Following an enhanced review last year, the changes are minimal this year and are outlined below.
Good Delivery Rules
Section 2 - Technical Specifications: 2.1.5 Marks
An additional point has been added providing further guidance on the acceptable month and year requirements and format.
Following feedback from the market on acceptable markings, the Rules now clearly outline what stamping is allowed. Laser engraving is not permitted under any circumstances.
Additional clarity has been provided on the process if a refiner wishes to change the markings on their bars.
Section 2 - Technical Specifications: 2.1.7 Specifications for a Good Delivery Bar
The weight specifications for an acceptable silver bar have been changed to 1,000 troy ounces +/- 10% tolerance, following market consultation.
Section 4 - Quality Assurance
If a refiner fails two consecutive rounds of Proactive Monitoring, it will be immediately suspended.
Annex D - Proactive Monitoring - Procedures and Criteria
A deadline of six months to complete Proactive Monitoring has been added to the Rules.
The requirements of suitable dip samples have been defined and included in the annex.
Annex E - Line Drawings
All line drawings have been updated to reflect any Rule changes, primarily the month and year stamp requirements.
Procedures for GDL Applications
In addition to the current non-technical criteria, we have implemented the following:
As part of Stage 2, the applicant must submit five gold and/or silver bars to a London Vault. Previously this was 11 bars.
Where Can You Find the Full Details?
The updated Good Delivery Rules and Procedures for GDL Applications documents can be found via the LBMA website.