Australian jewellery brand Michael Hill has reportedly accrued $200,000 worth of gold from customers through its ‘Re:Cycle’ recycling program since it launched in late April this year.
Head of sustainability Kerrie Hockless confirmed the numbers at Ragtrader Live in Melbourne, saying it will soon scale the program into its other key markets, New Zealand and Canada.
The ‘Re:Cycle’ program allows customers to sell back broken or damaged gold jewellery for the stock price of the day, with the money loaded into a Michael Hill gift card for the customer.
“We know through research that for every one gram of pure gold we can push back into recycling engineered products saves around three tonnes of mining ore and 16 kilos of carbon emissions,” Hockless said. “So every customer that sends their product in of pure gold, we thank them for helping us hit that amount.”
Hockless said the program has been well-received by its store teams, as it offers an extra touchpoint to invite customers back. She added that Michael Hill will also become the first jeweller to launch something like this on a global scale.
“We are really proud of leading the industry in this and now we're seeing phenomenal results, so much so that we're currently working on a diamond trading program,” she said.
“We are the only industry in the world where you can buy something of value and get almost the exact same value back at the end of life. So we see that as a huge opportunity for our business.”
Speaking on the launch of Re:Cycle, Michael Hill CEO Daniel Bracken said the jeweller’s aim is to have all its products sustainable, responsible or circular by 2030.
“We are fortunate to work with precious metals that never tarnish or decay, allowing us to provide an innovative service whilst building a more circular economy,” Bracken said.
“How we source and manufacture our products impacts our planet, and this Re:cycle program is our first major foray into jewellery circularity, and evolving the jewellery industry towards a more sustainable and ethically responsible future.
“This program, combined with our customers allows us to contribute towards reducing the need for virgin-mined gold.”