Gold Bar Integrity Ecosystem
The Gold Bar Integrity (GBI) Ecosystem aims to digitally trace gold as it moves through the global supply chain, confirming provenance and providing transparency over the chain of custody.
LBMA’s Role
Within this ecosystem, the LBMA plays two crucial roles:
1. Accrediting Security Features: These physical features establish the identity and verify the authenticity of a gold bar, akin to a bar passport. You can find out more about our accredited security features and the application process here.
2. Creating and Managing the GBI Database: This database is the key governance tool for the GBI ecosystem, enabling the wider infrastructure by being the point at which checks and balances are performed. The database promises enhanced clarity, security, and scalability in information-sharing, serving as a cornerstone for accurate and timely data flow. It will ensure that refiners and custodians have access to a secure and efficient platform to share information with LBMA.
GBI Database
The GBI Database will initially collect two sets of data: London Vault Holdings and Refiner Data. This database will make the collection of the data more secure and increase the speed of receipt and review by LBMA. The ultimate goal is to achieve near “real-time” reporting in future developments of the GBI Database.
Vault Holdings
LBMA publishes total vault holdings data as part of our ongoing efforts to enhance transparency in the Loco London Precious Metals Market. In response to regulatory requests for independent verification of information - particularly in light of trade and economic sanctions - the LBMA GBI Database will centralise more granular vault holdings information. This initiative aims to improve market governance by establishing a central point for checks and balances, thereby ensuring gold and silver bar integrity across the industry.
Refiner Data
In accordance with the GDL Rules and the LBMA Responsible Sourcing Programme, all GDL refiners are required to submit data and assurance deliverables to LBMA, which is currently sent via email. This poses significant risks and delays, which we aim to reduce by digitising the process and introducing more robust checks and data validation criteria. From 2025, LBMA will require all GDL refiners to upload data and assurance deliverables via the GBI Database.
aXedras
In March 2024, LBMA appointed aXedras as the service provider to build and develop LBMA’s GBI Database and provide technical support to users.
Founded in 2018 and headquartered in Zug, Switzerland, aXedras is an independent information technology provider. Its goal is to take the precious metal industry to the next level of digitalisation through one secure digital supply chain solution: the distributed ledger technology (DLT)-based Bullion Integrity Ledger™️. This member-based ecosystem ensures efficiency, integrity, traceability, and confidentiality of data and business transactions. Learn more at www.axedras.com.