Gold News

Brits 'looking to ethical gold'

Growing numbers of Britons are making purchases of ethical gold jewelry, according to experts.

Greg Valerio, owner of ethical jewelry shop Cred, told Reuters that he had seen a significant level of orders from around the world for gold products that had originated in places where exploitation had not taken place.

He said that his shop had gone from no sales in 2004 to recording about $400,000 of transactions at the end of last year and cited the release of Blood Diamond, an acclaimed film about conflict diamond mining in Sierra Leone, as a contributing factor.

However, Andrew Wade of London investment bank Seymour Pierce sounded a note of caution.

"It is difficult to know how the end-consumer will respond to higher-priced ethical jewellery," he said, going on to add: "But it makes sense to be in a business in a growing area."

Cred's standards for gold products - including the metal itself and gemstones - cover human rights, social responsibility and environmental policy.

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