The Good Delivery Rules and the Good Delivery Application Procedures for Gold and Silver have been updated for 2023. A consensus was formed as a result of this year's Consultation on the Good Delivery Rules, which focused on three key areas based on the ongoing evaluation of the Rules and feedback from Good Delivery Refiners.
The following changes come into effect on 1 January, 2023
Good Delivery Rules
Section 2 Technical Specifications: 2.1.5 Marks
Inclusion of a two-digit month stamp in bar markings
Any existing Refiners that are submitting the last bar number used on the last day of each month, must include the two-digit month stamp in their bar markings, by 31 March 2023.
If additional time is required, refiners must contact the Executive at email@example.com and provide a timeframe for approval.
Section 3 Environmental, Social and Governance/Provenance Bar
A new section has been added to the Rulebook that provides guidance on the criteria that have been developed to allow refiners who wish to make further ESG/Provenance claims and provide transparency to apply for an additional Good Delivery Listing.
GDL Application Procedures
In addition to the current non-technical criteria, we have implemented the following:
- Applicants are able to submit a letter of support from a Regulated Exchange;
- Applicants will be required to provide copies of Risk Mitigation Policies and a Copy of Certificate of Insurance for precious metals;
- An incremental increase in annual refined tonnage in the three years prior to applying has been implemented, which must be met, and the threshold is met in the third year preceding the application.
Listing of By-Product Below Current Throughput Threshold
A new criterion has been developed allowing existing refiners to apply for Listing for their second metal produced as a by-product.
All applicants will be required to undergo the full Good Delivery application process.
The updated Good Delivery Rules and Procedures for GDL Applications documents can be found here.
Application for ESG/Provenance Bar Listing
There will be a soft launch for applications in Q1 next year, which will enable the Executive to define the application process and ensure the appropriate governance is in place.
The Executive will inform the approved Responsible Sourcing auditors, to ensure they are aware of this new Listing and the requirements of the refiners to provide specific information during their annual audits.
The Executive will review any applications submitted in Q1, however, they will only be processed in Q2, following the successful completion of the above-mentioned.
Application and annual maintenance fees are applicable and can be viewed here.
The application and criteria are available on request from firstname.lastname@example.org.