LBMA Supports WGC's Conflict-Free Gold Standard
The London Bullion Market Association welcomes the publication today of the World Gold Council's Conflict-Free Gold Standard. The LBMA supports the work that has gone into developing a common approach that gold producers can use to demonstrate that their gold is produced from operations that are not causing, supporting or benefitting armed conflict.
The LBMA Responsible Gold Guidance formalises and consolidates existing high standards of due diligence amongst all LBMA Good Delivery Refiners. Compliance with this Guidance is required for all refiners producing LBMA good delivery bars in order to remain on the LBMA Good Delivery List.
We are pleased to note that the Conflict-Free Gold Standard has been designed to support refiners in meeting their due diligence requirements. Companies who conform with the Conflict-Free Gold Standard will issue a Management Statement of Conformance. This certificate may be provided to the refiner as supporting evidence to demonstrate compliance with the requirements of the LBMA Responsible Gold Guidance.
This represents another important step in developing industry-led approaches that are compatible and mutually supportive in combating potential financing of unlawful armed conflict. The LBMA is committed to harmonization of requirements with other gold supply chain initiatives. The LBMA is has also agreed mutual recognition of conflict-free audits with EICC-GeSI and the Responsible Jewellery Council. The mutual recognition means audit efficiency for gold refiners as well as the industry as a whole. All three organisations have worked hard to achieve this and are committed to continuing to work together to share lessons learned and support each other's efforts going forward.
Collectively, these industry-led approaches will support the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas and help different sectors of the gold supply chain ensure that they have the appropriate processes, systems and controls in place to adhere to the Guidance.