands stand to gain both environmentally and economically.
Currently, the watch and jewellery sectors account for about 40% of the global annual gold supply and 18% of silver. The report estimates that their total emissions are in the range of 40 to 60 megatonnes of CO2 equivalent annually.
Additionally, there are indications of potential emission reductions in the extraction of virgin materials. At present, renewable energy constitutes only 10% to 15% of the energy used in mining operations. The report suggests that increasing this share to 20% to 30% could result in a further 10% to 15% reduction in emissions.
For watchmakers continuing to depend on newly sourced metals, the findings stress the importance of responsible sourcing alongside the push for higher recycled content.
The report’s insights extend to the diamond sector, spotlighting the rise of lab-grown diamonds. These stones represented 20% of the jewellery diamond market by 2024, a significant leap from just 1% in 2015. Additionally, diamonds produced with renewable energy could significantly cut emissions by around 90% when compared to their mined counterparts.
Iris Van der Veken, the executive director and secretary general of the Watch & Jewellery Initiative 2030, remarked: “This report reflects that leveraging low-carbon solutions and reducing emissions is not about waiting for future technologies, but about scaling the many opportunities already available today.”
She emphasised that collaboration across the value chain, including partnerships with artisanal and small-scale mining communities, is crucial for fostering a resilient future for the industry. By enhancing these partnerships, the sector can accelerate progress towards sustainability.
The report further stresses the necessity for watch brands and retailers to consider the lifecycle of a timepiece post-purchase, encompassing servicing, repair, resale, and ultimately the recovery of materials.
With substantial quantities of gold embedded in watches and jewellery currently owned by consumers, the report posits that the future of resource availability for the industry may already be residing within households.
The complete report is accessible at http://www.wjinitiative2030.org/resources/.
