By Marwan Shakarchi, MKS PAMP
As consumers and businesses play a greater role in accelerating the progress of Environmental, Social and Governance (ESG) priorities, we see precious metals consumers increasingly interested in the origin and journey of their products. Whether the source is a mine in Northwest Canada or spent industrial material, brands seek to respond to the intensifying demands of their ever-evolving customers. To reinforce a growing demand for the origin of materials, the development of international standards such as the The Organisation for Economic Co-operation and Development (OECD) and more specifically, the London Bullion Market Association (LBMA) Responsible Gold Guidance highlights the notion of provenance as a fundamental factor to our changing industry.
Align precious metals sourcing with ESG goals
Over the years, we have partnered with leading financial institutions, industrials, and luxury brands to provide them with a solution to track, trace and select the source of their precious metals based on their social and environmental factors. Rooted in our desire to promote solutions that create value for our stakeholders, we allow brands to be in complete control of their precious metals supply chain, from sourcing to product - delivering the full potential of transparency. Although sustainable gold was very niche a few years ago, we have seen that organisations not only wish to mitigate reputational risks, gain on transparency, and most importantly accelerate their ESG agenda. The importance of the materials origin is evident, yet if we take the mining sector as an example, a mine’s production could have a different value from another site dependent on the producer's ESG agenda. “83% of consumers think companies should be actively shaping ESG best practices” – PWC
How traceability can lead to greater transparency
We developed two connected solutions, Veriscan - an app that enables the authentication of products with a simple scan, and Provenance™, a cutting-edge solution that utilises technology to track the global precious metal supply chain, from source to end product, guaranteeing the source through a transparent approach. To further our commitment to fighting against counterfeit products, we launched free Veriscan scans in 2021, allowing people to utilise a solution to safely authenticate their products.
“The opacity of supply chains significantly increases the risk for companies as they are held accountable by consumers regardless of whether they were aware of issues or not – and consumer expectations and brand accountability are only continuing to expand in scope” - World Economic Forum
Sustainability technology
It is promising to see industry game-changers make the move towards greater sustainability, and as we all continue to pave the path, we see the power of technology playing an even greater role towards driving ESG goals within organisations.
