Gold recycling up 15 per cent in 2022

In the first quarter of this year, 301 tonnes of gold were produced by recycling, about 15 per cent more than in the same quarter last year, according to the latest World Gold Council data. Overall, total gold production over the first three months of 2022 was up 4 per cent to 1156.6 tonnes, with more than a quarter from recycled gold. This share would have been even more substantial had China not experienced COVID-related lockdowns in March, which dampened the usually strong Asian sales activity of scrap gold in the form of jewellery or coins.

Europe and the US also see uptick in recycling

The sale of scrap gold has been on a high level in other Asian regions unaffected by lockdowns. Also, European countries registered a significant increase, which the World Gold Council attributes mainly to the weak euro and the resulting higher gold prices. However, the sale of scrap gold also rose in the US in the first quarter of 2022, despite a very stable US dollar. In view of the persistently high gold price and the inflation-induced pressure on consumers across many countries, a high recycling rate can also be expected in the further course of 2022.

Attitudes in the jewellery industry and its customers are evolving

Fashion and jewellery industry associations are attesting that the opinion “recycling and valuable gold jewellery are a bad match” is completely outdated. In fact, a number of successful initiatives and business models are proving the opposite, such as the Earthbeat Foundation, which focuses on the production of high-quality jewellery from recycled gold under fair working conditions.