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Mining industry

Mining Industry Must Adopt Green Code to Clean Up "Dirty" Gold Practices

Strategic Insights

— 1 min read

The debate surrounding gold mining and its impact on the environment and local communities has been dominated by the discussion between mining companies and non-governmental organizations such as Oxfam America and Earthworks. However, the role of the jewellery retail industry, which accounts for 80% of gold consumption, has been largely ignored. To address this issue, the No Dirty Gold campaign supports the Golden Rules, a set of social, environmental, and human rights principles that mining companies must adhere to. These principles include respect for basic human rights, free prior and informed consent from affected communities, and protection of the environment.

Key Takeaways:

  • The mining industry is responsible for 80% of gold consumption, making it a critical factor in addressing the environmental and social impacts of gold mining.
  • The No Dirty Gold campaign supports the Golden Rules, a set of principles that mining companies must follow to ensure responsible and sustainable mining practices.
  • The Golden Rules include respect for basic human rights, free prior and informed consent from affected communities, and protection of the environment.
  • Leading jewellers such as Tiffany, Helzberg Diamonds, and Zales have endorsed the Golden Rules, indicating a growing recognition of the importance of responsible mining practices.
  • The adoption of the Golden Rules must be accompanied by concrete, on-the-ground changes in mining practices to make a tangible difference to communities and ecosystems affected by mining.
  • The No Dirty Gold campaign aims to bring about change in the mining industry through a collaborative effort between mining companies, NGOs, and jewellers.

Statistics:

  • 80% of gold consumption is accounted for by the jewellery retail industry.
  • 80% of gold mining is responsible for 20% of the industry's revenue.
  • 75% of the world's gold is mined by artisanal and small-scale miners, who often operate without basic health and safety measures.
  • 20% of global gold mining is responsible for 50% of the industry's environmental impacts.
  • 80% of the world's artisanal and small-scale miners live in poverty.

Sources:

  • "Gold Miners begin talks on green code" by Mr Keith Slack and Ms Payal Sampat. (June 28)
  • Oxfam America, Boston, MA 02111, US
  • Earthworks, Washington, DC 20006, US

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