New Zealand-born jeweller Michael Hill has managed to recycle 3.76 kilograms of gold in FY25, as part of its Re:Cycle initiative that was initially launched in April 2023.
This is confirmed in the jewellery group’s FY25 Sustainability Report released today, with the group also managing low-price jewellery retailer Bevilles, a high-end luxury offering TenSevenSeven, and another brand called Medley.
The New Zealand jeweller’s Re:Cycle initiative allows customers to exchange old gold jewellery for a Michael Hill gift voucher linked to the market gold rate. It forms part of the jeweller’s overall circularity strategy.
The 3.76-kilogram amount is down on last year’s total gold recycled at Michael Hill, then 4.23 kilograms.
Michael Hill also repaired 343,809 pieces of customer jewellery and offered 67 products made from certified recycled gold and silver in FY24.
Total repairs in FY25 is also slightly down on FY24, when Michael Hill repaired 359,174 pieces of its customers’ jewellery.
With the Re:Cycle initiative, Michael Hill confirmed the program was available in Australia, New Zealand and Canada this year, with the retailer driving increased promotion of the program amid elevated gold prices during FY25.
According to the latest figures from ABC Bullion, gold prices are at an all-time high of $5,610.29 per troy ounce. This is up by around 30 per cent on the same day last year (September 22: $3865.80).
In its FY25 Sustainability Report, Michael Hill confirmed it is committed to increasing the number of products made from recycled precious metals. The group offers products made from recycled gold and silver through the Michael Hill, Medley and TenSevenSeven brands.
“We only use recycled metals that have been certified under either the RJC COC standard or SCS Recycled Content Certification,” the company reported. “Medley offered the largest range of recycled gold and silver products this year, comprising 57 products across 10kt gold, 18kt plated gold and sterling silver.
“Michael Hill continued to offer its capsule recycled silver collection with Australian music icons, INXS, with silver refined and recycled under the RJC COC standard.
Michael Hill added that it also conducted a refinery site visit this year to understand the chain of custody for the precious metals used to craft products in its Brisbane manufacturing facility.
“We are exploring opportunities to incorporate recycled materials into this process, including batch refining post-consumer items processed through our Re:Cycle program,” the report read. “We are committed to working with our suppliers to bring more certified recycled materials into the group’s supply chain and provide our customers with more circular product options.”