In 2023, LBMA submitted Responsible Gold Guidance version 9 (RGG v.9) for an alignment assessment to become a recognised industry scheme under the EU Conflicts Minerals Regulation. We have been informed by the European Commission that whilst RGG v.9 will not be recognised as having achieved full alignment, the Commission recognises the improvements in a number of key assessment areas from RGG v.8, resulting in an overall increased alignment scores.
As part of the assessment process, LBMA provided additional clarification to several elements of the Commission’s assessment, including to RGG v.9's alignment with the OECD’s Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. The European Commission’s assessment criteria are based on this Guidance from the OECD, which LBMA helped to draft and finalise. We are pleased that the Commission reviewed our response, and as a result went on to modify the draft assessment ratings of a number of criteria.
LBMA has appreciated the dialogue held with the Commission to date, as well as the opportunity presented by this assessment process to highlight our robust efforts in helping to advance industry standards around responsible sourcing.
LBMA has already begun its work to address areas of improvement raised by the Commission, and we look forward to our continuing productive dialogue as we work towards achieving full alignment. We have always remained committed to driving continuous improvements in the global precious metals supply chain and will continue to provide updates regarding our engagement with the European Commission and other important stakeholders.