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 50 tonnes of silver • Have a tangible net worth of at least £15 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 Physical Committee is responsible for monitoring, developing and protecting the Good Delivery List. It also ensures that standards are maintained with emphasis on continuous improvement and transparency of the market. For details of the current Committee members click here.
Good Delivery Referees are appointed by the LBMA to assist it in maintaining the Good Delivery System in a number of areas:
• 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 representatives from each of the referee refineries who attends quarterly meetings at the LBMA are as follows: Argor-Heraeus SA: Alessandro Ruffoni Metalor Technologies SA: Jonathan Jodry PAMP SA: Umberto Magro, Barbara Badiello Rand Refinery (PTY) Ltd: Neil Harby, Madeleine Theron Tanaka Kikinzoku Kogyo: Hitoshi Kosai