September 15, 2025

GDL Newsletter: September 2025

Welcome to the September 2025 edition of the GDL Newsletter.

In this issue, we share updates from across the Good Delivery community. You’ll find the latest results on the 2025 Proficiency Testing Scheme (PTS), along with a look ahead to the 2026 PTS. We also bring you highlights from the recent Refiners Committee and Physical Committee discussions.

This edition also includes practical recommendations on stamping bar weights, as well as guidance on understanding Country of Origin (CoO) and material classification.

Looking ahead, the LBMA/LPPM Global Precious Metals Conference takes place next month in Kyoto – full details below - and finally we’re delighted to spotlight our GDL interns, Spencer Morgan and Amelia Gandy, who share reflections on their experience with LBMA.

Proficiency Testing Scheme

2025

Thank you to everyone who completed this year's PTS survey. We’re delighted to share that scores improved by 14% this year, reaching an overall 4.2/5.

Participants were especially positive about the registration process and the level of detail in the FAPAS reports. We’ll continue to build on these strengths.

You also told us where we can improve - faster turnaround of FAPAS reports and clearer updates on result timelines. We’re acting on this feedback to deliver more transparent timescales and quicker reporting in 2026. Additionally, we’re working to broaden global participation to make the survey more representative of the wider refining community.

Your feedback shapes the future of this scheme - thank you for helping us make it better every year.

2026 - Registration Now Open

Registration for the 2026 PTS is now open, and we’re excited to welcome participants.

We are pleased to confirm that last year’s scheme included participation from all LBMA supervisor laboratories, as well as a growing number of GDL Refiner participants. Once again, we encourage all GDL Refiners to register and take part in this important and exciting scheme.

Refiners Committee

The Refiners Committee continues to actively engage in key discussions aimed at strengthening industry alignment, refining operational standards, and preparing for future challenges. Below is a summary of the main topics that have generated robust dialogue in recent meetings:

EU REACH

Engaging with ECHA to support LBMA’s position papers to the Borderline Committee to align their guidance with LBMA papers.

Transparency Roadmap

Specifically, the requirement that all Refiners will be required to disclose all World Gold Council miners and mines from which they receive material.

QR Codes on Bars

The Committee supported a consultation on the use of QR codes on London Good Delivery bars and the impact on Good Delivery List (GDL) Rules. The consultation is currently live until Friday, 26 September. Take part by clicking here.

2026 Work Plan

Planning for next year is already underway. Please do get in touch to raise any concerns or areas of interest you’d like the Refiners Committee to tackle, either this year or in 2026.

Gold Bar Integrity (GBI) Database

Agreed to set up a GBI Refiner Validation Group to address periodic reporting and data validation, with a focus on enhancing the system’s capabilities.

Market Update

The Committee continues to monitor market trends and industry sentiment. We welcome two-way feedback on market and price activity as it sparks valuable conversation around the broader macroeconomic outlook and its impact on refining activity.

The next meeting of the Committee will be in Kyoto at the LBMA/LPPM Global Precious Metals Conference. If you would like to contribute to any of the topics above or have additional issues you'd like to raise, please get in touch at gdl@lbma.org.uk.

Physical Committee

The Physical Committee has continued to address important developments across market infrastructure, responsible sourcing, and Good Delivery standards. The Committee has met twice since the last GDL Newsletter and has discussed:

GDL Applications

The Committee review ongoing GDL applications, providing guidance and challenge as appropriate. Discussions continue regarding potential GDL Rule changes for 2026 to improve the clarity of application requirements. This includes any changes following the QR codes consultation.

Proactive Monitoring (PAM) Enhancements

Physical Committee members are committed to supporting the success of PAM. We’d like to remind Refiners that you are now required to complete the process within six months of notification. Recent efforts have helped close out older batches and improve the process for Refiners undergoing PAM.

Tangible Net Worth

The Physical Committee continues to review this requirement of GDL Refiners.

QR Codes on Bars

As with the Refiners Committee, the Physical 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 received from the Refiners Committee and Vault Managers Working Group.

The Committee supported a consultation on the use of QR codes on London Good Delivery bars and the impact on Good Delivery List (GDL) Rules. The consultation is currently live until Friday, 26 September. Take part by clicking here.

Stamping Bar Weights

It is strongly recommended that weights should not be stamped on London Good Delivery bars. The reasons include:

  • By way of background, when bars are weighed by an Approved Weigher, their weights, which may be different from those determined by the original Refiner, will prevail.
  • In addition, any change in the weight of a bar caused by future handling or sampling would result in a divergence between the weight-list weight and the marked weight – bars lose weight when handled.
  • Comex – Silver bars sourced from an LBMA-approved weigher for silver are not required to have the weight incised on the bar, but must be accompanied by a digital bar list in such a form as may be prescribed by the Exchange detailing the bar weight and created by such weigher.

LBMA/LPPM Global Precious Metals Conference 2025 to be Held in Kyoto

LBMA and LPPM have co-hosted the Global Precious Metals Conference since 2008. The Conference will run from Sunday, 26 to Tuesday, 28 October 2025 and is being held at The Okura in Kyoto, Japan.

The prestigious Conference is a major annual event that brings together the precious metals community, providing the opportunity to network with over 700 delegates and to take part in exclusive presentation sessions led by industry experts.

Sessions include:

  • PGMs in the Spotlight: Market Demand Meets Recycling Innovation;
  • The Driver of Three Ts: Trump, Tariff and Trade;
  • Stability, Returns and Liquidity - Why Gold Still Matters for Central Banks;
  • And many more.

For the full agenda, please visit our Conference website.

We hope to see many of you there.

Interning in the GDL Team

We were thrilled to have two interns join the GDL team this summer. The whole team at LBMA wish them the very best for the future.

Spencer Morgan

“I was thrilled to join the Good Delivery team at LBMA this summer. From touring refineries to experiencing an ICE gold auction, I gained a broad and hands-on insight into the precious metals industry. I particularly appreciated the opportunity to learn through my involvement with the GBI project and CoO data, which deepened my understanding of the team's work.

It was a privilege to work alongside refiners and custodians, a professional and welcoming community. The Good Delivery team’s passion, commitment, and wealth of experience made being part of the team both a pleasure and a truly valuable learning experience.”

Amelia Gandy

“My LBMA internship was an incredible experience from day one and I was lucky to work closely with both the GDL and the Responsible Sourcing teams! The team was welcoming and provided insights into their roles, which really helped me understand the organisation. The programme included various team inductions and off-site visits, allowing me to see how LBMA’s initiatives connect with companies in the industry. I had the chance to assist with projects like the ongoing GBI project, which offered a glimpse of the challenges and efforts involved.

Over the six weeks, I gained a better understanding of the kind of initiatives LBMA is involved in, which was a great learning opportunity for me."