Things To Consider When Choosing To Purchase African Gold and The Ethics
There has been a rise in the jewelry industry that has led to a huge surge in demand for African Gold. The ethical dilemma of this is one that many are still trying to figure out. In this blog, we explore three different scenarios under which you can choose whether or not you would purchase African Gold.
The ethical dilemma of this is one that many are still trying to figure out. In this blog, we explore three different scenarios under which you can choose whether or not you would purchase African Gold.
If you have been following the market trends, then you would have surely noticed that there has been a recent surge in demand for gold. For a long time, there was a steady supply of gold. However, now the supply is much less than the demand. Due to this, people are actually paying premium prices in order to get their hands on some of this precious metal. In fact, it is said that some investors are even buying gold bars as an investment strategy if they cannot afford to buy jewelry made of gold!
While most people would associate an increase in demand for any product with an increased likelihood of shortage (i.e. the producer uses more of the resource to meet the demand), the greatest silver lining is that gold is actually not a finite resource. In fact, there are over 7,200 tons of gold on the planet. However, this does not mean that there will always be enough to meet the demand. This is because, as a precious metal, it is considered a nonrenewable resource as it does not naturally replenish itself but can only be mined from Earth’s crust. There are also certain chemicals and processes used in preparing and refining gold to make it malleable, which are harmful to both humans and the environment (in addition to being expensive).
As a result of the increasing demand for gold, there are clearly many benefits to be reaped. However, there are ethical issues that need to be resolved in order to determine how and where gold should be mined. African Gold is currently being picked up in masses in countries like Ghana and Burkina Faso. There is fear that the local people may lose their jobs as well as their land, homes, food supply and overall lifestyle due to the increase of gold mining.
There are several scenarios that we can discuss here.
Scenario one: Selling your own gold and using the money you earn to buy African gold. For example, if you have a chain necklace that has sentimental value to you but not much as far as monetary value is concerned, then you may want to sell it and use the money you earn from selling it in order to buy very high-quality African Gold jewelry. This way, not only are you able to sell your existing jewelry and get twice the value for it, but you also help improve life for someone else in Africa. However, the challenges here are that in order to do this, you will have to know that the gold you are about to buy is 100% pure. This is because if it is even a little bit less than that, then you would not be getting the full value for your jewelry.
Scenario two: Buying less expensive jewelry made of African Gold. In some instances, it may make more sense for you to buy cheaper jewelry made of African Gold rather than paying quite a bit more money for something that has been mined elsewhere in the world and is certified as being 100% pure gold.
Scenario three: Buying no jewelry at all. If you are conscious of the ethical issues associated with gold mining and the environment, or if you just don’t want to be a part of the industry, then you can try and choose not to buy gold at all.