December 20, 2021

GDL Rulebook and Applications Procedures Update: Outline of Changes

The following changes come into effect on 1 January, 2022

The Good Delivery Rules and the Good Delivery Application Procedures for Gold and Silver have been updated for 2022. Changes during this year’s review were minimal, and they are outlined below.

Section 3 Quality Assurance: 3.2 Corporate Changes

The Rules now include defined requirements for Refiners that relocate. Refiners must satisfy the following process (not limited to) prior to commencing production at the new location:

  • Appoint a Good Delivery Supervisor to witness bar casting
  • Complete a Responsible Sourcing audit (if there is a change in source for raw materials)

GDL Application Procedures

From January 2022, all applicants must implement LBMA’s Responsible Gold Guidance and/or Responsible Silver Guidance and submit an independent audit with their application for Good Delivery listing. The application will only be processed following satisfactory review of the audit report.

Looking Ahead

In 2022, the Rulebook will undergo an extensive three-yearly review. Discussions with relevant stakeholders concerning the following are already underway regarding the following:

  • Proactive Monitoring (PAM)
    • Developing a defined criteria for failed four-nines tests or dip sampling
    • Developing a structured timeframe for completion
  • Bar Markings

Introducing a minimum depth requirement for all bar markings. As you may recall from the June GDL Newsletter, the reason for this requirement is that this year, the Loco London market has seen a decline in the quality of silver bars in particular, which has seen poor quality stamping where the markings are already fading. A minimum depth requirement for all markings will avoid bars being rejected

Reminder: Letter of Commitment Deadline for Responsible Gold Guidance

LBMA published Version 9 of the Responsible Gold Guidance last month. All Good Delivery Gold refiners must indicate by signed letter in an email to that your refinery accepts this policy in principle and that it will implement the guidance. The deadline is Friday, 28 January 2021.