The gold industry has come together, convened by LBMA and World Gold Council, to sign a Declaration of Responsibility and Sustainability Principles which formally expresses a shared commitment to operating in a responsible and sustainable way based on a clear set of shared goals. The Declaration was announced today at the LBMA/LPPM Global Precious Metals Conference in Lisbon, Portugal.
Signatories to the Declaration are LBMA, World Gold Council (WGC), Singapore Bullion Market Association (SBMA), China Gold Association, Swiss Association of Precious Metals Producers and Traders, London Metal Exchange (LME), Dubai Multi Commodities Centre (DMCC), India Gold Policy Centre (IGPC), India Bullion and Jewellery Association (IBJA), India International Bullion Exchange (IIBX) and World Jewellery Confederation (CIBJO), Artisanal Gold Council (AGC), Responsible Jewellery Council (RJC), and the Watch and Jewellery Initiative 2030.
In all, this group has agreed ten key sustainability objectives, including commitments to responsible sourcing standards, respect for human rights, the advancement of the UN Sustainable Development Goals, and action and disclosures on climate change.
Gold industry participants understand that environmental and social concerns are increasingly important in shaping investment and policy decisions, as well as wider consumer and societal expectations. Whilst there has been significant progress in addressing many issues through industry-led initiatives and performance standards, it is important and timely that the gold sector adopts a clear collective statement of awareness and intent.
As part of the commitment to the declaration, signatories agreed to closer collaboration and reporting on progress in the implementation of these principles. They will also be able to demonstrate their commitment through adherence to initiatives that are designed for specific activities within the supply chain, such as the WGC’s Responsible Gold Mining Principles and the LBMA’s Responsible Gold Guidance.
Building on the Declaration, gold industry players will continue to work with governments, international organisations, other private sector actors, and civil society to define and support robust standards of integrity and governance.