GDL Newsletter: Committee Updates, Refinery Visits and More

StoneX Refinery Visit

In April, members of the GDL team had the opportunity to visit StoneX Metals, gaining valuable first-hand insight into Refinery operations and Good Delivery standards in practice. The visit provided a useful opportunity to observe key processes, discuss quality control and compliance, and exchange perspectives on the practical challenges faced by Refiners operating within the GDL framework.

Such site visits are an important part of the GDL team’s work, helping to strengthen relationships with market participants while ensuring a continued, shared understanding of the high standards that underpin the Good Delivery system. The team would like to thank StoneX for their hospitality and openness during this highly informative visit.

Committee and Working Group Updates

Refiners Committee

At its May meeting, the Refiners Committee hosted the World Gold Council and aXedras for a discussion on traceability developments, with particular focus on the revised Responsible Gold Guidance version 10 (RGG10) – currently out for public consultation.  RGG version 10 (RGG10), updated as part of a regular review cycle, draws on: implementation experience since the introduction of RGG version 9 (RGG9); developments in responsible sourcing practice; and LBMA’s commitment to continuous improvement. aXedras also demonstrated the Gold Bar Integrity (GBI) periodic reporting system and transparency platform.

The Refiners Committee continues to represent the views of Refiners. If there are topics you would like the Committee to consider, please contact us at [email protected].

Physical Committe

The Physical Committee has continued to play an active role in shaping discussions on market infrastructure, responsible sourcing, and Good Delivery standards. Since the last Newsletter, the Committee has met three times and has closely followed the development of RGG10. Alongside its ongoing oversight of Good Delivery applications and Proactive Monitoring, the Committee has held detailed discussions on Approved Weigher Criteria and looked ahead to the Enhanced Rule Review scheduled for 2027.

Vault Managers Working Group

The Vault Managers Working Group met on 25 June 2026. Items covered at this meeting included Gold Bar Integrity (GBI), the GDL Refiners survey, pallet and packaging issues, bar inspections and issues, review of approved weigher criteria, and a forward look to the enhanced Rule Review 2027. The group also discussed the findings from the various consultations sent out by LBMA since the last meeting in February, including views from group members on the proposed ‘tight bar’ definition, as well as a review of feedback received on the uses and improvements for the LBMA Visual Guide.

Referees Working Group

The Referees Working Group met on 18 May and discussed several operational updates, including planning for the 2027 Assaying & Refining Conference, which is looking to be a very interesting event that covers the entire supply chain. The Committee also reviewed progress on the Certified Reference Materials project, including financing challenges and potential support from banks. The latest Proficiency Testing Scheme (PTS) Reports have been issued and approved.  A project is underway, led by Dr. Michael Hinds (MHinds Analytical Consulting) with the support of the National Research Council Canada / Government of Canada, to re-evaluate historical data from Proficiency Testing and Proactive Monitoring to ensure results from testing are treated correctly.