Before delving into the disaggregated recycling data for 2022, a comparison between the total of these new categories and the 2021 data reveals that sourcing of recycled gold has increased by 19%. This rise is likely driven by higher gold prices compared to 2021. Meanwhile, the sourcing of recycled silver remained relatively stable in 2022, with only a slight decline of 1%.
But looking at the new categories, the bulk of recycled gold was sourced from unprocessed materials, totalling 2,175 tonnes, followed by melted materials at 1,029 tonnes. Notably, industrial by-products accounted for only 3% of ‘recycled’ material at 112 tonnes.
Countries such as Switzerland, the United States, and China were leading contributors across multiple categories. Switzerland was a major source, particularly in unprocessed (463,224 kg) and melted (314,460 kg) gold, while the United States contributed significantly in the industrial by-product (18,683 kg) and mixed materials (34,237 kg) categories. China showed strong figures in unprocessed (448,810 kg) and melted (114,556 kg) materials. Grandfathered stocks, which include older investment products held prior to 1 January 2012, made up 57,684 kg, with notable contributions from France (31,336 kg) and the United States (12,832 kg).
The majority of recycled silver came from unprocessed materials, amounting to 7,411,255kg. This reflects the continued importance of original silver forms or fabrication scrap, such as jewellery and coins, being returned for refining.
Germany (1,279,960 kg), Japan (1,410,775 kg), and the United Kingdom (550,750 kg) were key contributors in this category. Melted materials accounted for 2,051,174 kg, with the United States (469,438 kg) and Hong Kong (257,968 kg) leading in this type of recycled material, highlighting the trend of melting down silver into rudimentary forms for re-entry into the market.
Industrial by-products contributed 4,682,463 kg to the total, demonstrating the recovery of valuable silver during the processing of other primary materials. Poland (1,316,300 kg), India (867,513 kg), and the United States (297,966 kg) were major sources within this category. Mixed materials, which are less common, represented 56,982 kg, with Sweden (50,001 kg) and the United States (5,052 kg) standing out as notable contributors. This category requires rigorous due diligence due to the combination of different metal sources.
Grandfathered stocks, which include older investment products held before 1 January 1 2012, totaled 279,764 kg. Russia (113,485 kg), Taiwan (26,251 kg), and Kazakhstan (61,664 kg) were significant contributors to this category, indicating the ongoing relevance of these pre-2012 stocks in the recycled silver market.
The introduction of more granular data on recycled materials this year has provided valuable insights into the different types of recycled precious metals being sourced by GDL Refiners. By categorising recycled materials into unprocessed, melted, industrial by-products, mixed materials, and grandfathered stocks, we now have a clearer understanding of the origins and types of recycled gold entering the market.
The data shows that unprocessed materials represent the largest share of recycled gold, reflecting the prevalence of scrap materials such as jewellery and bullion bars being returned for refining. This new approach sets a foundation for more transparent and responsible management of recycled materials moving forward.