June 12, 2025

GDL Newsletter: June 2025

Welcome to the June 2025 edition of the GDL Newsletter! As we move into the second half of the year, the GDL team continues to build momentum through active industry engagement, strategic initiatives, and collaboration.

This edition features highlights from LPPM Week in London, where the team represented GDL at high-impact events and forums. We also provide updates on recent discussions within the Physical Committee and Refiners' Committee, including key takeaways. These Committees play a vital role in shaping our approach to market integrity and operational excellence.

Additionally, we are looking to introduce new guidance on QR codes.

We're also excited to share insights from our Chief Technical Officer Neil Harby’s recent trip to Ghana for the Mining in Motion initiative, an important step in deepening our global connections and understanding of upstream challenges and opportunities.

What's more, we give a spotlight to the two new LBMA Referee laboratories, Agosi AG and Gold Corporation (trading as The Perth Mint), as they celebrate their achievement.

Thank you for staying connected with GDL as we continue advancing the future of the precious metals market, together.

LPPM Week

The GDL Team Makes a Strong Impression at LPPM Week

The GDL team enjoyed engaging with peers, partners, and industry leaders across a series of high-profile events at this year’s LPPM Week in London. Their participation underscored GDL’s commitment to innovation, collaboration, and leadership within the precious metals sector.

Event highlights included:

  • Women in PGMs;
  • The PGM Focus 2025 launch;
  • TD Securities LPPM Breakfast;
  • Anglo American Platinum Lunch;
  • Platinum Week Seminar;
  • LPPM Cocktail Reception and Dinner;
  • EC-IPMI Spring Reception.

Throughout the week, the team seized opportunities to share expertise, gain fresh market insights, and strengthen key relationships. Their involvement in these forums not only reinforced GDL’s influence in the precious metals space, but also positioned the team at the forefront of discussions shaping the future of the industry.

Stefan Zorn (Head of Laboratories and QM, Agosi AG) celebrates the milestone


New Referee Celebrations

We’re delighted to share a moment of celebration as our two newest Referees, Agosi AG and Gold Corporation (trading as The Perth Mint), officially join the Referees Working Group.

Their appointments mark an exciting step forward, and their enthusiasm and expertise are already making an impact.

A warm welcome once again to both!

Michael Koch (General Manager Laboratory - Research & Development, The Perth Mint) is joined by the Minster for Mines and Petroleum the Hon. David Michael MLA

Physical Committee

The Physical Committee has continued to address important developments across market infrastructure, responsible sourcing, and Good Delivery standards. Below is a summary of recent discussions and actions:

Responsible Sourcing & Forced Labour Compliance

A key focus has been aligning the Responsible Gold Guidance (RGG) with updated OECD expectations, particularly around red flag supplier location disclosure. Changes will be phased in from 2026, with full implementation expected by 2028.

Additionally, a potential annual attestation requirement was discussed to help manage reputational risk and enhance transparency.

Good Delivery List (GDL) Applications

The Committee review ongoing GDL applications, providing guidance and challenge as appropriate. Discussions are ongoing regarding potential GDL Rule changes for 2026 to improve the clarity of application requirements.

Proactive Monitoring Enhancements

LBMA continues to tighten controls around Proactive Monitoring (PAM). Refiners are now required to complete the process within six months of notification. Batch sampling remains a challenge due to logistical delays, but recent efforts have helped close out older batches and improve tracking.

QR Codes on Bars

The Committee discussed QR codes. While QR codes offer traceability benefits, concerns remain about bar integrity and scanning issues. LBMA is preparing formal guidance on QR code usage, with feedback expected from the Refiners Committee and Vault Managers Working Group.

Operational & Committee Updates

  • The Vault Managers Working Group is progressing bar standards and packaging protocols.
  • A new Visual Guide now includes features for photo uploads and packaging requirements.

Recognising Industry Contributions

The Committee acknowledged the retirement of Tony Main after 45 years in the industry, with LBMA planning a gesture to mark his contribution to vault operations and the work of LBMA.

If you have questions about any of the above topics or would like to contribute to upcoming discussions, please get in touch at gdl@lbma.org.uk.

QR Code Guidance

What are QR codes?

Quick Response (QR) codes are two-dimensional barcodes that store data in a compact, scannable format. When read by a smartphone or scanner, QR codes can instantly provide digital information such as a serial number, bar specifications, or a reference URL.

Who might benefit from QR codes?

  • Refiners – as an assurance tool for traceability and authentication.
  • Vault Managers & Logistics Providers – potential integration with vault management systems and inventory tracking.

A recent indicative poll at the Assaying & Refining Conference showed: