Good Delivery

Historically, the members of the London bullion market compiled lists of accredited melters and assayers whose gold and silver bars they would accept without question in settlement against transactions conducted between each other and with other acceptable counterparts. Such bars earned the distinction of London Good Delivery status.

The LBMA Good Delivery List is now widely recognised as representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria for assaying standards and bar quality that an applicant must satisfy in order to be listed. The assaying capabilities of refiners on the Good Delivery List are periodically checked under the LBMA’s Proactive Monitoring programme.

The main requirements to be considered for listing are normally that a refiner must:

Have an established track record of at least three years of producing the refined metal for which the listing is being sought
Produce a minimum quantity of refined metal per year – 10 tonnes of gold and 30 tonnes of silver
Have a tangible net worth of at least £10 million equivalent
Furnish evidence of their ownership structure and directors
Provide, if required, a suitable letter of endorsement, e.g., from the central bank or an acceptable commercial bank in their country of operation.

The Good Delivery Rules for Gold and Silver Bars contains a complete description of the rules governing the specifications for good delivery bars and the application procedures for listing.

Good Delivery

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