Sustainability Factbook 2022

03 Climate is precious to us

Climate protection is one of humankind’s biggest challenges. Rising sea levels, forest fires, severe weather events, and loss of biodiversity are just a few of the adverse impacts of climate change.


Our business activities result in carbon emissions at our company and along our value chain. We pledge to our responsibility by eliminating our carbon footprint completely.

Targets and KPIs



Carbon emissions
by 2025, Scope 1+2

We will be carbon-neutral for our own operations by 2025. This commitment includes reducing our energy consumption by 20%* and transitioning to 100% green electricity. Only the remaining emissions are offset.



Fossil fuels
by 2033, Scope 1+2

We aim to reach net zero in our own operations by electrifying our processes and by developing technologies that are based on green hydrogen instead of fossil fuels.


Indirect carbon
emissions by 2033,
Scope 3**

We will reduce carbon emissions along our value chain by engaging with mining partners to actively support their decarbonization journeys and by increasing the proportion of recycled metals in our products.

*Savings compared to our emissions in the 2019 baseline year.
**Savings compared to our emissions in the 2020 baseline year.


The Greenhouse Gas Protocol has defined three “scopes” of emissions:

Scope 1

Emissions generated directly by industrial activities and by heating buildings.

Scope 2

Emissions generated by the use of energy sources, for example electricity.

Scope 3

Emissions occurring in the entire value chain.

Where we stand

The reduction of direct and indirect CO2 emissions is one of our key commitments. We have made significant progress on this commitment in recent years. In 2022, we reduced our Scope 1 and 2 emissions by 12%, and in the last three years we have even achieved a reduction of more than 65% through an increased use of renewable energy.

In 2022, we achieved an 11% decrease in our direct CO2 emissions (Scope 1) at our headquarters in Mendrisio by optimizing production processes. We have also taken significant steps towards reducing our indirect emissions (Scope 2) by purchasing electricity generated from 100% renewable sources and by producing our own electricity with our photovoltaic system. This initiative enabled us to entirely eliminate CO2 emissions deriving from the purchase of electricity (Scope 2) by 2021.


Our non-production facilities in Pforzheim, Germany and Cavenago di Brianza, Italy maintain minimal CO2 emissions compared to our Mendrisio and Hong-Kong sites. In Cavenago di Brianza we cover 100% of our energy consumption with renewable energy.


We have also taken proactive measures to reduce our Scope 1 and 2 emissions in Hong Kong. By minimizing overuse and planning production more efficiently, we have successfully reduced these emissions by 13% compared to 2021. A key step towards meeting 100% of our electricity needs with renewable energy includes the installation of solar panels on our own rooftops. These panels began to generate electricity in 2023.


Regarding NOX emissions, we achieved a significant reduction in Mendrisio compared to 2020. However, in 2022 we saw a slight increase due to the changing requirements of our business. In Hong Kong, the overall level of NOX emissions remained stable. We continue to maintain relatively low levels of NOX emissions at both our sites.

tCO2e emissions,

Scope 1 and 2

No Data Found

NOx emissions (metric tons)

No Data Found

Energy consumption

We rely on three main sources of energy for our production processes and to heat our buildings:


Electricity accounts for the majority of our energy consumption. In addition to purchasing electricity, we operate solar panels on our production buildings.

Natural gas

Natural gas (e.g. methane) is mainly used for heating buildings and for production processes. Consumption is therefore partially linked to weather conditions.


In the foundries we use propane to create the protective atmosphere necessary for the gold and silver casting processes. Consumption is highly correlated to the quantities of gold and silver bars produced.

Where we stand

We are committed to active energy conservation and to continuously exploring ways to reduce energy consumption. In 2022, we made significant progress in this direction at all of our sites. In Mendrisio, we achieved a 9% reduction in the use of natural gas due to optimized heating systems. This improvement was also helped by changing climatic conditions. Electricity consumption increased slightly by 5%, due to increased business activities.

An optimization of specific production processes allowed us to reduce propane gas usage by 17%. In Hong Kong, we implemented efficiency measures in both production and non-production areas that led to a 14% reduction in electricity consumption in 2022. Effective measures included active shutdown management of all electrical appliances and smart scheduling to optimize production.


Our non-production facilities in Pforzheim, Germany and in Cavenago di Brianza, Italy consume minimal energy in the form of purchased electricity compared to our Mendrisio and Hong-Kong sites. These facilities account for only 0.6% of our total energy consumption.

Energy consumption (MWh)

Mendrisio, Switzerland

No Data Found

Energy consumption (MWh)

Hong Kong, China

No Data Found

*In Hong Kong, the fuel mix for TCG gas (Town Gas Production) includes natural gas, naphtha and landfill gas.

Projects and initiatives

0 %

at our site in Mendrisio

Battle against CO2 emissions
Switching to 100% green electricity is a major building block in achieving our CO2 reduction targets. In 2021, we completely eliminated Scope 2 emissions at our Mendrisio site. In 2023 we added rooftop photovoltaic panels at our Hong Kong site and will source 100% green electricity from renewable energy suppliers by 2025. In total, we operate over 1,000 solar panels to generate part of the energy used in our processes.


Reduction in the use of propane

Propane is used to protect metals from oxidizing during the melting and casting processes. However, as these processes generate CO2 emissions, we are substituting propane with the more environmentally friendly option, nitrogen.

Consequently, in 2022 we were able to reduce the use of propane and the resulting emissions by 17% in Mendrisio, and by 36% in Hong Kong. Our aim is to completely eliminate the use of propane, as part of our plan to move away from fossil fuels by 2033 at the latest.


Addressing the challenges behind Scope 3 emissions

We actively strive for good stewardship of our environment by monitoring and reducing emissions throughout our entire value chain (Scope 3). This is done in collaboration with our partners along our supply chain.

The precious metals we receive from our suppliers* account for 99% of our Scope 3 emissions. We are aware that we can only succeed in the sustainable transformation by working together with our mining partners to reduce these emissions.

Share of Scope 1, 2, and 3 emissions

No Data Found

*Precious metal suppliers are all those who deliver precious metals for a refining service,
regardless of whether we purchase the precious metal or not.

04 Resources are precious to us

According to UNICEF, 3.3 earths would be needed to keep up with consumption levels of the OECD and EU countries. This rate of resource use is clearly unsustainable. Moreover, the extraction, processing, and disposal of natural resources can have significant environmental impacts.