As an independent authority for the precious metals industry, LBMA’s role is to advance standards and promote good trading practices for banks, traders and refiners operating in the global precious metals industry.
The Incident Review Process (IRP) has been invoked against Shandong Gold Smelting Co. Ltd. following its addition to the United States Uyghur Forced Labor Prevention Act (UFLPA) Entity List.
As an interim measure pending completion of the IRP, and without prejudice to the outcome of the IRP, Shandong Gold Smelting Co. Ltd is suspended from both the Gold and Silver Good Delivery Lists with effect from 5 August 2026.
This process involves consultation with a range of stakeholders. LBMA remains focused on a transparent and rigorous approach and will advise of further updates in due course.
LBMA will continue to engage constructively with the suspended Good Delivery Refiner and relevant stakeholders to ensure that all matters are reviewed in line with the LBMA Good Delivery Rules. Shandong Gold Smelting Co. Ltd. has informed LBMA that: "it firmly rejects its inclusion on the UFLPA Entity List and welcomes a fair, independent and objective review by LBMA under the Good Delivery Rules and Responsible Sourcing Programme."
Background
The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by LBMA, by whom it is copyrighted. It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the required standard for acceptability in the London bullion market.