Good Delivery Rules
The Good Delivery Rules set out every aspect of the Good Delivery administration including the specification standards for London-traded gold and silver bars.
The Good Delivery Rules provides information for existing refiners and the banks that work with them, as well as the necessary guidance for refiners seeking accreditation.
A high level of consistency is maintained within the London market by ensuring both refiners and vaults implement the Good Delivery Rules relating to a bar's assay, weight and its safe handling and stacking.
- GDL Governance
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.
Vault Managers Working Group
The Vault Managers Working Group comprises the Bank of England and representatives from those LBMA members with their own vaulting facilities in London. The group meets regularly to consider issues relating to bar quality and vaulting procedures and ensures that a level of consistency is maintained across all London vaults. Vault Managers are required to document every case of bar rejection and provide the associated information to the LBMA Executive
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 anonymous 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: Daniela Manara, Barbara Badiello
- Rand Refinery (PTY) Ltd: Terance Nkosi, Madeleine Theron
- Tanaka Kikinzoku Kogyo: Hitoshi Kosai
- Provision of Self-Testing Samples to Bona Fide Applicants
Bona fide refiners who are in the final stages of preparing to apply for LBMA Good Delivery accreditation may purchase from a limited supply of gold and/or silver self-testing samples from the LBMA. The samples can be used for a final check of the laboratory's assaying accuracy before the refiner submits its application for accreditation. A set of self-testing samples is limited to a maximum of 6 per refiner, for each metal, and the cost of supplying these is as follows:
Approximately 5-gram gold samples at £465 per sample which is a total of £2,790 for the set of 6, including the value of the metal content, plus VAT (as applicable)
Approximately 30-gram silver samples at £415 per sample which is a total of £2,490 for the set of 6, including the value of the metal content, plus VAT (as applicable)
The cost of shipment of the samples to the refinery will be payable in addition. Please note that self-testing assay results (in fineness terms to 2 decimal places) must be submitted to the LBMA within 6 weeks of the laboratory confirming receipt of the samples. For each sample, the laboratory should supply:
- The number of trials carried out
- The average fineness and
- The standard deviation achieved.
On receiving these results, the LBMA will then provide the refiner with the reference assay values (expressed in fineness to 2 decimal places) for the samples. LBMA will keep the submitted results confidential. In other words, they will not be provided either to the Physical Committee or to LBMA's Referees group, except on an anonymous basis where the refiner would not be identified. Failure of the refiner to submit its assay results within 6 weeks could result in the subsequent application being rejected.