With the GBI Database launch less than two months away, here are some reasons why we think it will make a meaningful impact on the industry.
Standardised Taxonomy
Adopting a standardised taxonomy will reduce complexity, enable interoperability across technology solutions, and allow information to flow seamlessly through the value chain, all the way to the consumer.
Less Risk
Digitising data processes and replacing the exchange of sensitive information via email with automated data validation and checks will significantly minimise risks, delays, and errors. Additionally, the data shared through the system is immutable, ensuring that it cannot be altered, which further enhances the overall security and integrity of supply chain data.
Accurate and Timely Data
The ultimate goal is to achieve real-time (or near real-time) reporting capabilities to facilitate more agile responses to market changes and faster decision-making.
More Transparency
With more granular data and scalability, plus features like alerts and automated data analysis, GBI enhances transparency and accountability across the supply chain, building confidence among stakeholders. It enables LBMA to act as the central point for authorities to quickly and efficiently confirm details, eliminating the need for time-consuming information discovery, when dealing with issues like sanctions.
A Pathway to a More Trusted Market
The LBMA GBI Database supports compliance with LBMA's Responsible Sourcing Programme and Good Delivery Rules, all together contributing to a more responsible global precious metals market.
LBMA is proud to be laying the digital foundation for improved efficiency, security, and market governance, and can't wait to share the GBI Database with you once it has launched.
If you have any questions or would like further information, please visit our dedicated GBI webpage or contact us at gbi@lbma.org.uk.