Gold Recycling: Meaning, Process & Importance

It's quite amazing to know that 20% of the world’s gold supply comes from recycled sources. Can you believe it? Gold recycling involves recovering and reusing gold from several sources like old jewellery, electronic waste, and other sources. Gold is extracted from these materials, refined, and made into new products. Gold recycling conserves valuable natural resources and reduces the environmental impact of gold mining. It also offers significant economic and social benefits. The importance of gold recycling can help us further sustainable choices and contribute to a more responsible and ethical gold market.

What is Gold Recycling?

Gold has high value and it’s a loved precious metal that is just right for recycling. The good thing is that the quality of gold does not get affected by the gold recycling process. Many people are not aware of gold recycling methods and due to this, much of the metal, unfortunately, goes to landfill. Presently around 90% of recycled gold comes from jewellery and the remaining 10% comes from other sources.

The latest World Gold Council Report, titled 'Gold refining and recycling', says that gold recycling in India is significant and it secured the 4th position in global gold recycling in 2021. India recycled 75 tonnes of gold, which is 6.5% of the total global gold recycling.

Importance of the Gold Recycling Process

• Gold recycling process is instrumental in the conservation of natural gold deposits
• It reduces the need for new mining activities
• Prevents environmental degradation - habitat destruction, soil erosion, air and water pollution and landscape
• In gold recycling. energy is saved as less energy is used compared to the extraction and processing of new gold ore.
• Energy reduction in the process of gold recycling checks greenhouse gas emission rate
• A significant carbon footprint linked with gold production is reduced by gold recycling
• Gold recycling sustains valuable natural resources like ores and minerals
• Brings about a greener or responsible approach to gold production
• Gold recycling nurtures a socially responsible gold supply chain.

An eco-friendly and sustainable practice supports a more ethical gold industry.

Gold Recycling Process Saves Cost

Gold recycling processes save businesses’ production costs by removing expensive raw material extraction. Recycled gold requires less processing and refining as compared to virgin materials, which results in lower energy consumption and transportation costs. Also, businesses can avoid disposal costs by reusing metal scraps instead of sending them to landfills. Compliance with recycling industry standards demonstrates the businesses’ commitment to sustainable responsibility supporting the growth of the sector.

What is e-waste and how is it recycled?

E-waste essentially is an electrical item that is still operating, generating electricity, and can be connected to a plug or has a battery. Metals and plastics are mainly found as e-waste. Precious metals such as silver, gold, palladium, and copper are embedded in electronic items. Gold is used in electronics because of its conductivity and resistance to corrosion. It can be recycled from e-waste mainly from computers and smartphones. Gold is extracted from e-waste by a technological process.

According to recent estimates, India generates approximately 3.2 million metric tons of e-waste annually growing at a compound annual growth rate (CAGR) of around 30%. An average passenger car weighs about 2.5 tons. The annual e-waste in India is equivalent to the weight of 1,280,000 such cars.

Gold recycling from electronic waste lessens environmental effects supporting long-term sustainability and resource efficiency.

How are companies reacting to gold recycling in India?

Several companies are accepting gold recycling methods as part of their corporate social responsibility (CSR) initiatives, to demonstrate their commitment to sustainable and ethical practices.

Gold recycling is becoming an essential practice that offers numerous benefits across various sectors. By supporting gold recycling, companies can contribute to environmental conservation, economic stability, and social justice, paving the way for a more sustainable and responsible future.

FAQs

Q1. What are the effects of gold mining in India?

Ans. Gold mining in India has significant effects on the environment, economy, and society which are both positive and negative, impacting various aspects of life in the mining region. While gold mining brings economic benefits and job opportunities, there are also significant environmental and social challenges. Balancing these impacts through sustainable and responsible mining practices is essential for ensuring the long-term well-being of affected regions and communities.

Q2. What is the method of gold recycling on Earth?

Ans. The gold recycling methods are– first, the metal is melted down and refined until it reaches its purest form. To make jewellery from recycled gold, impurities within the alloy, need to be identified which are then melted off during the smelting process.

Q3. Can we rely on recycled gold? Is it good quality?

Ans. Recycling makes up for the deficit in newly mined gold. Solid gold has become one of the world's most recycled materials, also the materials that retain its value and quality no matter how many times it is recycled.

Q4. Can the carbon footprint of recycled gold be calculated?

Ans. While 1 gram of mined gold generates 36,410 grams of greenhouse gases, the recycled gold equivalent generates only 53 grams. That means its 686 times – or 99.8% - less carbon dioxide being released into the air.