New findings show that the industry could cut emissions by up to 30% through circularity, while unworn gold and silver sit unused in consumer collections worldwide

Around 97,000 tonnes of gold and 790,000 tonnes of silver already sit inside watches and jewellery owned by consumers around the world.

According to a new report from the Watch & Jewellery Initiative 2030, this is more than most active mines will produce this decade.

About half of luxury watch owners say they have at least one piece at home they never wear.

Recycled gold produces up to 99.8% lower emissions than newly mined gold, with no loss in quality or value.

The report, Unlocking Decarbonisation through Circularity in the Watch and Jewellery Industry, identifies this material already in circulation as one of the industry’s most under-used resources.

The watch and jewellery industry sources around 40% of the world’s annual gold supply and 18% of its silver, and total emissions across the value chain are estimated at 40 to 60 megatonnes of CO2 equivalent each year.

The report finds that wider adoption of circular practices, from recycled metals to repair, resale and take-back schemes, could reduce this by 20-30% within the next five to ten years, much of it achievable by making fuller use of material the industry has already brought into the world.

Input costs for newly extracted gold and silver have risen in recent years, placing pressure on margins across the industry.

Material that already exists represents both an environmental opportunity and an economic one, building resilience into sourcing at a time when it is most needed.

Progress downstream is matched by progress upstream. The report finds the industry is advancing on both ends of the value chain, broadening the supply of recycled metal, and working to make the mining of virgin material less carbon intensive.

Renewable electricity use at mines currently sits at just 10-15%, and the report models that raising this to 20-30% could cut industry emissions by a further 10-15%.

A similar principle applies to diamonds. Lab-grown stones have grown from 1% of the jewellery diamond market in 2015 to 20% in 2024, with production powered by renewable energy cutting emissions around 90% compared with mined diamonds.

Rather than framing this as a contest, the report treats mined and lab-grown diamonds as coexisting choices for consumers.

Mined diamonds are seeing genuine progress through lower-carbon mining, while lab-grown stones are produced in a controlled environment where their footprint can be measured with precision.

Iris Van der Veken, executive director and secretary general of the Watch & Jewellery Initiative 2030, said: “This report reflects that leveraging low-carbon solutions and reducing emissions is not about waiting for future technologies, but about scaling the many opportunities already available today.

“From responsible sourcing and recycled materials to innovation and circularity, progress is possible when we work collectively across the value chain.

“This also includes working closely with artisanal and small-scale mining (ASM) communities, whose role is essential in building a more inclusive and resilient future for our industry.

“By strengthening partnerships across the value chain, we can accelerate progress, build greater resilience, and create a future-ready industry.”