In late March 2022, LBMA and the World Gold Council announced a pilot phase for the Gold Bar Integrity (GBI) joint initiative, which aims to digitally monitor gold moving through the global supply chain by confirming provenance and providing transparency over the Chain of Custody. The ultimate goal is to increase trust through strengthening governance across the entire gold supply chain, thereby mitigating illicit trade risks and reducing the chance of fraudulent bars entering the formal supply chain.
Two vendors have been selected for this pilot, Axedras and Peer Ledger. Since the announcement, these vendors have been working actively to onboard more than 30 volunteers from the market. Pilot participants will benchmark against more than 12 standardised test cases. Testing of full value chains is expected to commence in May. Over the next two to three months, participants will use the vendor systems to input, track and trace gold as it moves from the mine through the value chain.
By engaging in this pilot, participants will be able to better understand the technology, understand data accessibility and identify any challenges that need to be addressed. The outcome of the pilot will help participants and the wider industry to determine the next steps on the global adoption of the ecosystem. Any next steps will be discussed with the whole industry to help inform an implementation plan together.