Responsible Precious Metals Sourcing
Our compliance and transparency standards are the foundation on which the trust of our employees and customers as well as other stakeholders is built. Earning and maintaining this trust is the basis for our success.
We value long-term relationships over short-term profits and design our processes to be transparent and auditable. We continuously improve our compliance practices to ensure that they are effective and up to date.
Responsible Precious Metals Sourcing
We follow strict processes and utilize state-of-the-art tools with the aim of ensuring that the precious metals in our value chain originate from legitimate and responsible sources in line with the responsible sourcing requirements of the OECD. Therefore, we systematically adhere to strict standards. Compliance with laws, regulations, and our own company policies is rigorously integrated into our processes.
We refuse to enter into a business relationship with any precious metals suppliers, including both primary and secondary material suppliers, who do not meet our standards. We terminate existing relationships if violations are detected that cannot be resolved or corrected. Heraeus Precious Metals is certified by the major responsible precious metals sourcing frameworks, such as London Platinum and Palladium Market (LPPM), London Bullion Market Association (LBMA) and Responsible Minerals Initiative (RMI).
Applying Enhanced Due Diligence
We conduct appropriate due diligence for all precious metals suppliers of our recycling and refining business to clarify the origin of the materials. Our compliance management system is designed to ensure that processes are followed and thoroughly documented.
After onboarding, the precious metals business partners of our recycling and refining business are subject to continuous monitoring and periodic Know Your Business Partner (KYBP) checks. If needed, on-site assessments are conducted by Heraeus Precious Metals specialists or third parties. Additionally, we work with corrective action plans to commit partners to improvements.
Our engagement with precious metals suppliers in CAHRA countries (conflict-affected and high-risk areas) requires even stricter recycling and mining partner onboarding that meets internationally recognized industry standards, such as LPPM, LBMA or RMI.
The regions we classify as CAHRA are documented in our internal standard operating procedure as assessed on the basis of internationally recognized indices, such as the Heidelberg Institute for International Conflict Research’s Conflict Barometer, the Corruption Perceptions Index, as well as the EU’s CAHRA List and sanctions lists from the EU, USA, and UN.
Policies, Standards, and Regulations
The Heraeus Group has defined an exhaustive and strict framework including respect for human rights, prevention of child and forced labor, environmental and social aspects, prevention of money laundering, prevention of corruption and bribery, and prevention of financing of terrorism. This framework is anchored in the Heraeus Code of Conduct, Supply Chain Due Diligence Policy, and Human Rights Policy.
The Heraeus Supply Chain Due Diligence Policy furthermore outlines our supplier due diligence process, which is applicable to all suppliers and precious metals business partners. It also considers potential impacts on people as well as environment and communities along our supply chain.
Leveraging Central Governance Capabilities
As one of the world’s leading players in refining, recycling, trading, and processing of precious metals, we follow consistent processes and standards across all our global operations. These include careful handling of precious metals, attention to security, and responsible sourcing due diligence. These practices are supported by our global enterprise software system, a centralized compliance management system, and structured approval processes.
Our Policies
Compliance Hotline
Engaging With Stakeholders
We know that driving positive change is a collaborative effort. Therefore, Heraeus Precious Metals is in contact with relevant stakeholders in the precious metals value chain. This includes our customers, especially mining and recycling partners and industry associations. During on-site mine assessments, we also seek the exchange with unions, communities, and local governments.
Through our participation in the IPA (International Platinum Group Metals Association (IPA), the European Precious Metals Federation (EPMF), and the Fachvereinigung Edelmetalle (FVEM), we regularly interact with other market participants as well as national and international legislators, such as the EU Commission and the OECD.
Heraeus Precious Metals is a member of several industry associations and organizations:
Certifications
Heraeus Precious Metals is certified by the major responsible precious metals sourcing frameworks, such as LPPM, LBMA, and RMI. The applicable certifications depend on the scope of our production site regarding refined or recycled precious metals. All processes audited for the sites and respective metals are applied company-wide and across all metals, regardless of the scope of the acquired certificates.
Request our Conflict Mineral Report Template
Please submit the form and you will receive the current Conflict Mineral Report Template (CMRT) via email.
