The Fairtrade Standard for Gold and Associated Precious Metals aims to enable artisanal and small-scale miners (ASM) to improve their livelihoods through responsible and sustainable mining practices.
Achieving certification against the Standard means that the miners:
- Receive a guaranteed Fairtrade Minimum Price: this is set at 95% of the London Bullion Market Association’s (LBMA) fixing for gold, which is substantially higher than the price many marginalised miners receive.
- Receive a Fairtrade premium payment, which is democratically reinvested in community projects and improving miners’ operations. This is calculated as 10% of the applicable LBMA fixing. For Ecological Gold (gold extracted without the use of chemicals) this is calculated as 15% of the applicable LBMA fixing.
- Develop long term business relations with their commercial partners, giving the miners financial security.
Fulfilling the Fairtrade and Fairmined standard means that certified miners:
- Have developed democratic and accountable organisations and formalised all their operations.
- Protected through the mandatory use of protective gear and safe use of toxic chemicals, such as mercury and cyanide, used in the gold recovery process.
- Are respectful of their environment when mining, for example they must protect and restore the local eco-systems, including managing water pollution.
- Recognise the rights of women miners.
- Work to eliminate child labour.