Starting in 2009, the Alliance for Responsible Mining (ARM) worked with Fairtrade International on a standard that resulted in the first Fairmined and Fairtrade certified gold.
In 2013, Fairmined and Fairtrade decided to continue working separately for organizational reasons. Therefore, there are now two different certifications that have many similarities and differ only slightly.
1. Guaranteed minimum price of 95% of the daily gold price announced by the London Bullion Market Association
2. Payment of a Social Premium, the purpose of which is democratically determined by the mining cooperatives
Different Premium Models
The Fairmined and Fairtrade standards cover four core areas that have proven essential to promote the sustainable development of mining organizations and their communities. The established minimum price for mined gold and the additional social premiums are used to fund activities that contribute to compliance with the standard.
The Fairmined Standard (Weblink to the Fairmined Initiative)
The Fairtrade Standard (Weblink to Fairtrade International)
Security through Independent Controls
Independent control institutions such as FLOCERT regularly check compliance with the standards in certified mines.
But also Fairever, as a certified trader of Fairmined and Fairtrade certified gold, is subject to regular audits and unannounced inspections.
Independent certification companies ensure that social, economic and environmental standards are met and that mines are paid the specified minimum price and the premium. This also requires 100 percent traceability.
Every Fairmined or Fairtrade certified component in the supply chain is subject to independent audits.