Welcome to the latest quarterly newsletter from our Good Delivery team, keeping you updated on what’s going on and what’s in store for the GDL system.
ASM Task Force
The Task Force had its first meeting earlier this month. As you may recall from the previous newsletter, the Executive has engaged Gregory Mtembu-Salter of Phuzumoya Consulting to produce “SWOT” reports for specific countries. Three reports have been completed and had a positive response from the Task Force. A further three are underway.
There is still time to get involved in this initiative. If you are interested, please contact Neil Harby at neil.harby@lbma.org.uk.
A New and Improved Vault Training Programme Is Almost Upon Us!
Tony Evanson, the Executive, and the platform providers have made great progress with the enhancements, albeit with a few challenges. The improvements will include a new video introduction, animation, and graphics to provide a more interactive experience, as requested by the existing users.
Timeline: Summer Completion.
Any questions, suggestions, or comments regarding vault training can be directed to Tony Evanson, GDL Consultant at tony.evanson@lbma.org.uk.
GDL Rules Reminder: Inclusion of a Two-Digit Month Stamp in Bar Markings
All Refiners that are submitting the last bar number used on the last day of each month must include the two-digit month stamp in their bar markings. The deadline for implementation was 31 March 2023.
If you have not already implemented this change, please contact the Executive at gdl@lbma.org.uk.
Country of Origin Data (CoO) versus Annual Refined Production Data
"Newton's law of gravity states: what goes up, must come down. Here's a spiritual law to consider: what goes in, must come out."
The same applies to CoO and refined production data – the materials sourced by the refinery must then be refined for output.
When submitting your CoO data as part of your annual Responsible Sourcing third-party audit, please ensure this data is cross-checked against your annual refined production throughput, as both numbers must be similar. The Executive has noticed a vast number of discrepancies recently in these two data sets, which then delays the review of audit reports whilst waiting for clarification.
If you have any questions, please contact the team at responsible.sourcing@lbma.org.uk or gdl@lbma.org.uk.
Good Delivery Update
The demand for GD accreditation is at an all-time high, particularly in China, with twelve active applications and approximately seven expected this year. Being a Good Delivery List Refiner continues to be a highly esteemed distinction for reputable precious metals refiners and is widely acknowledged and valued in the market.
As of 1 June 2023, the LBMA Good Delivery List includes 97 gold and silver refineries as outlined in the table below:
| Area | Gold and Silver | Gold Only | Silver Only | Total |
|---|---|---|---|---|
| Africa | 1 | 0 | 0 | 1 |
| Americas | 7 | 1 | 1 | 9 |
| Asia | 24 | 15 | 24 | 63 |
| Europe | 11 | 3 | 8 | 22 |
| Oceania | 2 | 0 | 0 | 2 |
| Refineries | 45 | 19 | 33 | 97 |
| Total Gold | 64 | |||
| Total Silver | 78 |