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LBMA Annual Review 2020

Tuesday, December 01, 2020

Business Continuity during COVID-19

LBMA is delighted to launch its latest Annual Review covering all of our work as the standard setting organisation for the global precious metals market. It’s a little later in the year than usual and, accordingly, covers a slightly longer period (from July 2019 to present).

LBMA has, and continues, to liaise closely with key stakeholders to ensure that the Loco London market carries on operating efficiently and effectively during what has been a highly unprecedented 2020. We can report that the market has not only remained open for business, but has also been very active, with all-time highs reported for market volumes and metal stocks. We’ve stepped up our efforts to keep members and the market fully informed of developments, through our regular weekly series of newsletters and webinar programme.

Key highlights

Includes the publication of our very first Responsible Sourcing report which provides increased transparency of our Responsible Sourcing Programme. It reviews the refiners’ and auditors’ performance during the previous 12 months, and provides details for the first time on the Country of Origin (CoO) where GDL refiners mine and refine gold around the world.

The Responsible Sourcing agenda is especially topical and is taking on new dimensions. This is why earlier this year, we announced a call for action for the whole industry to join LBMA in supporting Artisanal Small-Scale Mining (ASM communities). It is in the best interests of the legitimate industry, that we do what we can to embrace and nurture a responsible ASM sector.

More recently, we launched another call for action in relation to International Bullion Centres (IBCs) and recycled material. We are calling on IBCs to work with us to tighten controls in all relevant jurisdictions, to be in line with international standards, such as those of the OECD.

A full copy of the Review can be downloaded here.

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