GDL Newsletter: April 2025

Hot Topic: Is the Introduction of AI Going to Be a Threat?

This question was recently posed to one of our panellists, Madeleine Theron, at the Assaying & Refining Conference. Here are her thoughts:

“In my new role as a Data Scientist and Data Analyst, I attend many conferences, and there is definitely caution regarding AI. AI cannot replace creativity, common sense, morals, ethics, intuition, and emotional intelligence, to name a few. However, it was useful for this presentation that I did.

AI-assisted me in analysing a vast amount of data, which I would normally have done manually. It’s the application of technology used responsibly. What I see happening is that traditional roles might change. For example, laboratory managers might need to assess AI models and algorithms and understand them. So, do I believe it's the future? Yes, we can’t shy away from that. Do I believe that 20 years from today we will talk about algorithms? Yes, the passport is built on an algorithm, but there must be caution.”

Good Delivery Listings Update

Here is a list of Refineries that have been listed over the past six months:

• 14 November 2024 - Choksi Heraeus Pvt Ltd added to LBMA’s Silver Good Delivery List.
• 19 December 2024 - Istanbul Altin Rafinerisi Anonim Sirketi (IGR) added to LBMA’s Silver Good Delivery List.
• 19 December 2024 - Shenzhen Yuexin Precious Metals Co., Ltd added to LBMA’s Gold Good Delivery List.
• 21 January 2025 - Shenzhen Yuexin Precious Metals Co., Ltd added to LBMA’s Silver Good Delivery List.

These listings reflect the Refiners' ongoing commitment to maintaining the highest standards and to ensuring the integrity of the precious metals market. Congratulations to these new Good Delivery Refiners.

Vijayacitta Harvey

Welcome to Our New Team Members

We are excited to announce the addition of two new members to the team: Vijayacittā Harvey as Head of Good Delivery, and  Shari Smart as GDL Applications Coordinator.

Vijayacittā Harvey started as our interim Head of Good Delivery and has recently become a permanent fixture within the team. She has already made a significant impact.

Shari Smart

Shari Smart has also joined our team as the GDL Applications Coordinator. Shari has hit the ground running, and her enthusiasm is invaluable to our team. We are excited to see the contributions Shari will bring.

Please join us in welcoming Vijayacittā and Shari to the team. We are confident that their skills and experience will continue to drive our success.

Important Notice: QR Guidelines Update

We kindly request all Refineries to refrain from submitting bar change requests and line drawings with QR stamping until we can issue QR guidelines. This follows a discussion at the recent meeting of the Physical Committee.

If you are currently submitting these, we ask you to please pause temporarily. This will allow LBMA to refine the necessary guidelines and ensure that the QR stamping does not hinder the Good Delivery status of the bars. Our goal is to maintain the integrity and quality of Good Delivery bars and reduce the chances of bars being rejected in London vaults. Your cooperation is greatly appreciated.

Share Your Ideas with the Refiners (REC) Committee!

The REC Committee is actively seeking fresh perspectives on its agenda. Do you have a topic or initiative you'd like the Committee to explore? We’d love to hear from you.

Reach out to us at gdl@lbma.org.uk.

Some of the 2024 REC action items:

• Investment Gold Reporting: Refiners required to report investment gold separately in the next cycle. LBMA updated and circulated the Country of Origin (COO) template.
• Non-Destructive Testing Survey: Supported LBMA with non-destructive testing survey and the ensuing updated guidance.
• Gold Bar Integrity Project: GDL Refiners kept up to date on project timelines and next steps.
• Feedback on Reporting Definition: Committee feedback on the impact of the new definition on reporting.
• Responsible Silver Guidance (RSG): RSG updated based on the agreed amendments to silver concentrate definitions.
• Internal Recycled Gold Discussion: Working group set up to advise on internal recycling.
• Good Delivery Rules: Provided industry expertise on updates to the Good Delivery Rules, including changes to proactive monitoring, silver weight bars, and bar marking depths.
• Country of Origin: Supported the clarification of reporting requirements for the COO collection form; particularly considering potential inclusion of recycled gold.

GBI (Gold Bar Integrity): Early Wins and Strong Momentum

Since launching in January, the GBI Database is already making a real impact. Most of the Refiners (that have their deadline for the end of March) have successfully onboarded and submitted their assurance deliverables to the platform on time - clear proof that the system is doing what it was built to do. The rest are on track to follow, with onboarding underway ahead of the next September deadline.

Replacing manual email submissions with our secure, centralised platform has streamlined processes, improved data quality, and saved valuable time for both Refiners and the LBMA team. We’re also seeing quicker uploads and better alignment - an early sign of the system delivering real value.

Our collaboration with aXedras continues to fine-tune the taxonomy and user experience, ensuring the platform grows with the market. It is still early days, but the progress speaks volumes. GBI is up, running, and delivering. Thank you to all for helping make it happen.

Questions? Reach out anytime: gbi@lbma.org.uk