LBMA Responsible Silver Guidance Consultation
Thursday, September 29, 2016
The LBMA held a webinar to launch a market wide consultation on the potential implementation of a Responsible Silver Guidance (“RSG”) for silver refiners.
The LBMA, in coordination with the Silver Institute, is delighted to launch a market wide consultation on the potential implementation of a Responsible Silver Guidance (“RSG”) for silver refiners. This is following demand from downstream users such as Intel and Signet Jewellers as well as from the London Good Delivery gold & silver refiners themselves. The RSG will be based on the OECD Due Diligence Guidance, as well Know Your Customer, anti-money laundering and combating terrorist financing regulations. We would also like to explore the possibility of demonstrating steps already taken by the industry to protect the environment.
The LBMA’s implementation of the Responsible Gold Guidance (RGG) at an industry wide level made it possible for numerous organisations to meet their conflict minerals compliance obligations and responsible sourcing goals in an efficient manner. These downstream companies have asked the LBMA to investigate putting the same efficiency in place for the silver market. Following this demand, the LBMA agreed to investigate a RSG at the OECD Responsible Minerals Supply Chain Forum in May this year and received support from all stakeholders, including of course downstream companies, refiners, banks, governments and civil society.
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