Precious metals and human rights

Ethical gold: how is the supply chain monitored and what guarantees are in place?

Gold and silver. There are companies that prioritise supply chains certified for their respect for human rights and the environment

by Davide Madeddu

18 September 2026

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3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

From WEEE to rings sold in jewellery shops, right through to investment ingots. The path to ethical gold involves certifications and checks, and a process that ranges from respect for the environment to respect for human rights, without overlooking the context surrounding its processing and marketing. One company following this path is Solidus, a fintech platform operating in partnership with the Carrara Spa group, an industrial firm with over 50 years’ experience in the refining and processing of precious metals.

Refining

The starting point is Carrara Spa itself, the group’s industrial arm: “It is a full-cycle precious metals refinery,” explains Alberto Cavenaghi, client manager at Carrara Spa and chairman of the Metal Dealers’ Section of the Lombardy Goldsmiths’ Association. We recover metals from production scrap and industrial waste and refine them, returning the raw material to the market for industrial use. Alternatively, we produce gold investment bars, intended for wholesalers or directly for private individuals.”

This is where Solidus operates, catering to private individuals by selling gold bars. “Through its online platform, it provides easy access to the world of investment gold, with the option to buy small quantities of gold (starting from 2 grams),” continues the manager, “and to sell whenever and however much you wish. By opening an account with Solidus, customers have a fully-fledged current account with an IBAN and can also obtain a Mastercard.”

Beyond Gold

Among ethical metals, alongside gold, there is also silver. “By ‘ethical gold’, we mean all gold that comes from materials which have already had a previous life and which, through our recovery and refining processes, are reintroduced into the cycle,” he explains.“To give an example, a major focus is on used jewellery, goldsmith’s work and silverware. However, a significant proportion of the products we handle consists of industrial production waste from jewellery manufacturers, as well as waste from electrical and electronic equipment, known as WEEE,”. To give just one example: “We recover gold from the motherboards and processors of the computers we use every day,” he explains. “We also recover a great deal of silver from decommissioned photovoltaic panels. Every product may contain a certain amount of precious metal, which can be recovered and recycled. However, the fact that a material is recycled does not necessarily mean it is ethically sourced. The key factor, in fact, lies in the sector’s responsible supply chain. It is very important to verify the origin of the material and, above all, the counterparties. It is equally important to carry out all the required checks and maintain the chain of custody for the processed batches.”

Certifications

Then there is the issue of certification, which is regarded as a key aspect of ethical gold.

“You often hear people talking about ethical gold, and I’ve even seen some friends asking for information about it in jewellery shops, as if it were a label attached to a gold bar or piece of jewellery,” he adds. “In reality, it is not simply a certification of the gold itself, but a set of standards that primarily concern the company, its processes and the way it manages its supply chain,”

In practice, this involves the ability to document and monitor the journey that metals take throughout the supply chain. ‘For Carrara, for example, this process begins even before the batch arrives at the plant,’ he adds, ‘because it involves verifying the counterparty, carrying out due diligence, conducting appropriate checks and further investigations where necessary. We often ask customers for additional information, as this is a very sensitive sector and we would rather lose a customer than compromise on our checks. We then identify the material and proceed with refining it.’ It is subsequently placed on the market, ‘and the producer, in turn, continues to maintain the chain of custody right through to the end customer.’