Stewart spent some 50 years working within the precious metals industry. Many of you in the market, as within LBMA, will remember Stewart with great regard and extreme fondness.
Stewart’s presence within the market and knowledge of the same was unsurpassed. As Chief Executive of LBMA, a position he held from September 1999 to December 2013, Stewart introduced many developments to the Good Delivery system including proactive monitoring, double blind testing, creation of the Referees group and Certified Reference Materials – to name only a few of his achievements. He was also responsible for making LBMA more inclusive and global through the creation of the Associates category, opening up to non-banks and, of course, the founding of the annual Precious Metals Conference.
Stewart Murray officially retired on 31 December 2013, but in his continued dedication to the industry, became a Good Delivery Consultant for LBMA. He held this role throughout his treatment until he sadly passed away on March 4, 2024 following a long battle with cancer. Here follows a series of recollections from those around the market who knew Stewart.
Hitoshi Kosai
Tanaka Kikinzoku Kogyo K.K.
My journey with Stewart began more than 30 years ago in our company’s president office in Tokyo when he, as CEO of GFMS, visited Japan to research the market. A few years after our first meeting in Tokyo, we had a fateful reunion in London.
At the time, he was starting a new career as CEO of LBMA, while I was in charge of precious metals business. We began to mark the beginning of a friendship that would last over 20 years.
A perfectionist, Stewart devoted himself to LBMA in its early days, laying the foundations for the organisation, making a significant contribution to the market and setting many notable milestones for LBMA. The first thing he did after becoming CEO of LBMA in September 1999 was to hold its first LBMA Conference in Dubai in February 2000. The success of this event led to the launch of the International Associates scheme to expand LBMA’s membership from being limited to registered members in the UK to an international membership, laying the foundations for an international organisation in both name and substance within two years.
Meanwhile, in order to improve the quality and dignity of our membership, he proposed the establishment of a new Referee Panel to strengthen the inspection work, especially on the technical side, during the membership registration process, and in December 2003, LBMA decided to appoint five new Good Delivery Referees (GDR).
This was followed by the introduction of Proactive Monitoring (PAM) and the development of the biennial Assaying and Refining Conference. I am deeply grateful for the time we spent together and the memories we created. His unwavering friendship, boundless enthusiasm and generosity will be deeply missed, but his legacy will live on in the countless lives he touched.
His like will not be seen again.
Hitoshi Kosai, Tanaka Kikinzoku Kogyo K.K.
Martin Stokes
LBMA Chairman July 1999 to June 2002
LBMA was fortunate indeed that Stewart Murray applied for the position of Chief Executive in 1999. There were several very high-class candidates for the post, but after a series of interviews, it became clear that Stewart was the person for the job. At the time, I was the recently elected Chairman, with little experience of the pitfalls of the position. I was so grateful to have the support of such a professional, hard-working, knowledgeable and loyal individual. Stewart’s first assignment, from a standing start, was to organise our first-ever LBMA conference. It was in Dubai, we had around 300 delegates and it was a total success.
That conference set the tone for a very busy three years for Stewart and me together. It was a pivotal time for LBMA, with initiatives on all fronts – and Stewart’s skills and knowledge steered us around many rocks. Thanks to his careful attention to detail, LBMA became the undisputed global market centre by the establishment of the International Associates category of membership. Less exciting, but no less vital, was our Standardised Documentation initiative, which demonstrated that LBMA could bring real benefits to all participants, regardless of their location.
Over the years, I’ve written many articles and given speeches at market events. Every single one of these benefited from Stewart’s gentle suggestions and corrections. I’m sure that he would have significantly
improved these few words. I will miss Stewart, not only as a colleague but as a great friend with whom I’ve had so many deep conversations, usually with a little lubrication from a pint or two of London Pride!
The Burns Night parties that we organised together were legendary and I can still recite an anglicised ‘Address to the Haggis’ which I learnt by heart to accompany Stewart’s bagpiping skills. Though our backgrounds were very different, intriguingly, both our sons have made successful careers in comedy.
Stewart was Chief Executive of LBMA for around 15 very important and often difficult years, and his work laid a firm foundation for LBMA’s continuing success and expansion under Ruth Crowell. In a way, Stewart came to personify LBMA, and his obvious integrity, commitment and honesty were a vital asset. He gave speeches all over the world and was an outstanding ambassador for our London market.
I don’t think it’s an exaggeration to say that the work he did at such a crucial time will ensure that the focal point of the international bullion markets will remain in London for decades, probably centuries. Imagine all the employment that will provide – thousands of people doing rewarding, well-paid jobs. Now that’s a legacy!
Martin Stokes, LBMA Chairman July 1999 to June 2002
Mike Hinds
LBMA GDL Consultant
I had the good fortune to meet Stewart Murray in 2005 at the first Assaying and Refining Conference and was pleasantly surprised when he listened to suggestions for the next such conference. We got on as colleagues and I was very pleased that this developed into a friendship.
I found him to be a very engaging person with a wide range of knowledge and interests, such as metallurgy, history, Scottish country dancing and vegetarian cooking. During many of our discussions, he seemed to find something I hadn’t thought of or had a question about something that I had taken for granted. I always felt enriched after our conversations. I miss Stewart both as a colleague and a friend.
I believe his legacy was to open up the precious metals industry and connect people. From my perspective, as an assayer, Stewart accomplished this by expanding the number of Referee Laboratories that LBMA engages from one to five and by starting the bi-annual Assaying and Refining Conference.
As a direct result of the Assaying and Refining Conference, technical people could engage with each other. This began the sharing of assaying and refining information at a level never seen before. This also led to the start of the Gold and Silver Reference Material programme and the Assaying Proficiency Programme, both strongly supported by Stewart.
Mike Hinds, LBMA GDL Consultant
Philip Klapwijk
Former Chairman, GFMS ltd
Stewart not only established Gold Fields Mineral Services (later known as GFMS) as the leading source of information and statistics on the gold and silver markets but also took an active part in the company’s field research.
Nowhere was this more true than in his devotion (I’m not exaggerating!) to the Indian market. Stewart loved being on the ground in India and talking with local jewellers, traders and smugglers about local gold and silver supply/demand and prices. His curiosity extended to learning about local customs, religious taboos and the inauspicious or auspicious times for purchasing precious metals.
When it came to India, at least, Stewart’s fundamental rationality and scepticism towards the non-scientific was ‘parked’. Indeed, he appeared to rather enjoy the unpredictability and chaos of the country. This extended to his close relationship with Mr Daga, our venerable consultant in the country, who to put it mildly could be quite ‘trying’. The volume was frequently raised in their conversations and not only because Mr Daga was half deaf! In fact, Stewart’s love affair with India gave rise to the standing joke in our office that Kerala rather than London might turn out to be his choice for retirement. It didn’t turn out that way, of course, but Stewart has left a tremendous legacy in India and his commitment to the local precious metals market is still much appreciated by the greyer-haired members of the trade.
Philip Klapwijk, Former Chairman, GFMS ltd
Daniela Manara
Sworn Assayeur, Laboratory Manager, Trace Analysis & Metallurgy, Metalor
I had the honor of meeting Stewart Murray in 2012 when I started my LBMA referee business. Stewart managed to create a pleasant environment in the referees’ group, always available and attentive to every detail in the drafting of standards and data processing.
On behalf of all the referees, I can say that Stewart has displayed professionalism, precision, and transparency in his role as a referee. It is thanks to him that many developments for the GDL system have been introduced.
His dedication during his illness showed me his perseverance in believing in our plans. I will miss our exchange of comments relating to the different projects in progress. Stewart will remain in our thoughts with deepest respect and esteem as the special person he was.
Daniela Manara, Sworn Assayeur, Laboratory Manager, Trace Analysis & Metallurgy, Metalor
Aelred Connelly
Former LBMA PR Officer
I have very fond memories of Stewart. I knew him for the best part of 20 years – indeed, for several years before I joined LBMA, in my capacity as the Bank of England’s gold bullion analyst. As the second-largest depository in the world, it was critical that we at the Bank fully understood the Good Delivery Rules. Who better to teach us than Stewart? With his knowledge, intellect and humour, he had all the tools of a great teacher. During my time at the Bank, I worked closely with him on various projects such as the Guide to physical imperfections on gold bars as well as a film about the Bank’s role in the gold market.
In 2011, an opportunity arose for a secondment to LBMA and, in November, I began a six-month loan deal in the old offices in Basinghall Street. Within a week, I found myself flying to Montreal for my first LBMA Conference. Over the course of the next six months, Stewart handed me various assignments and it quickly became clear that there was a full-time role. So, in the following April, I resigned from the Bank and joined LBMA in a newly formed role as PR Officer. Stewart became my mentor, instrumental in helping me to develop my knowledge not only of the work of LBMA but also of the wider bullion market.
In an official capacity, Stewart was, of course, Mr Good Delivery, but he had many interests away from the office including classical music, reading, Scottish dancing and fell walking. At team lunches and events, everyone wanted to sit next to Stewart. I fondly recall one of Stewart’s favourite lunchtime haunts was All Bar One, where he would have the salad niçoise every time! He was convivial company, always interesting and always interested. I always enjoyed my conversations with him because he was so well informed and knew so much about so many things, as well as having a sharp, dry sense of humour.
I didn’t always share the same views as Stewart, such as on politics or religion, but that didn’t matter; in fact, it made our conversations deeper and richer because he was so well read and understood both sides of an argument. His forensic and logical approach always gave you a different perspective to consider.
I will miss his wisdom, his guidance and, above all, his company and our conversations.
Aelred Connelly, Former LBMA PR Officer
Nick Frappell
Global Head Institutional Markets, ABC Refinery
I remember being in a pub near Lombard Street with Stewart and for some reason - it must have been past the third pint - telling him how much we used to enjoy dancing Scottish reels in Singapore during Hogmanay when I was a kid and through my teenage years. His eyes lit up and he asked: “Do you think people in the market would like that?!” and I replied something along the lines of “they’d be crazy not to!”
We had two market Scottish highland dancing events in the years to follow, which were great fun and I think Stewart got a great kick out of them.
Nick Frappell, Global Head Institutional Markets, ABC Refinery
Alessandro Ruffoni
Senior Assayer, Argor-Heraeus SA
The years spent collaborating with Stewart were truly significant for me and I keep a precious and thankful memory of him for his competence and passion in his work, for his positive attitude in discussing and solving issues, and his always calm and amiable manner.
Alessandro Ruffoni, Senior Assayer, Argor-Heraeus SA
Neil Harby
Chief Technical Officer, LBMA
Stewart was someone with whom I could talk about the technical/scientific side of the market and beyond. Mike Hinds, Stewart and I formed a long relationship based on an understanding of the lack of Certified Reference Materials in the market!
Understanding the desires and needs of the ‘lab staff’ led to the establishment of the Assaying and Refining Conference, which was revolutionary in an industry that is highly competitive and suspicious of information sharing. Stewart and I didn’t always agree, particularly about my ability to take minutes!
Neil Harby, Chief Technical Officer, LBMA
Jonathan Jodry
Business Development Director at Metalor Technologies SA
A tribute to the late Dr. Stewart Murray inevitably highlights his unparalleled influence on shaping the landscape of the international gold market. Whether it’s the remarkable evolution of LBMA into a global organisation, the establishment of the two pivotal industry conferences, the implementation of modern regulatory frameworks, or his proactive oversight of analyses and refining practices, Stewart Murray’s impact was vast and indelible.
Yet, beyond his professional achievements, Stewart transcended roles to become much more to many of us. To me, he was a guide, a source of inspiration, and, perhaps most significantly, a friend. My journey with him began in 2010 at the old LBMA offices in London.
Freshly appointed as Metalor Technologies’ referee, I entered the realm of gold markets without any market experience. Stewart recognised this and generously dedicated years to imparting invaluable yet often
unspoken wisdom. Even in those days when LBMA was still a small organisation, Stewart laid the groundwork for what it would eventually become.
As a scientist, Stewart possessed a natural inclination to share knowledge. He fervently believed that transparency would enhance the efficiency of our industry. It’s no exaggeration to say that Stewart played a transformative role in shaping not just my career, but also my involvement in various precious metals associations, as he did for countless others.
Stewart’s renown extended everywhere he was traveling. During a referee trip to Japan in 2012, his stature as both a professional and a person became palpable to me. In every corner we traversed, every individual we encountered recognised him. Stewart effortlessly bridged cultural divides – and this helped also solve the potential language barrier.
Even post retirement from his LBMA stewardship, Stewart continued to contribute deeply technical knowledge of the gold market. Regular exchanges on these matters were a testament to his enduring passion,
which were always a pleasure for those who were lucky enough to be in contact with him.
Among my most cherished memories is presenting Stewart with the 2018 IPMI Jun-Ichiro Tanaka Award in the United States. His humble acknowledgment of his dedication underscored the profound impact he had on us all. Many in attendance acknowledged being drawn to the industry by Stewart’s contributions.
As we mourn Stewart’s passing, the gold industry loses a titan. Yet, I am sure that his legacy, both professional and personal, will stay alive for many decades.
Jonathan Jodry, Business Development Director at Metalor Technologies SA
