Welcome to the summer newsletter from our Good Delivery team, keeping you updated on what’s going on and what’s in store for the GDL system.
ISO 21261-3 Standard 'Recycled Gold'
LBMA continues to contribute to the work being undertaken by ISO on the definition of recycled gold. By way of update, the current draft definition has separated gold into the following four categories:
- Primary/mined gold
- Recycled gold
- Investment gold
- Mixed gold
Within the recycled gold category, there are two further subcategories: pre-consumer and post-consumer recycled gold. A difference to note is that the current definition of recycled gold under the LBMA’s Responsible Gold Guidance includes investment gold, whereas the draft ISO definition does not. The draft definition is in the committee stage, where countries have the opportunity to provide their comments and feedback. These will then be reviewed before moving on to a public consultation, with final publication expected in 2025.
Diagram provided by Jonathan Jodry
Gold Bar Integrity (GBI) Update
A two-day workshop was held in London from 30 to 31 May by LBMA and aXedras to gain a common understanding of the desired solution through the Business Requirement Document (BRD), database analysis, and reporting requirements. During the workshop, the team refined the BRD by reviewing the 'story map' and wireframes, achieving consensus on the structure and functionality of the LBMA member upload and DB analysis applications. Key user roles and reporting requirements were clarified, emphasising the need for automated data processing and reporting to reduce manual efforts and errors.
The initial focus for the GBI Database will be on monthly stock level reporting and establishing robust data controls, with a long-term goal of transitioning to real-time reporting and enhanced alert systems.
Next Steps:
Next steps for LBMA include sharing key documents such as data consolidation Excel files, master tables, Refiner/LBMA codes, and links to publicly reported data. A follow-up meeting took place on 11 June to discuss GDL taxonomy and data sanity checks.
Next steps for aXedras are to evaluate if the information is sufficient for a clickable prototype or if further development on the 'story map' and wireframes is necessary, with a validation workshop to follow.
Coming Soon: GDL Survey
Over the next few weeks, all GDL refiners will be receiving a link to a survey which is mandatory for all refiners to complete.
The survey will cover topics including:
- Bar markings
- Surface finishes
- Serial numbers
- Bar weights
Survey feedback will help us continue to develop our standards and may identify any Rule gaps for 2025.
If you have any questions or feedback about the survey, please contact us at gdl@lbma.org.uk.
Q&A with the GDL Team
A new Q&A initiative aims to further expand our engagement with GDL Refiners. It is an opportunity for you to ask questions related to GDL and the Physical Market, and a chance to give the team an indication of any issues or concerns that are important to you.
Please email your questions to gdl@lbma.org.uk before 29 July 2024. The team will publish responses anonymously in the next newsletter. Additionally, we plan to organise future Q&A sessions to discuss other topics. Suggestions and feedback are encouraged!