June 17, 2025
Alchemist | Bitesize - Building Digital Foundations for Market Transparency
Alchemist | Bitesize - delivered digitally - explores the latest hot topics which complement existing or upcoming content in the usual Alchemist publication cycle, which we feel deserve a little extra focus.
2025 marks a turning point for the Gold Bar Integrity (GBI) initiative. Something significant is now in place and it’s already making an impact. The next few months will see us build on these foundations and bring about even more meaningful change and transparency for the industry.
GBI is a foundational upgrade to the market’s infrastructure, which directly responds to investor demand for transparency, growing regulatory scrutiny, and the rising need for robust, AML/TF-aligned data systems. It’s the industry’s answer to a world that demands trust, structure, and speed.
The GBI Database went live in January. Since then, over 80% of GDL Refiners have successfully onboarded to a global system designed to transform how the market manages assurance data. This is a major achievement for the industry. The system is live, the process is in motion, and confidence is building.
But what are we actually building?
Not Just a Platform - A Structure
GBI is grounded in solving real-world data challenges. It is a structure for reliable data, designed to reduce manual errors, remove inefficiencies, and increase confidence in submissions and reviews.
Core market information—such as Country-of-Origin disclosures, Responsible Sourcing reports, and assurance documentation—was previously shared via email in inconsistent formats. Custodian vault data was similarly fragmented. GBI changes that, by significantly reducing the time needed to rework or clarify submissions. It supports Refiners and Custodians in reviewing their own data more easily, while giving LBMA a confidential, holistic and accurate view of the whole market.
Security and Stewardship
Data security and confidentiality are, and will always be, at the heart of the GBI concept and system design.
Data submitted is not visible to others. It is permissioned, auditable, encrypted, and handled solely by authorised LBMA staff for assurance purposes. There is no access for aXedras, the technology provider, beyond limited contracted technical support.
This is especially important at a time when the market is asking who holds data, for what purpose, and with what safeguards. GBI is not about control. It’s about clarity, trust, and readiness, particularly in how we respond to geopolitical shifts, sanctions, or changes in regulatory expectations.
"GBI IS NOT ABOUT CONTROL. IT'S ABOUT CLARITY, TRUST, AND READINESS, PARTICULARLY IN HOW WE RESPOND TO GEOPOLITICAL SHIFTS, SANCTIONS, OR CHANGES IN REGULATORY EXPECTATIONS."
What Comes Next
We’re now focused on strengthening the foundation we’ve laid. That includes ongoing onboarding support, improving user experience, and continuing to capture feedback that can help us improve the system in practical ways, as well as exploring future enhancements.
GBI will continue to evolve, but it will do so at a pace that reflects the reality of the market.
Work is already underway across three parallel workstreams:
- Supporting Refiners and Custodians as they submit data and assurance documentation for the first time
- Implementing quick-win improvements to enhance the submission and analysis experience
- Carefully planning the next phase of system development, based on market needs
We are also looking ahead to future integrations - such as linking digital records more directly to bar-level security features, ensuring every submission corresponds to a physical, verifiable asset. This will help further protect against misrepresentation and build confidence in the authenticity of market data.
Why It Matters
In the precious metals market, trust depends on verifiable sourcing, secure reporting, and confident handling of data. GBI enables that. It gives us structure without surveillance, and integrity without inefficiency.
GBI is more than a database. It is a market-wide ecosystem built through collaboration and designed to support the entire precious metals value chain. It lays the groundwork for a more transparent, secure, and resilient future.
For more information, please contact Lili Meckler or Ed Blight.
By Lili Meckler (Chief of Staff, LBMA) and Ed Blight (Chief Financial Officer, LBMA)
Lili Meckler
Chief of Staff
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Lili Meckler
Chief of Staff
Lili joined LBMA in July 2023 as the Chief of Staff. As a member of the Executive Leadership Team, Lili provides strategic support across LBMA to deliver the business development agenda as well as providing advisory guidance to the CEO. On behalf of the CEO, she drives alignment across the Leadership Team, Board and clients, focussing on strategy and leadership. Lili is also responsible for maintaining key stakeholder relationships to further support LBMA in meeting its long-term ambitions.
Before joining LBMA, Lili's background spans insurance, hedge funds, private equity, and the arts. At Fidelis MGU, she held roles as Group Head of Administration and later Senior Legal Project Coordinator; building global teams, managing operational projects, and supporting management on the successful completion of a bifurcation; a historical deal in the reinsurance space. Her previous experiences include working in Investor Relations, Business Management, and Operations, showcasing leadership and versatility. Lili has an entrepreneurial spirit, is a culture champion and strongly believes that positive change can be achieved through operational excellence.
Ed Blight
Chief Financial Officer
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Ed Blight
Chief Financial Officer
Ed joined the LBMA in September 2015 as the Operations Director and was appointed Chief Finance Officer in January 2017. He is responsible for directing and defining the LBMA’s Financial and Business Operations strategies and is the business process lead for all Membership matters. He is also responsible for the Human Resources, Technology, Contractual Support, Commercialisation, and Office Management functions of the LBMA business.
His career includes 31 successful years in the British Army, where he served in many countries spanning Europe, Asia, Africa and the Middle East. For his final 6 years of service, he was stationed in Defence Equipment & Support working across the whole UK MOD to finance the resources necessary to operate all Land, Sea and Air platforms and Assumptions.
Since leaving the Army, he has worked successfully within the commercial sector, running major multi-site logistics and fulfilment operations with significant P&L responsibility. He moved into the Precious Metals sector in 2012. Before joining the LBMA, he led the development of all Precious Metals Operations capability and facilities at G4S Cash Solutions UK Limited, where he worked in partnership with Deutsche Bank AG to build and operate a state-of-the-art Precious Metals vaulting capability.