The company is encouraging consumers to exchange broken, old, and no longer worn gold jewellery pieces in return for value on a Michael Hill gift card.
The ‘circularity program’ was launched in partnership with Morris & Watson, a precious metals services company.
“We are fortunate to work with precious metals that never tarnish or decay, allowing us to provide an innovative service whilst building a more circular economy,” Michael Hill CEO Daniel Bracken said.
“How we source and manufacture our products impacts our planet, and this program is our first major foray into jewellery circularity, and evolving the jewellery industry towards a more sustainable and ethically responsible future.”
The program has been named ‘Re:cycle’. Customers can collect a kit from any Michael Hill store or order one online. Once the gold pieces are assessed and valued by Michael Hill’s experts, customers are offered a gift card in exchange.
“Through research, we know that recycling one gram of pure gold can reduce an estimated three tonnes of ore extraction and avoid up to 16 kilograms of carbon emissions,” Bracken added.
“This program, combined with our customers, allows us to contribute towards reducing the need for virgin-mined gold.”
Michael Hill recently shocked the Australian jewellery industry when it announced the purchase of retail rival Bevilles in a $45.1 million deal.
More reading
Shock takeover: Michael Hill acquires Bevilles
Record sales for Michael Hill
Michael Hill reports “best Q2” in its history
Michael Hill celebrates iconic origin story
Double digit increase in sales for Michael Hill
Loyalty program boom for Michael Hill jewellery sales