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Fairtrade and Fairmined gold launched in UK
Business Digest: Foundation tackles poor working conditions in return for set minimum price
The first ever Fairtrade and Fairmined gold foundation is being launched today in the UK. It is hoped that the move will help to regulate one of the world's most dangerous industries.
The foundation asks small-scale mining groups to guarantee certain standards for workers and the environment. Miners then receive a set minimum price of 95 per cent of the internationally agreed price set by the London Bullion Market Association.
Royal jeweller Garrard is one of 20 companies to sell the newly certified gold. Each piece will carry a Fairtrade and Fairmined hallmark.
A surge in demand has pushed the price of gold up from $320 an ounce in 1999 to more than $1,400 last year. Despite this, the foundation said that some miners can receive as little as 35 per cent of the fix for their work.
Read a full report at the Independent. ·
