A growing number of jewellers are formalising in-house recycling schemes, turning dormant jewels into both raw material and purchasing power. London-based Lylie, founded by Eliza Walter in 2017, now uses 100 per cent recycled metal in its ready-to-wear collections through its Gold Exchange programme, launched in 2021. The B Corp-certified brand offers customers credit for returning unwanted gold, platinum and silver jewellery.

Monica Vinader reports a 30 per cent increase in its recycling programme, driven by both economic and environmental factors amid rising gold prices. "The run-up in gold price has been strong enough to push through several price points for gold jewellery that weighs only a few grammes," says Matthew Piggott, director of gold and silver at research consultancy Metals Focus. Higher gold prices mean higher returns for consumers, though new jewellery will also be more expensive.

Brands like Minka Jewels and Rachel Entwistle are reframing recycling as a creative transformation rather than mere extraction. Trust remains critical—Auree Jewellery provides transparent consultations, weighing items with photographic confirmation before converting material into credit vouchers. While recycling programmes respond to current market conditions, the structures emerging around them may prove more enduring than the price fluctuations driving their adoption.