The global gold market is at a crossroads. As prices reach historic highs and the geo-political race for minerals escalates, the pressures on value chains are intensifying – and so too are the risks.
Illicit gold flows, regulatory arbitrage and opaque sourcing practices threaten not only market integrity, but public trust in gold as a responsible and reliable asset. There has never been such a high-risk of laundering of illicit gold given record prices and ongoing Russian, Sudanese and Iranian conflicts.
Therefore, transparent responsible sourcing is not merely a consideration for gold centres – it should be a mandatory, transformative force, driving the market towards greater integrity and sustainability.
In this challenging landscape, LBMA is stepping forward with renewed energy and vision, deepening its engagement with the major International Bullion Centres (IBCs).
These eleven hubs are the beating heart of the global gold ecosystem. Their commitment to upholding high-integrity standards and transparent practices will shape the legitimacy and strength of value chains, ensuring gold remains a symbol of reliability and responsibility. To focus attention on the greatest impact, LBMA is prioritising its engagement with UAE, Turkey and India as well as emerging African Bullion centres.
In this challenging landscape, LBMA is stepping forward with renewed energy and vision, deepening its engagement with the major International Bullion Centres (IBCs).
Transparency, Regulation and Enforcement: The Foundations of Trust
LBMA’s engagement with IBCs has a solid foundation. Since 2020, we have set clear expectations for how key recycled gold trading centres should drive transparent, consistent responsible sourcing. But now there’s a heightened sense of purpose and urgency.
Today’s dynamic market calls for greater transparency, more vibrant cross-border collaboration and a renewed commitment to trust, achieved through clarity and openness.
Oversight is all about knowledge: what is traded, where it originates and under what conditions. Digitally traceable value chain verification, OECD-aligned due diligence, public reporting and disclosure of country of origin are no longer ‘nice to have’. They are vital instruments for identifying risk early, deterring illicit activity and reinforcing confidence across the market. Regulation is equally important. Clear, consistently applied rules with stringent antimoney laundering controls form the backbone of a resilient system. By eliminating cash transactions where possible, verifying true origin, identifying beneficial ownership and applying enhanced due diligence to high-risk sources, we pave the way for a gold market that is more transparent and accountable.
London sits at the heart of the global gold trade. As the UK Government steps up action on illicit gold – and uses its FATF Presidency to
elevate gold as an illicit finance risk – LBMA is actively supporting UK Government efforts to strengthen market integrity and reduce vulnerabilities to illicit gold flows.
Fragmented Rules Create Perfect Conditions for Illicit Gold
This journey is a shared one. We recognise the importance of working together – with governments, regulators, industry groups and NGOs – to align outcomes, priorities and share information. This sustained collaboration supports public-sector recognition of responsible sourcing efforts, enhances policy alignment across borders, enables better monitoring of supply chains, and also strengthens credibility and market integrity.
Collaborative action is how we turn standards into meaningful, system-wide outcomes to drive an end to illicit flows. Collaboration also fuels continuous improvement. By evolving responsible sourcing frameworks in line with emerging risks, regulatory expectations as well as embracing traceability technology such as Gold Bar Integrity (GBI), confidence will strengthen and trust will build across the global market.
Collaborative action is how we turn standards into meaningful, system-wide outcomes to drive an end to illicit flows.
Ignoring ASM Is the Real Risk to Market Integrity
A particularly important – and often misunderstood – part of this conversation is Artisanal and Small-scale Mining (ASM). Unregulated ASM presents risks, but the answer isn’t exclusion – it’s empowerment. For 2026, LBMA’s focus is on enabling progress: supporting traceability, strengthening governance and providing practical pathways for responsibly produced ASM gold to enter formal markets.
Priority engagement will focus on countries with the greatest needs and opportunities, including Ghana, Peru, the Philippines, Tanzania, Côte d’Ivoire, alongside guidance and capacity-building to support responsible sourcing. The recent partnership between South Africa’s Rand Refinery and Ghana’s Gold Coast Refinery shows how local refining, supported by an LBMA Good Delivery Refiner, can change the dynamics on the ground and send responsible production to responsible markets.
LBMA’s renewed engagement with IBCs embodies the OECD spirit of continuous improvement. We are committed to our role in the ecosystem, but recognise we alone cannot solve the serious challenge of illicit gold. Constructive dialogue remains central, and our expectations of consistent standards are clear. The integrity of the global gold market depends on robust governance at every level, especially in the major centres that see significant global flows.
Responsible sourcing is no longer a future aspiration. It is a present day imperative – and one that will define the credibility of the gold market for years to come.
