Welcome to the quarterly Newsletter from the Good Delivery team, keeping you updated on recent developments, projects and events. The focus remains on the continuous improvement of the Good Delivery System and maintaining the integrity and transparency of the market.

Good Delivery List Rules - Enhanced Three-Yearly Review

LBMA Executive is carrying out the enhanced three-yearly review of the Good Delivery List (GDL) Rules. The areas we are looking at include:

  • Application Criteria
  • Proactive Monitoring Criteria (PAM)
  • ESG/Provenance Bar Listing
  • Dual Metal Listing, below Threshold
  • Minimum Depth of Bar Markings
  • Enhancing the process to ensure refiners’ meet their annual obligations

The Physical Committee, Refiners Committee, GDL Consultants, the wider GDL refiners and other relevant stakeholders will be consulted.

Good Delivery Applications Developments

The application process is now fully back to normal following COVID-19 restrictions, and in-person bar inspections have now resumed.

In our efforts to maintain a fair, transparent and timely Good Delivery application process, the Executive is developing a satisfaction survey to understand the experience of recently Listed refiners. This will be launched in Q2.

Existing Russian Gold & Silver Production

As you are aware, six of the Good Delivery List (GDL) Refiners in Russia have been suspended, effective Monday, 7 March 2022. All large bars produced by these refiners prior to the date of suspension remain Good Delivery. Please ensure your organisation performs its KYC on all materials sourced following the date of suspension to ensure it has not been received via any sanctioned entities.

In reference to the requirement for all GDL Refiners to include the two-digit month stamp on Good Delivery bars or to submit their month-end serial number, the Executive has been provided with up-to-date information from the Russian refiners.

By way of reminder, under LBMA Good Delivery Rules, all GDL Refiners are required to comply with UN, EU, US, UK, or any other relevant economic and/or trade sanction lists. Breach of any of the relevant sanctions list (for example GDL Refiners dealing with a sanctioned entity) would lead to removal from the GDL. Removal can involve a suspension or permanent de-listing.

Artisanal Small-Scale Mining (ASM)

Support for ASM is part of LBMA’s current three-year strategic plan. As part of this plan, LBMA has engaged a consultant to consider ways to increase direct sourcing of ASM material by Good Delivery List Refiners. The intended outcome of this consultancy would be a framework for an ASM GDL system, through which reputable and recognized ASM sourcing initiatives would benefit from better market access to GDL refiners.

While many of the challenges and obstacles are well known, the solutions that could help to de-risk artisanal material (most of it with a close proximity to a host of problematic issues) remain more elusive.

The Executive is in the process of setting up an ASM Working Group Plus and developing the Terms and Conditions for this project and the deliverables.

As at Thursday, 31 March 2022 the LBMA Good Delivery List includes 94 gold and silver refineries as outlined in the table below:

Good Delivery List Refiners - by Region

Area Gold and SIlver Gold Only Silver Only Total
Africa 1 0 0 1
Americas 7 1 1 9
Asia 24 13 22 59
Europe 11 4 8 23
Oceania 2 0 0 2
Refineries 45 18 31 94
Total Gold 63
Total Silver 76

Thank you from the GDL Team!

We would like to thank all the Good Delivery List Refiners for committing to implement Responsible Gold Guidance Version 9.