Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Silver certified by the Fairtrade Foundation as satisfying more stringent ethical standards has made its worldwide debut in Britain at a jewellery retailer in the south of England.
Reuters reports that CRED Jewellery, based in Chichester in southern England, has imported 3 kilograms of “Fairtrade” silver from Peru’s Sotrami mine.
The Fairtrade Foundation certifies that silver has been mined in accordance with improved ethical standards, in exchange for the payment of a percentage premium from buyers which is subsequently invested in social projects situated within mining communities themselves.
CRED Jewellery paid a 10% Fairtrade premium on its Fairtrade silver from Peru, and expects this to translate into an increase of 5% in jewellery retail prices for the end consumer.
Alan Frampton, director of CRED Jewellery, highlighted the onerous labor and living conditions of many small-scale miners in the developing world.
“There is a huge amount of corruption in the precious metals world and people are being kept in poverty by corrupt traders,” said Frampton.
The Fairtrade Foundation is an independent non-profit organization established in 1992 which licenses the use of the FAIRTRADE brand on mineral products mined in accordance with international standards.
The Foundation expects Fairtrade gold to account for 5% of the international market over the next 15 years, as well as the delivery of an increased amount Fairtrade and Fairmined jewellery in the UK over the next several months.
