Only gold and silver bars that meet our Good Delivery standards are acceptable in settlement of a loco London contract.
The LBMA benchmarks and regulates the acceptable requirements for large gold and silver bars through its regularly updated publication of the London Good Delivery Lists. These standards, recognised throughout the world, ensure that accredited refiners continue to maintain the high standards necessary for listing.
Requirements for Listing
The requirements for listing involve a stringent set of criteria, that include a minimum level of production and tangible net worth, with a rigorous technical assessment to review casting, refining and assaying abilities. To ensure that the high standards are maintained, Accredited Good Delivery refiners are subject to on-going testing under the LBMA's Proactive Monitoring Programme. Refiners who no longer meet our minimum standards, or those that decide to stop producing Good Delivery bars, are transferred to the Former Lists for Gold and Silver.
The Good Delivery Rules
The specifications for gold and silver Good Delivery bars are described in the LBMA's Good Delivery Rules. These specifications include the acceptable fine ounce weight, purity, physical appearance (including markings and surface quality). To view a full copy of the Rules and a summary of the main changes of the Rules please refer to the Good Delivery Rules.
LBMA Physical Committee
The Physical Committee is made up of industry experts from the physical bullion market. It is responsible for monitoring, developing and protecting the Good Delivery List and works closely with sub-Groups such as the LBMA Referees and the LBMA's Vault Managers Working Party. It also ensures that standards are maintained with emphasis on continuous improvement and transparency of the market. The Committee meets approximately every month throughout the year. Find out more about the work carried out by the LBMA Committees.
Good Delivery Referees are refiners appointed by the LBMA to assist its maintenance of the Good Delivery System in the following ways:
- The technical assessment of applicants for listing;
- The proactive monitoring of refiners on the List; and
- The provision of technical advice on a range of topics.
The Referees who attend quarterly meetings at the LBMA are represented by:
- Argor-Heraeus SA: Alessandro Ruffoni
- Metalor Technologies SA: Jonathan Jodry
- PAMP SA: Umberto Magro, Daniela Manara, Barbara Badiello
- Rand Refinery (PTY) Ltd: Chris Horsley, Madeleine Theron
- Tanaka Kikinzoku Kogyo: Hitoshi Kosai