September 15, 2023

Digitising the Responsible Gold Guidance: LBMA Launches RfP

LBMA, the independent authority for precious metals, has launched a Request for Proposal for a digital ecosystem that will provide trust and confidence to support the integrity of the market and the gold that underlies it.

The move, which follows last year’s Gold Bar Integrity initiative, in concert with the World Gold Council, invites selected service providers to present solutions designed to establish a secure, efficient information-sharing framework. The new database will address challenges within the gold value chain, and strengthen the assurance to end-users, investors, banks, and other stakeholders of the integrity of the metal they trade or buy. This underscores LBMA’s commitment to setting industry standards based on transparency and responsible sourcing.

“Our goal is to establish an efficient platform combining information about the sources of LBMA Good Delivery metal, refinery production, vault holdings, and other key intelligence all within the context of enhanced standards for responsible and sustainable sourcing,” said Ruth Crowell, CEO, LBMA.

“Working with the 100+ LBMA accredited refiners, Banks, Traders and other groups, we aim to build a resource able swiftly to provide coordinated data, thus to increase the efficiency of LBMA's investigative processes and our ability to provide timely responses to enquiries from the precious metals community,” she continued.

Formal responses to the RFP are required by the end of September.

Watch Ruth Crowell (CEO, LBMA) discuss this with Jill Malandrino on Nasdaq's TradeTalks here.