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.

Only bars that meet Good Delivery standards are acceptable in the physical settlement of a loco London gold or silver transaction. The high level of consistency within the London market is maintained by ensuring both refiners and vaults implement the Good Delivery Rules relating to a bar's assay, weight and its safe handling and stacking. The main specifications for GD gold and silver bars are summarised below. No other refined gold or silver products produced by accredited refiners fall within the scope of the Good Delivery Lists.

Click here to view the full set of Rules to find out more

  • Specifications for a Good Delivery Gold Bar

    Weight:

    Minimum gold content: 350 fine troy ounces (approximately 10.9 kilograms) maximum gold content: 430 fine troy ounces (approximately 13.4 kilograms) The gross weight of a bar should be expressed in troy ounces, in multiples of 0.025, rounded down to the nearest 0.025 of a troy ounce.


    Dimensions:

    The recommended dimensions for a Good Delivery gold bar are approximately as follows:

    • Length (Top): 250 mm+/- 40 mm Undercut * range: 5-25 degrees
    • Width (Top): 70 mm +/- 15 mm Undercut *: 5-25 degrees
    • Height: 35 mm +/- 10 mm

    * The undercut refers to the degree of slope on the side and ends of the bar and is calculated using the following formulae: 90 degrees(ATAN(H/((T-B)* 0.5))), where H=Height, T= Top, and B=Bottom dimensions of the bar, the bottom dimension being measured to the theoretical sharp edges.


    Fineness:

    The minimum acceptable fineness is 995.0 parts per thousand fine gold


    Marks:

    • Serial number (see additional comments in section 7 of the GDL Rules)
    • Assay stamp of refiner
    • Fineness (to four significant figures)
    • Year of manufacture (see additional comments in section 7 of the GDL Rules)
  • Specifications for a Good Delivery Silver Bar

    Weight:

    Minimum silver content: 750 troy ounces (approximately 23 kilograms) maximum silver content: 1100 troy ounces (approximately 34 kilograms) However, it is recommended that ideally refiners should aim to produce bars within the following weight range;

    • Minimum silver content: 900 troy ounces (approximately 29 kilograms)
    • Maximum silver content: 1050 troy ounces (approximately 33 kilograms)

    The gross weight of a bar should be expressed in troy ounces in multiples of 0.10, rounded down to the nearest 0.10 of a troy ounce.


    Dimensions:

    The recommended dimensions for a Good Delivery silver bar are approximately as follows:

    • Length (Top): 300 mm +/- 50 mm Undercut: * 5-15 degrees
    • Width (Top): 130mm +/- 20 mm Undercut: * 5-15 degrees
    • Height: 80 mm +/- 20

    * The undercut refers to the degree of slope on the side and ends of the bar and is calculated using the following formulae: 90 degrees(ATAN(H/((T-B)* 0.5))), where H=Height, T= Top, and B=Bottom dimensions of the bar, the bottom dimension being measured to the theoretical sharp edges.


    Fineness:

    The minimum acceptable fineness is 999.0 parts per thousand silver.


    Marks:

    • Serial number (see additional comments in section 7 of the GDL Rules)
    • Assay stamp of refiner
    • Fineness (to three significant figures)
    • Year of manufacture (see additional comments in section 7 of the GDL Rules)
  • Provision of Self-Testing Samples

    Bona fide refiners who are in the final stages of preparing to apply for LBMA Good Delivery accreditation may purchase 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 10-gram gold samples at £465 per sample, or a total of £2,790 for a set of 6, including the value of the metal content, plus VAT (as applicable)
    • Approximately 30-gram silver samples at £415 per sample, or a total of £2,490 for a 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. The LBMA will keep the submitted results confidential. In other words, they will not be provided either to the Physical Committee or to the LBMA's Referees group, except on an anonymous basis which would not allow the refiner to be identified. Failure of the refiner to submit its assay results within 6 weeks could result in the subsequent application being rejected.

Annex H also shows how to derive London gross troy ounce weights rounded to the nearest 0.1 or 0.025 troy ounces for silver and gold respectively. Please click here to download an excel spreadsheet including the same.


Assays

It is essential that all GD bars contain the amount of metal stated by the marked assay as marked on the bar and its weight. Assays of GD bars are determined by the refiner at the point of manufacture. An assay is likely only to be checked again when a bar is used as raw material in a refinery, for example, for the manufacture of small bars or in a plant manufacturing products like jewellery.


Pro-active Monitoring

The LBMA ensures that the highest possible standards are maintained by testing the ability of all Good Delivery refiners to assay accurately on a three-yearly cycle for its Proactive Monitoring Programme (PAM). Details of a refiner's recent activity for PAM can be viewed in the Good Delivery Lists.


Vault Managers Working Group

The Vault Managers Working Group, comprising the Bank of England and representatives from those LBMA members with their own vaulting facilities in London, meet regularly to consider issues relating to bar quality and vault procedures. Vault Managers are required to document every case of bar rejection and provide the associated information to the LBMA Executive.


Changes to the Good Delivery Rules

To view details of recent changes made to the Good Delivery Rules click here. This document sets out the changes made to the Rules between 2007 and 2013. The first edition of the Good Delivery Rules was published by the LBMA in 1993. Prior to that, at various times during the 20th Century, the London Gold Market produced booklets containing earlier versions of the rules pertaining to the Good Delivery of bars.


Good Delivery Applicants

Refiners wishing to apply for Good Delivery Status should read carefully the current version of the GDL Rules. Please refer to the FAQs on Good Delivery for further details. Please contact gdl@lbma.org.uk if you have any questions about the application process.