Wednesday, 25 July 2012

Fairtrade and Fair-minded gold

However, if managed responsibly, ASM mining can provide a great chance for poverty reduction and sustainable development for millions of people.

This is why Fairtrade International and the Alliance for in charge Mining combined their expertise to create Fairtrade and Fair-minded gold certification. This groundbreaking initiative enables ASM miners to improve their livelihood and it assures concerned consumers that gold jewelry they buy is sensibly sourced.

Through an extensive consultation process the two organizations have developed a set of standards for responsible taking out, which the miners have to complete in order to get certified. Achieve the certification means that the miners:

> receive a guaranteed Fairtrade Minimum Price set at 95% of the London Bullion Market Association fixing at the FOB export point;

> Receive a Fairtrade premium payment, which is democratically reinvested in community projects and developed miners´ operations. This is calculate as 10% of the applicable LBMA fixing;

> for Ecological Gold is the Fairtrade premium is calculated as 15% of the applicable LBMA fixing;

> develop long term business relations with their commercial partners;

>have developed democratic and answerable organizations and formalized all their operations;

> are using safe working practices including the management of toxic chemical, such as mercury and cyanide, used in the gold recovery process;

> are deferential with their setting;

> recognize the rights of women miners;

> Do not allow child labour in there.

Organizations are audit by the independent, international certification body FLO-CERT to ensure they are complying with the standards.

Ecological Fairtrade and Fair-minded certified Gold is also accessible. This is gold which has been extract without the use of chemicals, with strict natural restoration requirements.