BENNY OEYEN, Executive Head of Market Development at Anglo American, discussed in an exclusive interview with Solitaire International the collaborative development of the groundbreaking platinum alloy, Inoveo Platinum, with materials designer and developer Alloyed. He emphasized its potential to transform the platinum jewellery industry and underscored India’s crucial role in driving sales growth. Oeyen also highlighted the platinum mining industry’s contribution to global efforts towards achieving a decarbonised future.
What are your impressions and takeaways from your visit to India post-Covid?
This is the first time in five years that I’m back in India. My impression is very clear on multiple levels. First, as a country, India is clearly growing and thriving. The whole economy is doing well now, and India seems to be on a sustainable and long-term growth trajectory.
Second, the jewellery sector is vital to India’s economy, contributing about 7% of GDP. Jewellery has always been a significant part of your economy and cultural heritage.
Lastly, within the jewellery sector, while yellow gold will always be the first choice for traditional purposes, platinum stands out. It’s the new kid on the block, and a progressive choice in the market, symbolizing the new, modern India. Platinum is doing well because it aligns with the image that people want to portray, and I am super optimistic about its future in this market.
Mining companies generally don’t innovate alloys. This is a kind of first instance. What propelled Anglo American to come up with Inoveo Platinum, an innovative platinum alloy for the industry?
My background in the car industry played a significant role in this revolutionary innovation. In the car industry, products are very differentiated and compete based on features. I always thought that if we could differentiate platinum in a similar way, it would be groundbreaking.
In 2019, we identified pain points faced by the jewellery industry, such as the difficulty to work platinum as it is a ‘gummy’ metal, which results in wearing of the tools, and so on.
So, we connected with Alloyed – a team of alloy development specialists spun out from the University of Oxford – who, with the help of cutting-edge science, digital chemistry and artificial intelligence (AI), helped us address these issues. This collaboration resulted in a unique alloy that makes platinum more workable and applicable, which will create a huge competitive advantage in the industry. Platinum Guild International (PGI) then used their marketing expertise to build a brand around this alloy, creating Inoveo Platinum as we know it today. I am confident that the manufacturers will be willing to work with the new platinum alloy since the advantages are multi-fold.
The new Inoveo Platinum alloy has all the benefits of platinum coupled with the ease of white gold. It is 40% harder, with 4 times less porosity, resulting in a 4-fold higher production yield. It also retains its whiteness and brightness for extended periods. In addition, Inoveo Platinum offers casters a smoother, more consistent fill due to its lower melting temperature and high fluidity. It also allows for faster polishing and setting times, leading to a lower rejection rate compared to standard platinum alloys. (For more information, visit: inoveoplatinum.com)
How do you see the future of platinum in the jewellery industry, especially with new technologies like 3D printing?
The future of platinum in the jewellery industry is very promising and additive manufacturing will open up innovative design possibilities that were previously unimaginable. You can create intricate, hollow designs that are still strong and affordable, catering to preferences for larger pieces, especially in India. This technology, I am confident, will fit well with India’s tech-savvy and innovative spirit of manufacturers.
Can you talk about Anglo American’s initiatives for promoting sustainability?
Sustainability and ethical mining practices are especially important to us. Our purpose at Anglo American is to re-imagine mining to improve people’s lives. We adhere to this by ensuring our activities are sustainable economically and environmentally. Sustainability means not only being green but also ensuring the company’s long-term viability to support jobs and communities.
We are a member of the Initiative for Responsible Mining Assurance (IRMA), which is a stringent standard ensuring socially and environmentally responsible mining. Additionally, we are moving towards a greater and greater proportion of our energy derived from renewable sources, in accordance with our ambition to have carbon neutral operations by 2040. In partnership with EDF Renewables for instance, we are developing solar plants and wind farms through a new company, Envusa Energy.
Total Anglo American Platinum emissions in 2019 was 4.4 million tons. By adopting green energy, we are aiming to reduce these emissions by 1.2 million tons to 3.2 million tons in 2026, and by 4 million tons to 0.4 million tons by 2030. This 4-million-ton CO2 reduction per year is equivalent to removing 1 million cars from the road.
We are also automating many of our mines, using robotics and AI to replace manual labour in dangerous zones, allowing machines to work where people previously had to operate in hazardous conditions.
When will Anglo American’s renewable energy projects be operational?
Our joint venture Envusa Energy’s work to develop renewable energy projects, including solar plants and wind farms, is now underway. It will significantly reduce our reliance on traditional, carbon intensive energy sources, aligning with our commitment to carbon-neutral operations.
Can you elaborate on the link between platinum mining and sustainability?
Platinum mining is crucial for the green energy transition. Minor metals like iridium and ruthenium, which are by-products of platinum mining, are essential for technologies like electric cars and hydrogen production.
However, without demand for platinum, mining these metals wouldn’t be economically viable due to the high costs associated with extracting them in small quantities. Without platinum mining, we wouldn’t have these metals, jeopardising the energy transition. Therefore, jewellery, which consumes 20% of platinum, plays a role in sustaining this industry and supporting a decarbonised future.
It’s interesting to note that one in every five ounces of platinum sold globally goes into making jewellery. So, by purchasing platinum jewellery, you help sustain the platinum mining industry, and help the world going towards a decarbonised future.
Lastly, PGI India has been using cricket heroes to promote Men of Platinum (KL Rahul and Suryakumar in the past) and now, M.S. Dhoni for the launch of a 15-piece signature edition this October. What is the significance of involving cricket icons, including women players like Jemimah Rodrigues in these campaigns?
I don’t know much about cricket, but I got into it a bit because of this campaign. Coming from a football country, I was told that M.S. Dhoni is like the Cristiano Ronaldo or Roger Federer of cricket, so well done to PGI India for getting him on board!
It was also great to see the campaigns’ focus on women’s cricket. Spotlighting female cricketers showcases the talent and dedication of women in a sport often dominated by men, serving as a powerful statement for gender equality. I think it’s a fabulous move by PGI India that is empowering women and provides a platform for female role models to reach a wider audience.