ESG Report

ESG REPORT 2025

DISCLAIMER: Certain statements in this report constitute forward-looking statements. Forward-looking statements are statements (other than statements
of historical fact) relating to future events and the anticipated or planned financial and operational performance of Michael Hill International Limited and
its related bodies corporate (the Group). The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”,
“projects”, “assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof,
generally identify these forward- looking statements. Other forward-looking statements can be identified in the context in which the statements are made.
Forward-looking statements include, among other things, statements addressing matters such as the Group’s future results of operations; financial condition;
working capital, cash flows and capital expenditures; and business strategy, plans and objectives for future operations and events, including those relating to
ongoing operational and strategic reviews, sustainability targets, expansion into new markets, future product launches, points of sale and production facilities.
Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not guarantees or predictions of
future performance or statements of fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that
could cause the Group’s actual results, performance, operations or achievements or industry results, to differ materially from any future results, performance,
operations or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among
others: global and local economic conditions; changes in market trends and end-consumer preferences; fluctuations in the prices of raw materials, currency
exchange rates, and interest rates; the Group’s plans or objectives for future operations or products, including the ability to introduce new jewellery and non-
jewellery products; the ability to expand in existing and new markets and risks associated with doing business globally and, in particular, in emerging markets;
competition from local, national and international companies in the markets in which the Group operates; the protection and strengthening of the Group’s
intellectual property rights, including patents and trademarks; the future adequacy of the Group’s current warehousing, logistics and information technology
operations; changes in laws and regulations or any interpretation thereof, applicable to the Group’s business; increases to the Group’s effective tax rate or
other harm to the Group’s business as a result of governmental review of the Group’s transfer pricing policies, conflicting taxation claims or changes in tax
laws; and other factors referenced to in this report. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove
to be incorrect, the Company’s actual financial condition, cash flows or results of operations could differ materially from that described herein as anticipated,
believed, estimated or expected. Accordingly, you are cautioned not to place undue reliance on any forward-looking statements, as there can be no assurance
the actual outcomes will not differ materially from the forward-looking statements in this report. Except as required by applicable laws or regulations (including
the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update any forward- looking statements contained herein. All
subsequent written and oral forward-looking statements attributable to us or to persons acting on the Group’s behalf are expressly qualified in their entirety by
the cautionary statements referred to above and contained elsewhere in this report.
TERMINOLOGY: In this report, unless otherwise specified or appropriate in the context, the term “Company” refers to Michael Hill International Limited, the
term “Group” or “Michael Hill Group” refer to the Company and its subsidiaries (as appropriate), and the use of “Michael Hill”, “Bevilles”, “TenSevenSeven” and
“Medley” is reference to the relevant brand within the Michael Hill Group.

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CONTENTS
04 INTRODUCTION
05 GROUP 2030 SUSTAINABILITY STRATEGY
PRODUCT
13 CONFLICT FREE
15 CIRCULARITY
17 LOWER IMPACT
PLANET
20 ZERO CARBON OPERATIONS
24 WASTE
26 NATURE RESTORATION
PEOPLE
31 RESPONSIBLE SUPPLIERS
33 EMPOWERING WOMEN
37 GREAT PLACE TO WORK

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This year, we refreshed our customer research and were
heartened to see an 8% increase in support for our
sustainability efforts. Our customers recognise the impact
we’re making - whether it’s empowering women, reducing
our carbon footprint or giving back to our communities.
Their engagement validates our strategy and inspires us to
keep pushing forward.
I am proud of the progress we’ve made this year and the
passion our team brings to this work. From achieving a
79% reduction in scope 1 and 2 emissions to planting
over 124,000 trees through the Michael Hill Foundation,
our actions have demonstrated that our brands and our
products are deeply connected to our people and planet.
Thank you for joining us on this journey.
Andrew Lowe
Interim CEO, Chief Financial and Supply Chain Officer
INTRODUCTION
EXECUTIVE COMMENTARY
AT THE MICHAEL HILL GROUP,
SUSTAINABILITY IS NOT JUST A
COMMITMENT - IT’S A CORE PART OF
WHO WE ARE AND HOW WE OPERATE.
THIS YEAR’S ESG REPORT REFLECTS THE
EVOLUTION OF OUR APPROACH AND
THE IMPORTANCE OF TRANSPARENCY IN
EVERYTHING WE DO.
You’ll notice a change in the name of this report. As we
prepare for Australia’s first mandatory climate reporting
period in FY26, we’ve renamed this publication our ‘ESG
Report’ to distinguish this voluntary reporting from the
mandatory Sustainability Report that will be included
in our FY26 Annual Report. Our continued commitment
to voluntary reporting is essential for accountability of
delivering our 2030 Sustainability Strategy goals.
We are also aligning the cadence of our ESG reporting with
our goals, shifting to a calendar year cycle in future. This
change will allow us to report more meaningful ESG updates
to stakeholders on progress against our 2030 goals. Our
next ESG Report will cover the period from July 2025 to
December 2026 and will be published in early 2027.

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GROUP 2030
SUSTAINABILITY STRATEGY
RESPONSIBLE SUPPLIERS
100% of all suppliers meet our expectations on
their social and environmental impacts by 2030
EMPOWERING WOMEN
We will deliver initiatives and develop partnerships
focused on empowering and supporting women
from 2024
GREAT PLACE TO WORK
We will maintain a leading workforce engagement
score of greater than 80% from 2024
CONFLICT FREE
We will only use conflict free natural diamonds sourced
in accordance with the Kimberly Process and precious
metals sourced in accordance with the OECD Due
Diligence Guidance in our jewellery products by 2027
CIRCULARITY
We will increase precious metals circularity by
using recycled precious metals in our products
and operating circularity programs by 2027
LOWER IMPACT GEMSTONES
We will increase our offering of jewellery products made
with lower impact gemstones from sustainable
lab-grown or other responsible sources by 2027
ZERO CARBON OPERATIONS
We will achieve net
zero carbon operations (scopes 1 & 2) by 2025
NATURE POSITIVE
We will contribute to the restoration and
conservation of the natural environment from 2024
ELIMINATE WASTE
We will send zero waste to landfill and eliminate
single use plastic from our packaging by 2027
PRODUCT
100% OF OUR PRODUCTS
WILL BE SUSTAINABLE,
RESPONSIBLE OR CIRCULAR
PLANET
WE WILL NURTURE
NATURE AND REDUCE
OUR NEGATIVE IMPACTS
TO NET ZERO
PEOPLE
WE WILL IMPROVE THE
LIVES OF PEOPLE ACROSS
OUR VALUE CHAIN

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STRATEGY UPDATE
This year, we updated our 2030 goals to better align to
our evolving strategy and replace those goals that we have
now achieved.
We are committed to our overarching Product goal that
100% of our products will be sustainable, responsible or
circular by 2030. We have reworked the three targets sitting
beneath this goal to better align with emerging industry
direction and our expanded Group approach to ESG strategy.
It is also fundamental that our targets remain ambitious. We
maintain metrics to ensure each of our targets is measurable
and progress can be easily tracked for each brand.
Our original Product targets, published in 2022, were:
• Transparency: 100% use of certified sustainable or
responsibly sourced natural diamonds, coloured
gemstones and cultured pearls by 2030.
• Metal stewardship: 100% of Michael Hill’s products
will be made from certified recycled, local, artisanal or
responsibly sourced metals by 2025.
• Innovation: We will pioneer an innovation hub to
champion and integrate jewellery circularity, product
innovation and lab-grown diamonds by 2024.
These targets were created with only Michael Hill in mind
and this brand has now achieved 100% responsibly sourced
precious metals, integrated jewellery circularity through our
Re:Cycle program and commitment to offering only Certified
Sustainable lab-grown diamonds.
To reflect our continuous improvement and Group approach,
our updated Product goals are set out on the Group 2030
Sustainability Strategy page.
These refreshed goals for the Group mean our work is
more ambitious, measurable and aligned with emerging
industry and product developments. We are continuing
to improve metrics for each brand and look forward to
reporting meaningful progress against these new targets
in our next ESG Report.

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STRATEGY UPDATE
SUSTAINABILITY
HIGHLIGHTS
OPERATIONAL PERFORMANCE
HIGHLIGHTS ACHIEVED THIS YEAR INCLUDE:
100%
RENEWABLE ELECTRICITY
POWERED ALL AUSTRALIAN
AND NEW ZEALAND STORES
AND CORPORATE SITES
ACHIEVED AN ADVANCED SCORE
IN OUR SUSTAINABLE PACKAGING
PERFORMANCE REPORT
FUNDS FROM
ALL MICHAEL HILL
PEARL PRODUCTS
NOW HELP TO
EMPOWER WOMEN
WORKFORCE ENGAGEMENT
SCORE INCREASED BY
79%
REDUCTION IN
SCOPE 1 AND 2
EMISSIONS
3.76
KILOGRAMS
OF GOLD PROCESSED
THROUGH OUR
RE:CYCLE PROGRAM
BEVILLES
ACHIEVED RJC
CODE OF PRACTICES
CERTIFICATION
OVER
27,500
WOMEN EMPOWERED VIA THE
MICHAEL HILL FOUNDATION
PLANTED
124,673 TREES
VIA THE MICHAEL HILL FOUNDATION
100%
RESPONSIBLY
SOURCED PRECIOUS
METALS FOR
MICHAEL HILL,
TENSEVENSEVEN
AND MEDLEY
OF JEWELLERY SUPPLIERS ARE
RJC CERTIFIED OR HAVE AN
APPLICATION UNDERWAY
THE MICHAEL
HILL FOUNDATION
CELEBRATED ITS
FIRST BIRTHDAY
4% TO 83%
83%

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SUSTAINABILITY AND OUR GROUP VALUE CHAIN
VALUE CHAIN FOR MICHAEL HILL’S NATURAL DIAMOND SOLITAIRE RINGS, MADE IN AUSTRALIA
RAW MATERIAL PRODUCTION
PRODUCT
• Rough natural diamonds
• Precious metals,
including recycled metals
POLISHING AND CUTTING
PRODUCT
• Rough natural diamonds
EXTERNAL CERTIFICATION
PRODUCT
• Kimberley process
compliance
• World Diamond Council
system of warranties
QUALITY CONTROL
PEOPLE
• In-house by our skilled
inspection team
JEWELLERY MANUFACTURING
PEOPLE
• Hand crafted by our
Brisbane-based artisans
PACKAGING
PLANET
• Supporting zero waste
RETAIL STORES
PEOPLE
• Empowering
our people
PLANET
• Zero emissions goal
CUSTOMERS
PEOPLE
• Supporting local
communities
CIRCULARITY
PRODUCT & PLANET
• Re:Store
• Re:Cycle

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GOVERNANCE UPDATE
The Group’s governance toolkit comprises a range of
external certifications, self-published standards and
internal accountability.
REPORTING STRUCTURE
Sustainability is a core pillar of the Group’s broader
corporate strategy. Our Sustainability Committee
comprises a diverse cross-section of our brands with
representatives from Merchandising, Marketing, Legal,
HR, Finance, Compliance and Risk, including four Group
Executive members.
Meeting on a quarterly basis, the Committee ensures the
Group is accountable for progress towards its committed
goals. The Committee reports to the Board at least twice a
year, updating on goal progress and receiving endorsement
for future strategic initiatives.
CODE OF BUSINESS ETHICS AND CODE OF
CONDUCT FOR SUPPLIERS
We uplifted our Code of Conduct that applies to Group
suppliers this year. Incorporating higher standards of anti-
slavery, responsible employment and human rights, we also
clarified our environmental responsibility expectations for our
suppliers. Our suppliers must aim to minimise consumption
of natural resources, use renewable energy sources where
available and demonstrate continuous improvement in their
sustainable packaging and waste reduction initiatives.
RJC CODE OF PRACTICES AUDIT
We are a proud member of the Responsible Jewellery
Council (RJC), the peak industry body established to advance
responsible ethical, human rights, social and environmental
practices throughout the jewellery supply chain. This year, we
completed an audit as part of the RJC’s 3-year review cycle.
The audit scope captured all brands, including Bevilles for
the first time. Our certification has been issued through to
February 2028 and we were proud to have existing and new
provenance claims certified during this audit, including:
• Michael Hill products are crafted from 100% conflict
free precious metals.
• Medley’s recycled gold and silver products are from RJC
or SCS certified sources.
• TenSevenSeven’s natural and lab-grown diamonds are
not of Russian origin.
We also require our jewellery suppliers to be RJC certified,
as set out in in the Responsible Suppliers section.
RJC CODE OF PRACTICES STANDARD
The 2024 RJC Code of Practices (COP) standard, published
this year, introduced major changes including new and
expanded provisions on human rights due diligence, supply
chain management, diversity, equity, inclusivity, climate and
environmental requirements. Having recently completed
our audit against the previous 2019 standard, we will be
reviewed against the new standard during our next RJC audit.
RJC LABORATORY-GROWN
MATERIALS STANDARD
This year, the RJC launched its long-awaited Laboratory-
Grown Materials Standard (LGMS), setting a comprehensive
framework for members dealing in lab-grown diamonds,
rubies, emeralds and sapphires. It complements the existing
COP standard, ensuring that lab-grown materials meet the
same rigorous benchmarks as natural stones. Certification
is mandatory for RJC COP members using lab-grown
materials and we will be reviewed against the new LGMS
during our next audit.
SCS-007
We continued to play an active role in shaping industry
standards this year. We were invited to represent retail
stakeholders on the SCS Standards Committee so we can
actively contribute to the development of sustainability
certification frameworks such as the SCS-007 Certification
Standard for Sustainability Rated Diamonds.
APCO
This year, Australian Packaging Covenant Organisation
(APCO) acknowledged that its 2025 National Packaging
Targets were unlikely to be met, prompting the introduction
of a new 2030 Strategic Plan and government-led reforms to
implement mandatory packaging regulations. We continue
to monitor change in this space and its application to the
Group’s sustainable packaging initiatives.

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INDUSTRY UPDATE
This year, we continued to advocate for positive change in
the jewellery industry by setting high standards, engaging
actively with stakeholders and promoting sustainable
practices. While the jewellery supply chain inevitably
presents challenges, we are committed to using our
influence to drive meaningful progress.
RUSSIAN-ORIGIN DIAMOND SANCTIONS
We continued to use our existing compliance framework
to ask diamond suppliers to provide written warranties
to confirm diamonds were of non-Russian origin. We are
also monitoring developments on the proposed digital
traceability system to support the G7’s restrictions (with
Canada being a G7 member).
DEFINING CONFLICT DIAMONDS
Our brands rely on the Kimberley Process (KP) Certification
Scheme and the World Diamond Council System of
Warranties to avoid buying or selling conflict diamonds.
The KP defines conflict diamonds as ‘rough diamonds
used by rebel movements or their allies to finance armed
conflicts against legitimate governments.’
This year, the KP has not formally addressed pressure to
expand this definition to include state-led violence. At the
latest KP intersessional meeting, the African Diamond
Producers Association proposed broadening the definition
to cover armed groups, individuals and entities sanctioned
by the United Nations Security Council (UNSC).
While the proposal does not cover country-wide sanctions
like those on Russian diamonds, it is progress towards
aligning KP standards with international expectations.
However, reliance on UNSC sanctions is not a perfect
solution due to veto powers held by UNSC members,
including Russia. In September 2025, the KP Chair (a role
currently held by the UAE) will report to the UN as part of
its review into ‘the role of diamonds in fuelling conflict’.
We continue to follow these geopolitical developments
and support expanding the conflict diamond definition.
LAB-GROWN DIAMOND GRADING
This year, the Gemological Institute of America (GIA)
announced it will discontinue the traditional 4Cs grading
system - Cut, Colour, Clarity and Carat weight - for lab-
grown diamonds. Instead, GIA will adopt a simplified
classification system that categorises lab-grown diamonds
as either Premium or Standard, with no detailed grades
below certain quality thresholds. While we acknowledge
the importance of distinguishing natural and lab-grown
diamonds, we do not source GIA-certified lab-grown
diamonds and continue to use the 4Cs system to describe
all diamonds in our products.
GOLD PRICES
Gold prices surged this year, reaching multiple all-time
highs. This price volatility reinforced the importance of
gold circularity and Michael Hill used this opportunity
to increase promotion of its Re:cycle program across
Australia, New Zealand and Canada. The program enables
customers to exchange old gold jewellery for a Michael
Hill gift voucher linked to the market gold rate, while
supporting sustainable practices and reducing reliance on
newly mined materials.
DEFINING RECYCLED GOLD
We have closely followed recent commentary around the
‘recycled gold’ definition. We understand some industry
views that only post-consumer gold can truly be seen as
‘recycled’ because it is diverted from landfill after use, unlike
pre-consumer gold that re-enters the supply chain during the
manufacturing process. The RJC published its updated Chain
of Custody (COC) standard this year which distinguishes
between pre-consumer, post-consumer and waste materials.
With both TenSevenSeven and Medley holding provenance
claims for COC-certified recycled gold, we support this
clarification and continue to work with suppliers to improve
traceability and product disclosure for our customers.

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SUPPLIER SPOTLIGHT
Our sustainability strategy cannot operate in isolation -
lasting industry change needs collaboration. By embedding
responsible practices into their operations, our suppliers
are helping to drive meaningful impact across the entire
jewellery value chain.
This year, we conducted a sustainability outreach program
with our jewellery suppliers. An impressive cohort of
our trusted suppliers demonstrated how their strategies
complemented our 2030 Sustainability Strategy and how
their ambitious targets will help us achieve ours.
Their commitments across energy, water, waste, biodiversity,
packaging, social responsibility and community impact gives
us reassurance that the industry is working together to make
jewellery production and sourcing more sustainable.
We are proud to showcase a selection of our suppliers’
most impressive initiatives:
• One supplier powers all diamond cutting and polishing
operations with 100% renewable energy and has
planted 3.5 million trees across 65 locations to support
biodiversity restoration.
• Another supplier has created a 9-acre biodiversity
garden and uses biodegradable packaging for 81% of
its products, with over half of its platinum being from
recycled sources.
• A supplier delivers over 70,000 hours of annual training
focused on human rights and social performance,
maintains 95% traceability of diamond origin and
promotes inclusive hiring practices.
• One supplier generates nearly half of its energy inhouse
via wind and solar, uses sustainable packaging and is
recognised among the top 100 workplaces for women
in India.
• Another supplier has eliminated hazardous waste,
replaced 35% of its vehicle fleet with electric
alternatives and engages in community clean-up and
tree planting initiatives.

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PRODUCT
100% OF OUR PRODUCTS WILL BE
SUSTAINABLE, RESPONSIBLE OR CIRCULAR

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DIAMOND TRACEABILITY
We are committed to increasing the number of diamond
products with provenance traceability. This year, all Certified
Sustainable lab-grown diamonds were 100% traceable. You
can read more about our Certified Sustainable lab-grown
diamond products in the Lower Impact section.
This year, Michael Hill launched its Canadian diamonds
collection. This collection celebrates ethical sourcing and
design across our markets by partnering Canadian-sourced
diamonds with expert craftsmanship from our Brisbane
manufacturing facility.
The collection comprises 10 pieces, including solitaire
diamond rings and earrings crafted in 18kt yellow and
white gold. Each diamond is sourced from Canada’s
Northwest Territories and is accompanied by an IGI
Diamond Report and a Diamond Origin Report to ensure
transparency from rock to ring.
We also continued to offer our De Beers Code of Origin
range this year. The Code of Origin program provides
assurance that each diamond was sourced from Botswana,
Canada, Namibia or South Africa, where it has helped
provide jobs, healthcare and education, with a particular
focus on programs supporting women and girls.
NATURAL DIAMONDS
We are committed to using 100% conflict free natural
diamonds sourced in accordance with the Kimberly Process.
This is also embedded into our RJC COP certification, held
by each of our brands.
The COP standard mandates compliance with the Kimberley
Process (KP) Certification Scheme and the World Diamond
Council System of Warranties. All diamond suppliers must
provide written warranties confirming that their diamonds
do not finance armed conflict or human rights abuses.
We support this work through regular team training and
setting out our standards in our
Supplier Code of Conduct
which can be downloaded here.
We also continued to enforce our sanctions compliance
framework to comply with the Canadian restrictions on
Russian diamonds. This includes sourcing protocols,
import/export controls and supplier warranties confirming
non-Russian origin. Our robust framework enabled us to
have two provenance claims certified during our latest RJC
COP audit:
that all diamonds in Medley and TenSevenSeven
products were not of Russian origin or exported from Russia.
We aim to maintain 100% conflict free diamonds across the
Group and will focus on improving our record keeping and
implementation for new suppliers.
PRODUCT PILLAR
PERFORMANCE SNAPSHOT
• 100% of our natural diamonds are conflict free
across the Group
• 100% of the precious metals in Michael Hill,
Medley and TenSevenSeven products are
responsibly sourced
• Michael Hill launched 10 new traceable
diamond products
CONFLICT FREE
We will only use conflict free natural diamonds
sourced in accordance with the Kimberly Process
and precious metals sourced in accordance with the
OECD Due Diligence Guidance for Responsible Supply
Chains by 2027.

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RESPONSIBLE PRECIOUS METALS
We are committed to using precious metals that are
responsibly sourced in accordance with the OECD Due
Diligence Guidance for Responsible Supply Chains. This year,
Michael Hill, Medley and TenSevenSeven achieved 100%
responsibly sourced precious metals.
Michael Hill reached 98% conflict free gold in the last
reporting period. This year, we worked closely with our
suppliers to broaden this claim to achieve:
• “Responsibly sourced” which looks beyond conflict free
• 100% responsibly sourced gold, silver, platinum
and palladium
We also began to apply our compliance framework to Bevilles.
We are aiming to reach at least 50% responsibly sourced
precious metals for Bevilles in the next reporting period.
For us, responsibly sourced precious metals - gold, silver,
platinum and palladium - are those from suppliers certified to
best practice standards, including the LBMA Responsible Gold
and Silver Guidance and the LPPM Responsible Platinum and
Palladium Guidance.
These standards are recognised under the OECD’s cross-
recognition policy and align with the
OECD Due Diligence
Guidance for Responsible Supply Chains of Minerals from
Conflict-Affected and High-Risk Areas. Precious metals
sourced through these frameworks are guaranteed to be
conflict-free and ethically produced, complying with robust
legal, social and environmental criteria from origin.
LOCAL PRECIOUS METALS
This year, Michael Hill launched a number of “Made in
Australia with 100% Australian Gold” products. The gold in
these products was sourced from Australian-only sources
before being manufactured in our Brisbane facility.
This was certified as a provenance claim during our recent
RJC audit process. Due to a supplier change later this year, we
are no longer making this claim but are working with our new
supplier on sourcing gold that is exclusively from New Zealand
sources (mined and recycled).
PRODUCT PILLAR

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RE:CYCLE
We are committed to increasing the volume of customer
pieces and material returned to precious metals supply
chain. Gold is the ultimate circular material as it can be
repeatedly refined and repurposed without losing value
or purity.
This year, our Re:Cycle program was available in Australia,
New Zealand and Canada and encourages customers to
recycle gold jewellery products in exchange for a Michael
Hill gift card.
PRODUCT PILLAR
RE:STORE
We are committed to increasing the volume of products we
repair for our customers. After a successful launch in New
Zealand last year, we expanded our repair services for non-
Group jewellery products across Australia and Canada.
This gives our Michael Hill and Bevilles instore customers
the opportunity to extend their products’ lifespans
and prevent waste. We repaired a total of 343,809
jewellery items throughout the year. Supporting jewellery
craftsmanship and quality remains a priority for the Group
and we are proud to offer this service for customers.
CIRCULARITY
We will increase precious metals circularity by using
recycled precious metals in our products and operating
circularity programs by 2027.
PERFORMANCE SNAPSHOT
• Returned 3.76kg of gold to the supply chain
through Re:Cycle
• Repaired 343,809 pieces of customer jewellery
• Offered 67 products made from certified recycled
gold and silver
This year, we:
• Recycled 3.76 kilograms of gold
• Saved 11,252 tonnes of mining ore*
• Avoided 60,010 kilograms of carbon emissions^
* This is an estimate only, and is based on a global production-weighted mean
average (Nassar, Lederer, Brainard, Padila and Lessard, 2022) Operational and
extraction efficiencies vary greatly between individual mines.
^ Estimating carbon emissions avoided is difficult. Our estimate is based on
available information which is limited and is based on the aqua regia method
– the most commonly used high-value gold scrap recycling process – from
several state-of-the-art German refineries (Fritz, Aichele and Schmidt, 2020).
Circularity is fundamental to protect our planet’s precious
natural resources and to ensure the longevity of our industry.
We are looking to expand Re:Cycle to other precious metals
and expand accessibility to our other brands.

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RECYCLED PRECIOUS METALS
We are committed to increasing the number of products
made from recycled precious metals. To promote
circularity, we’re proud to offer a number of products made
from recycled gold and silver through the Michael Hill,
Medley and TenSevenSeven brands. We only use recycled
metals that have been certified under either the RJC COC
standard or SCS Recycled Content Certification.
Medley offered the largest range of recycled gold and
silver products this year, comprising 57 products across
10kt gold, 18kt plated gold and sterling silver. Michael
Hill continued to offer its capsule recycled silver collection
with Australian music icons, INXS, with silver refined and
recycled under the RJC COC standard.
This year, we also conducted a refinery site visit to
understand the chain of custody for the precious metals
used to craft products in our Brisbane manufacturing facility.
We are exploring opportunities to incorporate recycled
materials into this process, including batch refining post-
consumer items processed through our Re:Cycle program.
We are committed to working with our suppliers to bring
more certified recycled materials into the Group’s supply
chain and provide our customers with more circular
product options.
PRODUCT PILLAR

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LOWER IMPACT
We will increase our offering of jewellery products
made with lower impact materials from responsible
sources by 2027.
This year, we increased our mix of certified sustainable
lab-grown diamonds across the Group and took steps to
verify sources of our lab-grown coloured gemstones.
PERFORMANCE SNAPSHOT
• 100% of Michael Hill and TenSevenSeven
lab-grown diamonds are certified sustainable
• Certified sustainable lab-grown diamonds
represent 17% of Michael Hill’s diamond mix
and 25% of Medley’s
• 34% of Bevilles’ diamonds are
lab-grown diamonds
• 23% of Michael Hill’s and 50% of Bevilles’
coloured gemstone products are made with
lab-grown materials
LAB-GROWN DIAMONDS
Certified Sustainable with SCS-007
Across the Group, we are committed to increasing the
mix of our lab-grown diamonds that are certified to the
highest level of sustainability assurance for diamonds.
The SCS-007 standard is implemented by SCS Global
Services and applies to natural and lab-grown diamonds
across 5 pillars: origin traceability, ethical stewardship,
sustainable production, net zero carbon footprint and
sustainable investments. All certified products come with
a SCS Certificate of Sustainability describing the diamond’s
ethical and environmental performance.
Michael Hill, Medley and TenSevenSeven are some of the
few accredited retailers of Certified Sustainable diamonds
under the SCS-007 standard. At the date of this ESG
Report, Certified Sustainable diamonds are only available
to purchase from four other retailers in Canada and
Australia, and two in New Zealand.
SUPPORTING OUR NET ZERO GOAL
We are committed to reducing our carbon impact to net
zero. Supporting this, the original SCS-007 standard
required producers to offset their greenhouse gas emissions
and other climate-related pollutants to achieve a climate
neutral diamond production process. Under the latest
standard, producers must measure, reduce and balance
their CO2 emissions to zero through verified actions. This
new approach focuses on minimising CO2 emissions before
balancing those remaining, rather than simply offsetting.
PRODUCT PILLAR

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LAB-GROWN COLOURED GEMSTONES
Both Michael Hill and Bevilles offer a range of lab-grown
coloured gemstones as an alternative to natural coloured
gemstones. As part of our commitment to using lower
impact materials, we are increasing the mix of our lab-
grown coloured gemstones.
This year, we had a number of coloured gemstone products
verified as lab-grown. This exercise helped us to verify the
upstream production of lab-grown materials, as well as
the cost involved in obtaining verification. We continue
to collaborate with industry to consider the value of a
responsible sourcing standard for natural and lab-grown
coloured gemstones at a product level.
RJC Laboratory-Grown Material Standard
Supporting our commitment to sustainable lab-grown
diamonds and coloured gemstones, all RJC-certified
suppliers handling lab-grown materials must also comply
with the new RJC LGMS, published this year. The LGMS
covers lab-grown diamonds, rubies, emeralds and sapphires.
It sets stringent standards for human and labour rights,
environmental stewardship and ethical business practices
for those involved throughout the lab-grown material supply
chain. This means our RJC-certified suppliers of lab-grown
gemstones are certified sustainable at a business level.
NATURAL COLOURED GEMSTONES
AND PEARLS
Given the lack of industry infrastructure supporting
responsibly sourced and traceable coloured gemstones,
we cannot guarantee the provenance of our coloured
gemstones and pearls at a product level.
In the absence of a widely-recognised sustainability
standard, our Responsible Suppliers goal supports our
commitment to using lower impact natural coloured
gemstones and pearls. We aim for all Group suppliers of
these products to be certified under the RJC COP standard.
This helps us gain comfort that the natural gemstones and
pearls in our products are sourced and manufactured in
accordance with high responsible sourcing standards.
PRODUCT PILLAR

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PLANET
WE WILL NURTURE NATURE AND REDUCE
OUR NEGATIVE IMPACTS TO NET ZERO

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REDUCE, REPLACE, OFFSET STRATEGY
Emissions from electricity use across our store network and
head office locations make up the largest part of emissions
from our own operations. As a result, we followed a ‘Reduce,
Replace, Offset’ strategy to support our net zero goal.
Reduce
This year, we introduced LED lighting across an additional
8% of our store network, with 89% of our stores now running
on LED lighting. We have committed to installing LED lighting
in the remaining stores as part of our regular refit works.
To further reduce energy consumption, our instore digital
display screens have been programmed to automatically
power down outside of trading hours, eliminating
unnecessary electricity use across the store network.
PERFORMANCE SNAPSHOT
• 79% reduction in scope 1 and 2 emissions across
the Group compared to last financial year
• Achieved a 5-star energy rating for our Global
Support Centre base building
• Generated 131mWh through our Global Support
Centre’s rooftop solar system
ZERO CARBON OPERATIONS
We will achieve net zero carbon operations
(scope 1 and 2) by 2025.
PLANET PILLAR
Replace
The Global Support Centre building operates a 99KW rooftop
solar panel system. This year, we generated 131mWh
through solar, covering 18% of our electricity requirements.
For our other sites across Australia and New Zealand, we
procured green energy solutions that directly support local
renewable energy generation.
This year, we transitioned the energy supply for 87 stores
in Australia and the remaining 2 stores in New Zealand to
zero emission sources that support 100% renewable energy
generation. This meant all electricity consumed by our
stores and support office locations in Australia and New
Zealand was matched with accredited renewable electricity.

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AUSTRALIAN RENEWABLES
To achieve our goal in Australia, we voluntarily purchase
GreenPower and surrender renewable energy generation
certificates (LGCs) to match our electricity use above
Australia’s Renewable Power Percentage (RPP). The RPP is
the portion of electricity that the Clean Energy Regulator
(CER) requires to be from renewable sources under the
Renewable Energy Target. The RPP was 18.48% for 2024
and 17.91% for 2025. This ensures that, in addition to
the national renewable baseline, we are supporting extra
renewable energy generation in Australia.
GreenPower is a government-accredited product designed
to support renewable energy generation. LGCs are created
through projects such as wind and solar farms and are
surrendered on our behalf to the CER.
NEW ZEALAND RENEWABLES
To achieve our goal in New Zealand, we voluntarily purchase
and redeem New Zealand Energy Certificates (NZ-ECs) via
the New Zealand Energy Certificate System. These NZ-ECs
are equivalent to 100% of our electricity use, ensuring
that our consumption is matched with certified renewable
energy generated in New Zealand. This year, our purchases
directly supported renewables at a wind farm in the South
Island and a solar farm in the North Island.
These products mean the amount of electricity used from
the grid in Australia and New Zealand is matched with
electricity produced from certified renewable sources.
This allows the Group to report our market-based scope
2 electricity emissions as zero, using the market-based
methodology as per the GHG Protocol Scope 2 Guidance.
CANADIAN RENEWABLES
This year, we developed plans to purchase renewable
energy for our Canadian store network. We identified a
renewable energy certificate (REC) provider in Canada and
intend to purchase Ecologo certified RECs that meet strict
environmental standards to match our electricity usage to
reach our net zero goal.
Offset
While our Replace initiatives address electricity-related
emissions, some operational emissions remain. These
represent a small portion of our total footprint and will
be offset through certified carbon credits aligned with
our nature restoration goals.
We plan to procure these offsets in January 2026,
once our 2025 consumption data is reconciled.
Reduce, Replace Offset in action
This year, the base building of our Global Support
Centre achieved a 5-star Energy rating and 4.5-star
Water rating from National Australian Built Environment
Rating System (NABERS).
The combination of our onsite renewable electricity
generation, purchase of renewable electricity products
and rainwater tanks enabled us to retain these NABERS
scores for the 2024/25 period.
PLANET PILLAR

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OUR EMISSIONS PROFILE
Our emissions identification and calculations are in
accordance with the Greenhouse Gas (GHG) Protocol,
as required by the Australian Sustainability Reporting
Standards (ASRS).
We have used the operational control approach to
determine the organisational boundary for the Group’s
emissions inventory. All sites and assets under our
direct operational control are included within our
reporting boundary.
This includes all Michael Hill and Bevilles stores across
Australia, New Zealand and Canada, Michael Hill
and Bevilles support office locations (including the
manufacturing and distribution centre and repairs site) in
Brisbane, and the Michael Hill support office in Auckland.
The emissions boundary is aligned with the Group for
financial reporting purposes.
TOTAL CARBON EMISSIONS
(t CO
2
e) SCOPE 1 AND 2
(1)
FY23
2,217
FY24FY25
1,466
307
2,500
2,000
1,500
1,000
500
0
•
SCOPE 1
•
SCOPE 2 TOTAL
(1) Scope 2 emissions shown in this graph are market-based.
263 tonnes of CO
2
e have been included as an estimate for the
Bevilles pre-ownership period in FY23 (11 months to 1 June 2023)
The location-based method estimates emissions using an average emissions
intensity for grids where the electricity consumption occurs. The market-based
method estimates emissions in the context of a company’s investments in different
electricity products, such as voluntary purchases of renewable energy certificates.
TOTAL CARBON
EMISSIONS (tCO
2
e)
202320242025
Scope 101726
Scope 2
Location-based2,3562,2612,390
Market-based2,2171,449281
Total Scope 1 and 2
(location-based)
2,3562,2782,416
Total Scope 1 and 2
(market-based)
2,2171,466307
JUN23
JUN24
JUN25DEC25
2,500
2,000
1,500
1,000
500
0
PLANET PILLAR
This year, our emissions inventory includes:
Scope 1: Direct emissions from refrigerants used
in air conditioning units and fridges and gas used in
manufacturing and repairs facilities.
Scope 2: Indirect emissions from purchased electricity
and heating, calculated using both location-based and
market-based methodologies. Our total location-based
emissions have increased 6% on last year due to a higher
electricity usage mix in Australia over the past year (with
a higher average grid emissions intensity) compared
with New Zealand and Canada.
In addition, we have included further store heating data
this year as we continue to work with Canadian landlords to
improve data integrity.
ACHIEVING OUR 2025 TARGET
In preparation for mandatory reporting under ASRS and
to align with the GHG Protocol preferred approach, we
have made minor revisions to our emissions calculation
methodologies. Prior year emissions have been restated
as a result (the changes between previously reported
emissions and restated emissions are not material).
We have also included store-based refrigeration and air
conditioning units in our emissions inventory if the units
are under our direct operational control.
Very occasionally, actual usage of electricity and heating
was not available from supplier invoice data. Where
necessary, we have estimated consumption based on
average consumption for sites of a similar size and location
to ensure completeness, accuracy and comparability.
OUR TARGET:
NET ZERO SCOPE 1 & 2
EMISSIONS BY END OF 2025

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Scope 3
Scope 3 emissions are indirect emissions from our value
chain. They occur outside of the Group’s organisational
boundary but as a result of our actions. This year, we
conducted an initial assessment of the scope 3 emissions
categories most relevant to the Group through a review of
our value chain. The preliminary assessment, supported
by industry benchmarking analysis, identified the specific
upstream and downstream activities where our indirect
emissions are likely to be most significant. We expect
purchased goods and services (category 1) and upstream
transportation and distribution (category 4) to comprise
most of our scope 3 emissions inventory.
Additional relevant categories include capital goods,
fuel- and energy-related activities not included in scope 1
or 2, waste generated in operations, business travel and
employee commuting. This initial identification provides the
foundation for more detailed analysis, quantification and
proactive supplier engagement over the coming year.
PLANET PILLAR
“ We are delighted to have achieved a 79% reduction in our
scope 1 and 2 emissions across the Group this year - a
tremendous milestone on our journey to net zero. Through
dedicated efforts and investment in green energy across our
operations in Australia and New Zealand, we are making tangible
progress towards our 2025 goal. I am proud of what our team
has accomplished and we remain committed to leading positive
change for the Group and our planet.”
Andrew Lowe
Interim CEO, Chief Financial and Supply Chain Officer
BEYOND 2025
We are on track to achieve our net zero carbon operations
(scope 1 and 2) goal by the end of the calendar year.
We will publish an updated Zero Carbon Emissions goal
in early 2026.
Australian Sustainability Reporting Standards
This year, we have taken steps to ensure the Group’s
successful transition under the ASRS.
We have developed a climate reporting roadmap and
remain on track to meet our reporting obligations for
FY26. We have identified key climate-related risks and
opportunities, integrated climate risk into our broader
risk management processes, confirmed climate scenarios
and started scenario analysis.

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Governance progress
• Established a dedicated Waste Working Group that met
monthly to oversee new and current initiatives, report
progress and allocate accountability across the Group
• Improved the data integrity of our Global Support
Centre waste by collaborating with our third-party
waste management service provider
• Integrated Waste goals into our Supplier Code of
Conduct and procurement processes
WASTE MANAGEMENT
This year, we developed an internal waste management
dashboard to track our Global Support Centre waste
volumes. On a monthly basis, we monitor our waste that
has been diverted for recycling, landfill, paper and food
composting and bioreactor landfill as well as diversion
and recovery rates.
Landfill diversion data
In last year’s Sustainability Report, we reported reduced
Global Support Centre waste volumes. This year, we
identified some issues in the data shared by our waste
management service provider. We conducted an audit and
found discrepancies between the volumes reported to us and
actual volumes disposed, including overreported volumes
and contamination. We continue to work to improve the data
integrity of our Global Support Centre waste volumes and
aim to confidently report this data in our next ESG Report.
WASTE
We will send zero waste to landfill and eliminate
single use plastic from our packaging by 2027.
This year, we continued to embed our commitment to
eliminate waste across our operations and packaging.
With a focus on governance and data integrity, we made
progress in understanding our operational waste and
packaging footprint.
PERFORMANCE SNAPSHOT
• Our sustainable packaging performance in Australia
was marked as Advanced (41%), improving on last
year’s Good Progress (33%) performance
• 1,354 containers were diverted from landfill
through the Containers for Change initiative,
raising funds for The Michael Hill Foundation
• We finalised a Group packaging tender ensuring
suppliers could support our sustainable
packaging requirements
E-waste
We diverted a number of faulty electronic appliances from
landfill by donating these to a local e-waste recycling
facility. We also started to work with our IT suppliers on
hardware end-of-life waste management.
Containers for Change
Containers for Change is a Queensland recycling initiative
designed to reduce litter and increase recycling rates
by offering a 10c refund for eligible drink containers.
We introduced Containers for Change bins to our Global
Support Centre this year to support our Zero Waste goal.
Our team diverted 1,354 containers from landfill with all
funds directed to The Michael Hill Foundation.
Team education
We launched several internal initiatives to promote Zero
Waste, including a waste management quiz for our Global
Support Centre team, improved signage and established a
network of waste champions across the Group.
SUSTAINABLE PACKAGING DECISIONS
Group packaging tender
This year, we conducted a global tender for a new Group
packaging supplier. Sustainability considerations were
fundamental in the supplier selection process. Each potential
supplier was asked a range of Zero Waste questions,
including the ability to supply packaging that is 100%
recyclable and made of at least 50% recycled materials.
PREP assessment
To substantiate our on-packaging disposal directions,
we utilised the Product Recyclability Evaluation Portal
(PREP) to verify whether our packaging is recyclable via
kerbside collection in Australia and New Zealand. Our team
completed training and reviewed several packaging items to
confirm these were fully recyclable.
PLANET PILLAR

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MANDATORY PACKAGING OBLIGATIONS
Australia: APCO
For the first time, Bevilles was included in our 2024
Australian Packaging Covenant Organisation (APCO) Annual
Report. For the 2024 calendar year:
• 45% of our packaging was fully recyclable
• 38% of our packaging is made with recycled materials
• 57% of our packaging was reviewed against APCO’s
Sustainable Packaging Guidelines
Our performance in Australia was marked as Advanced
(41%), a notable improvement on last year’s Good Progress
(33%) performance. Advanced means we have taken
tangible action on our packaging sustainability journey.
Canada: EPR programs
Some Canadian provinces have implemented mandatory
extended producer responsibility (EPR) programs. This
means we are accountable for the packaging and paper that
is provided to Canadian consumers, and we are responsible
for improving recycling rates and using more sustainable
materials in our packaging. We met all EPR reporting
obligations across Ontario, British Columbia, Manitoba
and Alberta this year.
Canada: Single-use programs
Some Canadian jurisdictions have also implemented by-
laws to reduce single-use plastic and disposable shopping
bags. This requires some stores to charge customers for
our shopping bags, which must be made with recycled
materials. This year, we collected almost CA$700 to
comply with these requirements which was allocated to the
Michael Hill Foundation.
MANUFACTURING WASTE
We continued to send our manufacturing waste to a precious
metal refiner. Manufacturing waste included alloy scrap
and other small sweepings that occur during our jewellery
manufacturing and repairs process. You can read more about
our product recycling initiatives in the Circularity section.
PLANET PILLAR

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Since the launch of the Foundation, a portion of sales from
each Michael Hill LAB. product is directed to our planting
projects in Australia, New Zealand and Canada and we have
committed to planting up to 10 trees for every purchase.
All LAB. products are Certified Sustainable under the
SCS-007 standard and have a net zero carbon footprint.
By purchasing our most sustainable product, customers help
us give back to their local environment. An increase in our
lab-grown diamond product mix meant even more products
were helping us to reach our goal by 2030, with more than
double LAB. units sold this year compared with last year.
We have continued to support the same planting projects
this year. This allowed us to strengthen our connection with
our projects and gain deeper insights into their impact, with
a focus on community in Australia and New Zealand and on
wildlife in Canada.
PLANET PILLAR
NATURE RESTORATION
We will contribute to the restoration and conservation of
the natural environment in our key markets from 2024.
PERFORMANCE SNAPSHOT
• In Australia, we planted 19,397 trees on the
WA southern coast
• In New Zealand, we planted 49,191 trees in
Gisborne on the North Island
• In Canada, we planted 56,085 trees in Cariboo,
British Columbia
To support our commitment
to nature restoration, we
launched the Michael Hill
Foundation in February
2024. Through sales-based
donations, we have committed
to planting 1,000,000 trees
in Australia, New Zealand and
Canada by 2030. We planted
124,673 trees this year
with the help of our planting
partner, One Tree Planted.

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PLANET PILLAR
“ Wudjari Boodja (country/land) is under increasing pressure
from so many different threats - climate change, unsustainable
agricultural practices, wholesale clearing of forests, invasive
species, to just name a few. But Wudjari connection to country
and the sustainable land practices developed over thousands
of years offer hope and possibility.”
Gail Reynolds-Adamson
ETNTAC
Australia
We support the Rejuvenation Trees project on the WA
southern coast near Esperance. The project is owned and
operated by the Esperance-Tjaltraak Native Title Aboriginal
Corporation (ETNTAC) from the Wudjari community,
providing income pathways, employment opportunities and
skill development for 53 First Nations team members.

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New Zealand
We support Waingake Native Restoration Program on
the North Island. The project is operated by Maraetaha
Incorporated and supported by Ngai Tāmanuhiri. The
project is located near the headwaters of the primary water
supply for Tairāwhiti (Gisborne) and has been fundamental
in restoring native forest cover to stabilise soil and reduce
sediment in local waterways.
12 Māori team members help to manage the project.
This provides meaningful employment and skill-building
opportunities, fostering intergenerational pride and
connection for local iwi.
Through active participation in environmental restoration,
the project strengthens Māori social cohesion, cultural
identity and kaitiakitanga (guardianship) of ancestral lands.
Canada
We support Nazko Wildfire Restoration Project near Nazko
Lake in Cariboo, British Columbia. This project aims to restore
landscapes scarred by the 2017 Plateau Wildlife which
destroyed around 35% of this area. With a strong emphasis
on species diversity and climate resilience, the project selects
native trees such as hybrid spruce and Douglas-fir to bring
balance to the ecosystem and foster long-term biodiversity.
This project returns the landscape much faster than if left
to natural processes, ensuring the area benefits from tree
planting sooner. Beyond carbon sequestration, this project
also provides vital habitat and food sources for native wildlife
species including black and grizzly bears, moose, grey wolves,
snowshoe hares, sandhill cranes and bald eagles.
PLANET PILLAR

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Our Nature Restoration goal to plant 1,000,000 trees is a
separate initiative to our Net Zero commitment. We do not use
this initiative to offset our operational carbon emissions. Instead,
this work is dedicated to restoring nature and improving
biodiversity in our communities.
OUR PARTNERSHIP WITH ONE TREE PLANTED
One Tree Planted is a non-profit organisation focused on
global reforestation. They aim to help restore forests,
create habitats for biodiversity and make a positive
social impact around the world. One Tree Planted selects
planting projects based on their potential for long-term
environmental and biodiversity impact, focusing on
community well-being and watershed health.
CELEBRATING NATURE RESTORATION
This year, the Group celebrated World Environment Day
and Earth Day by reflecting on the work of our planting
partners across our communities. With a ‘Restore Our
Earth’ theme, we marked these dates by reaffirming our
commitment to creating a healthier planet, together
with our customers, teams and communities. To drive
engagement and promote our Nature Restoration goal,
teams were encouraged to share small actions they make
each day to benefit the environment.
PLANET PILLAR

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PEOPLE
WE WILL IMPROVE THE LIVES
OF PEOPLE ACROSS OUR VALUE CHAIN

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The Group remains committed to implementing responsible
sourcing practices across our diverse supply chain of
jewellery and non-jewellery goods and services. Our
targets are:
• All Michael Hill, Medley and TenSevenSeven jewellery
suppliers to be certified by the RJC (or have an
application underway) by the end of 2025;
• All Bevilles jewellery suppliers to be certified by the RJC
(or have an application underway) by the end of 2027;
• All remaining suppliers, including watch and
non-jewellery suppliers, to meet our ESG
expectations by 2030.
EXPECTATIONS FOR JEWELLERY SUPPLIERS
Having each of our jewellery suppliers certified by the
RJC is essential to ensure they operate with integrity,
transparency and responsibility throughout the supply
chain. RJC certification guarantees that our jewellery
suppliers adhere to rigorous ethical, social, human rights
and environmental standards including the OECD Due
Diligence Guidance for Responsible Supply Chains verified
through independent audits. This provides customers with
confidence that our jewellery suppliers are upheld to the
same RJC standard as our brands.
This chart shows how many jewellery suppliers were RJC
certified or have an application underway this year:
8 jewellery suppliers (1 Michael Hill; 7 Bevilles) had no RJC
certification in progress this year. We are working to either
exit these remaining non-RJC suppliers from our supply
chain or support them on the RJC application process.
PERCENTAGE OF RJC CERTIFIED
JEWELLERY SUPPLIERS
MICHAEL HILL SUPPLIERS
98%
50%
100%
66%
BEVILLES SUPPLIERS
MEDLEY SUPPLIERS
TENSEVENSEVEN SUPPLIERS
RESPONSIBLE SUPPLIERS
All suppliers will meet our expectations on their social
and environmental impacts by 2030.
PERFORMANCE SNAPSHOT
• 83% jewellery suppliers met our
ESG expectations
• 91% non-jewellery suppliers met our
ESG expectations
PEOPLE PILLAR

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EXPECTATIONS FOR NON-JEWELLERY SUPPLIERS
To support responsible sourcing, suppliers deemed medium
risk or higher under our internal risk ratings must meet
enhanced ESG requirements.
These include holding credible third-party certifications
(such as SMETA, BSCI and ISO), maintaining a Responsible
Sourcing Policy aligned with international frameworks and
complying with our Supplier Code of Conduct.
Demonstrating compliance with our ESG expectations is
embedded into our supplier onboarding process, governed
by our Modern Slavery Program.
Where certifications are lacking, suppliers must demonstrate
clear efforts toward compliance. This year, 91% of the
Group’s applicable non-jewellery suppliers complied with
these ESG expectations.
PEOPLE PILLAR
RESPONSIBLE SUPPLIER ACHIEVEMENTS
Alongside our ESG expectation targets, this year we also:
• Embedded an ongoing audit cycle with our independent
audit partner for high-risk suppliers
• Developed a tailored modern slavery questionnaire
depending on industry type to suit smaller scale suppliers
• Uplifted the Modern Slavery Supplier Transparency
Platform for TenSevenSeven and Bevilles suppliers
• Developed a Group Responsible Sourcing Policy
MODERN SLAVERY
Our modern slavery statements, published in Australia and
Canada each year, provide a comprehensive overview of the
Group’s efforts to identify, mitigate and report on modern
slavery risks across its operations and supply chains. Our
latest statements can be downloaded here.

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EMPOWERING WOMEN
We will deliver initiatives and develop partnerships
focused on empowering and supporting 100,000
women by 2030.
There has been significant progress in gender equity in
recent decades: more girls are receiving education, more
women are serving in leadership roles and laws are being
reformed to promote gender equity.
Women represent 85% of the Group’s workforce,
contribute significantly to product development and
comprise the majority of our customer base. Despite this
progress, challenges remain. We are passionate about
empowering women to ensure gender equity continues
to progress across the world.
Gifts that Give Back
On launching the Foundation, $20 from Michael Hill’s
cultured freshwater pearl stud earrings and $50 from Michael
Hill’s diamond Serendipity necklace was donated to our
charity partners. We undertook a review with our Marketing
and Merchandising teams this year to ensure our selected
products were impactful for customers and for our partners.
In March 2025, we relaunched our donation structure to align
with International Women’s Day. Labelled our Gifts That Give
Back, a portion of sales from each pearl product is donated to
our charity partners. This led to a 180% increase of units sold
this year which flowed through to those that need it most.
PEOPLE PILLAR
PERFORMANCE SNAPSHOT
• Our charity partners helped us to empower over
27,500 women this year
• We added 53 more products to collect donations
for our Empowering Women partners
• We increased our Gifts That Give Back unit sales
by 180%
To support our commitment to empowering women, we launched
the Michael Hill Foundation in February 2024. Through sales-
based donations, we have committed to empowering 100,000
women by 2030.
Michael Hill uses sales-based donations, collected via
the Michael Hill Foundation, to support our 2030 goal.
We continue to develop this area for our other brands
and ensure we are working together to empower women.

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PEOPLE PILLAR
OUR CHARITY PARTNERS
We continued to support the Collective Good Foundation,
Women’s Refuge and The Period Purse this year. We also
entered a new partnership in Australia to broaden the
impact of our Empowering Women initiative.
WOMEN’S REFUGE, NEW ZEALAND
Women’s Refuge is the country’s largest provider of
support services for women and children affected by family
violence, operating through a network of 41 refuges. Their
Safe Nights program provides a safe clean bed, hot meals,
supportive staff and secure transport. Women usually stay
for an average of 36 days, meaning many Safe Nights are
needed. This year, our donation provided 1,000 Safe Nights
to women and their children in New Zealand.
“ So many women and children are
going to benefit from Michael Hill’s
amazing donations.”
THE PERIOD PURSE, CANADA
The Period Purse aims to end period poverty by providing
education, advocacy and community outreach across
Canada. With 1 in 4 Canadians experiencing period poverty,
the Period Purse supports thousands of women with free
menstrual product supplies each month. This year, our
donation provided 3,366 period supplies to women in
need in Canada. We also collected 24,500 period products
through our store-led product drives and created 700 period
packs during packing parties hosted by The Period Purse.
“ Thank you to the whole Michael Hill
team who have shown a deep interest
and commitment to period equity in
Canada. Having your support encourages
us to explore ways we can empower
more communities in 2025.”

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PEOPLE PILLAR
COLLECTIVE GOOD FOUNDATION, INDIA
In partnership with the Rosy Blue Foundation and Samhita
Social Ventures, the Collective Good Foundation helps
us to provide on-the-ground support to women in rural
communities. Our program operates in Danta and Pulanpar,
Gujarat, a region that is integral to the diamond cutting and
polishing industry.
The project is designed to empower rural women in India
through interventions in agriculture, health and hygiene.
These are implemented through training and resource
distribution and through revitalising existing – and
establishing new – community facilities, led by local women
in each community to ensure each initiative is culturally
appropriate and sustainable for long-term impact.
Program components include enhancing food security
through home gardening, facilitating digital access to
agricultural subsidies and schemes, improving menstrual
hygiene education and infrastructure, and refurbishing
sanitation facilities. Since launching the partnership with
the Collective Good Foundation, we have helped to support
close to 23,000 women in Danta and Pulanpar.

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THE SALVATION ARMY, AUSTRALIA
We selected The Salvation Army as our latest charity
partner in Australia for their unwavering dedication to
supporting those who need it most. Their many services
help to transform women’s lives through supportive case
workers and programs.
Donations from our Gifts That Give Back are dedicated
to programs that provide crucial help to women
experiencing homelessness or domestic violence. We
handpicked these services in each state and territory to
ensure our donations empower women that need it most
across Australia.
DRESS FOR SUCCESS, AUSTRALIA
Dress for Success has been our valued partner since 2021.
The charity is dedicated to helping women to achieve
economic independence by providing a support network,
professional attire and development tools to thrive in
work and in life. We made the tough decision to end our
“ We truly appreciate Michael Hill’s
ongoing interest, care, and commitment
to women’s services and raising
awareness about this critical issue. Their
partnership is making a real difference in
empowering women in our community.”
partnership in December 2024 to broaden our impact for
women across all states and territories. Our final donation
of $40,000 to Dress for Success enabled us to empower
200 women and, while the partnership has now ended, we
remain proud of the impact achieved.

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ENGAGEMENT
We pride ourselves on having a highly engaged workforce
who love what they do and where they work. In response
to our We’re Listening program, this year we updated
our Engagement Survey to deliver clearer insights on
what makes the Group a great place to work. Our latest
Engagement Survey achieved a completion rate of 84%
and an engagement score of 83%.
Highlighting cultural strength and focus across the Group,
our Global Support Centre scored 78% and we achieved a
noteworthy increase across our Retail teams:
• Michael Hill Retail: 84% engagement (up 4%)
• AU: 84% (up 4%)
• CA: 86% (up 2%)
• NZ: 81% (up 8%)
• Bevilles Retail: 79% engagement (up 8%)
Group Retail engagement (by role):
• Sales Professionals: 82%
• Assistant Store Managers and Managers in Training: 85%
• Store Managers: 88%
• Senior Leadership: 92%
TALENT DEVELOPMENT
This year, we used our new systemised talent mapping
process to increase transparency and encourage more
meaningful conversations across our teams:
• Leadership pathways: 41 Michael Hill Assistant Store
Managers (ASM) completed accelerated training, with
nearly 50% promoted internally. A clear pathway from
ASM to Store Manager (SM) was launched across all
markets and brands.
• Development roadmap: Regional Manager development
included workshops, 360 feedback and ongoing
coaching to embed values-led leadership. An 18-month
learning and development roadmap was endorsed,
shaped by team feedback.
• Innovative learning: Selected Bevilles’ team members
participated in a customer experience workshop
resulting in positive impacts on their productivity and
performance. A campaign-style learning trial showed
strong early results and will be scaled using AI.
“ Being part of the ASM to SM
Pathway program has been
a truly rewarding journey.
The program is equipping me
with the tools, insights, and
confidence I need to take the
next step in my career and
I’m excited for what’s ahead.”
GREAT PLACE TO WORK
Michael Hill will maintain a leading workforce
engagement score of greater than 80%.
PERFORMANCE SNAPSHOT
• We achieved an 83% engagement score (up 4% on
last year)
• Our Retail team engagement increased by 4% for
Michael Hill and 8% for Bevilles
• Women make up 85% of our workforce

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Apprenticeships and internships
• This year, our 6 jewellery apprentices continued to
progress in their courses, with one apprentice due to
complete their apprenticeship early next year.
• Michael Hill and Medley hosted 3 interns at the Global
Support Centre, with an existing employee using the
internship to support their studies.
WORKFORCE COMPOSITION
At the end of this year, the Group headcount was 2,727
across our markets. Below are some insights into our
headcount composition that help to make the Group a
great place to work.
COUNTRYFY25FY24
Australia1,7791,738
New Zealand317327
Canada631662
AGEFY25FY24
<3034.3%27.9%
30-5027.4%30.5%
>5038.3%41.5%
DEI
With a purpose to drive awareness on DEI issues, the DEI
Committee continued to meet quarterly and promoted a
range of events this year, including International Women’s
Day, Pride month and International Volunteer Day. We
circulated updates to our team during these events to
demonstrate how our 2030 Sustainability Strategy supports
these initiatives. Leaders across the Group were also granted
access to a DEI dashboard that shares team diversity insights.
Gender equality
We are committed to fostering a gender equal workplace
and providing opportunities for women to thrive. 85% of
our global workforce are women, including 49% of our
leadership positions and 60% of our Executive Leadership
team. This female representation allows us to embrace
different perspectives and experiences at all levels of
decision making.
GENDERFY25FY24
Female 84.8%84.9%
Male15.0%15.0%
Unspecified0.2%0.1%
HEALTH, SAFETY AND WELLBEING
We are committed to fostering a safe, healthy and
supportive environment for our team, customers and
visitors. Building on the insights from our first wellbeing
survey last year, this year we placed a strategic emphasis
on psychosocial safety:
•
Abo
ve-average EAP engagement: 4.2% utilisation
rate, well above the 2.4% industry average, reflects
strong trust and awareness, with 62% of support
related to personal issues affecting team members
and their families.
•
Expanded men
tal health support: Mental Health
First Aid training was extended to customer service,
Retail leaders and HR team members. Structured case
management enabled recovery and return to work for
those facing mental health challenges.
•
Boost
ed wellbeing participation: 83% of participants
in the 15-Minute Challenge reported increased activity,
with many noting improvements in sleep, mood, energy
and overall health.

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Employee benefits program
We continued to develop our range of benefits this year,
with new additions including:
•
C
orporate health insurance program (Australia only)
•
Novated leasing (Australia only)
• Perkbox for access to discounts and gift card offers from
other retailers
Each of these new providers offer a diverse range of
benefits to meet the various needs of our team members.
Volunteering
From sorting clothing donations and doing DIY at Brisbane
City Women’s Homelessness Shelter, collecting litter at a
beach cleanup in Queenstown to packing period supplies in
Toronto, our team members have made a true impact this
year. 99 team members contributed 175 hours volunteering
hours across a huge range of activities. Our volunteering
program in Australia evolved this year with the launch of
our partnership with The Salvation Army, replacing our
existing partnership with Dress for Success, with more plans
for expansion next year.