Fair Trade Gold - Fair Prices, Greener Gold

A new initiative has been announced that will allow gold miners in developing counties to sell their gold under a new labelling system of fair trade. A partnership between Fair Trade Labelling Organisations International (FLO) and the Alliance for Responsible Mining (ARM) is making the initiative possible. Also, consumers are now able to choose to buy fair trade gold the same way they can purchase fair trade olive oil, avocados, tea, or coffee. This is an important option for consumers to consider because, even though most of the gold in the world is mined by large companies, about 15% is mined by artisanal miners using basic equipment and tools to mine the precious metal.

Many artisanal miners come from impoverished areas where the income of the miners is the driving force of the economy. There are many communities like this around the world. In fact, the livelihoods of about 100 million people depend almost solely on small-scale miners' abilities to make a sale from their mining efforts. In the past, it has been unfortunate that these artisanal miners have not been given a fair price for their gold. Without access to global markets, many gold miners have no choice but to sell to middlemen at incredibly unfair prices. However, the new initiative will put an end to this and ensure fair trade gold prices for these impoverished individuals.today.com
Artisanal miners being positively influenced by fair trade gold have more problems on their hands than just the price they can sell their gold for. They are often exposed to toxic substances, mercury in particular, as they attempt to isolate the gold they mine from other minerals. This causes long-term damage to the miners themselves along with their environment and others in the community. Also, since many of these small-scale miners are located in the Democratic Republic of the Congo, issues such as war are a serious problem. More than five million lives have been lost because of civil wars.
Therefore, another important facet of the fair trade gold initiative is that gold eligible to receive the fair trade certification will need to have been obtained in an as minimally environmentally damaging way as possible while also not causing or promoting violence. In fact, miners who avoid harmful chemicals in their mining processes will be awarded an "ecological premium." The Fair Trade logo, which is recognised by 70% of UK consumers, will provide you with a reliable point of reference in the confusing jewellery industry.bbc.com