Welcome to the Autumn edition of our Good Delivery team newsletter.
We're excited to bring you the latest updates and insights on what's happening and what's in store for the GDL system. Stay tuned for all the exciting developments and important information we have to share.
GDL Rules Reminder: Inclusion of a Two-Digit Month Stamp in Bar Markings
Attention Refiners!
Since January 2019, Refiners must include the month of production in either a two-digit form or a code (LBMA must be notified) within the bar serial number, or within the year stamp (for example, January 2019 = “0119”).
Refiners that were submitting the last bar number used on the last day of each month were given until 31 March 2023 to ensure that their bar markings were changed and were compliant with the Rules.
While we appreciate the majority of refiners have submitted a bar change and are compliant with the Rules, there are still quite a number of Refiners outstanding.
This requirement is mandatory as it ensures consistency and accuracy across the industry. We ask that you please take the request seriously and if you have not yet implemented this change, please contact the Executive at gdl@lbma.org.uk for further clarification and assistance.
LBMA Assaying & Refining Conference 2025
Mark your diaries for the eleventh Assaying & Refining Conference, taking place from Sunday, 16 to Wednesday, 19 March 2025 in London.
The theme for the Conference is Sampling and Analytical Methods for Improved Precious Metal Evaluation.
Stay up to date on the Assaying & Refining Conference, and take a look back at past Conference materials, via the LBMA website.
Gold Bar Integrity (GBI) Update
Exciting news! The GBI project is on track for a January 2025 launch. We've planned a series of critical communications to ensure smooth onboarding for both Refiners and Custodians. These communications are vital for the successful implementation of the GBI Database, providing necessary information and timelines for stakeholders to prepare their data and systems.
In June and July, LBMA and aXedras conducted workshops to design the LBMA GBI Database, focusing on defining its requirements and data taxonomy. These sessions resulted in two signed-off prototypes:
- Data Upload Module - enables LBMA Members to upload and share required data and documents with the LBMA GBI Database.
- GBI Database Tool - allows LBMA teams to review and analyse aggregated data provided by LBMA Members.
These prototypes lay the foundation for the development phase, which kicked off in early August. We're using an agile development methodology, breaking the development into smaller parts called "sprints." The initial sprints focus on completing the Data Upload Module, followed by iterative development of the GBI Database Tool. A presentation of the first version is planned for the LBMA/LPPM Global Precious Metals Conference in Miami.
Proficiency Testing Scheme 2025
We are pleased to have launched the 2025 Proficiency Testing Scheme last week.
Proficiency Testing is our anonymous, voluntary scheme open to all refiners and laboratories, regardless of whether they have Good Delivery accreditation or not.
It’s generally expected that refiners' laboratories use well-established and validated methods of assaying, as well as their own quality control procedures. Proficiency testing provides an important layer of external quality control to help validate these internal procedures.
Register for the Proficiency Testing Scheme 2025 now.
For further information, please contact our Good Delivery team via email at gdl@lbma.org.uk.
Visual Guide Update
A big shout-out to our vaults for providing invaluable feedback on the Visual Guide. Special thanks to our Physical & Technical Services Officer Hannah Coakley for her outstanding work in spearheading this mammoth project. The Visual Guide is currently in the mock stage and is expected to be finalised by the end of the year, so stay tuned!
Refiners are encouraged to submit photos they have of bar defects to be included in the Guide to hannah.coakley@lbma.org.uk.
Thank You for Completing Our Survey: Enhancing Standards for GDL Refiners' Bars
We would like to take a moment to express our appreciation to everyone who took part in our survey, which was designed to collect essential information about the attributes of GDL Refiners' bars, now and in the future. Your valuable feedback and insights are essential in helping us enhance and fine-tune our rules. We genuinely appreciate the time and effort you invested in sharing your thoughts with us!
If you have any questions about the survey, please don't hesitate to reach out to us at gdl@lbma.org.uk.
Farewell to Our Outstanding Intern, Blaine Manning
It is with mixed emotions that we bid farewell to our exceptional intern, Blaine Manning. Many of you had the pleasure of interacting with Blaine via email or phone during her time with us. As our first intern for the summer internship program, Blaine has truly set a high standard for future interns.
Before joining the LBMA team, Blaine earned her BSc in Chemistry from the University of St. Andrews in 2023. She brought with her valuable experience from working as a chemist in the analytical labs at Johnson Matthey PGMS in Brimsdown.
Blaine's wealth of knowledge and enthusiasm made a significant impact on our team. We are grateful for her contributions and wish her all the best in her future endeavours.
The Jewellery Show 2024
On 2 September, Neil Harby made his second appearance since 2020 at the Jewellery Show at Olympia London, joining an esteemed panel for a riveting discussion on the impact of sanctions on UK luxury jewellery supplies. The panel was chaired by Vivien Johnston Glass (Founder, Johnston Resources) and included insights from Filip Reyniers (Director, IPIS) and Alan Cohen (Former President, London Diamond Bourse).
The lively panel discussion delved deep into these issues, offering valuable insights into the current state of the UK luxury jewellery industry and the broader implications of international sanctions.
Neil gave a thorough overview of the sanctions, discussing the initial actions taken on 7 March 2022 and emphasising the improvements that have been made since then. Both LBMA and the gold market were praised for their quick response to the conflict in Ukraine and their ongoing efforts to enforce the sanctions worldwide.
Following the overviews from each industry, a vibrant discussion ensued, covering the progress made, similarities, differences, and difficulties both industries are facing.
Historically, nearly 10% of gold on the market has been of Russian origin. The reduction in circulating gold is certainly felt by the market, but how is it really affecting Russia?
The panel discussed the importance of our sanctions in the diamond and gold industries, stressing that even though these industries are relatively small compared to sectors like oil and gas, our sanctions play a crucial role. It was emphasised that in order to be truly effective, we must stay the course and continue making improvements toward our common goal.