Gold Bar Security Features
Accredited Gold Bar Security Features form part of the Gold Bar Integrity (GBI) initiative. This initiative aims to digitally monitor gold moving through the global supply chain by confirming provenance and providing transparency over the chain of custody.
Security Features are a physical feature that establish the identity and verify the authenticity of a gold bar, akin to a bar passport, which will ultimately link to the GBI Database.
The market standards or Specifications for Security Features were launched in 2020 by LBMA, and the associated application process opened in 2021. LBMA has a Review Panel of technical experts which review the Security Feature applications and determine if they meet the standards. The following security features listed below have been recognised by LBMA as well as their intended use (i.e. wholesale market or retail environment).
Whilst the likelihood of a fraudulent or counterfeit LGDB entering the wholesale London Market is extremely low, the development and introduction of a Security Feature adds a further level of integrity.
“Intended Use” indicates which features are appropriate for use on 400oz London Good Delivery Bars (Wholesale) or wider Retail markets (kilo bars, smaller bars etc.).
For further information on “Technology Type” please contact the relevant Provider.
The Security Feature must be robust enough for current and future needs. The practicalities of using the new Security Feature must not negatively impact the efficiencies of the current market. The Security Feature approach should not create conditions where it is impossible to bring gold into the system.
The following Specifications have been considered:
- Bar Integrity - The Security Feature must not significantly affect the integrity or quality of the bar in terms of weight or purity.
- Applicability - The Security Feature must be applied during the production of the bar and prior to storage or dispatch.
- Robustness - The Security Feature must be robust and readable for the lifecycle of the bar.
- Readability - The Security Feature must be readable under normal vault conditions.
- Infrastructure - The Security Feature should not require significant investment in additional reading or handling equipment. The Security Feature should be readable using existing technology such as bar code readers or high-resolution cameras.
- Longevity - The Security Feature should be adaptable to ensure future proofing. It is expected that the Security Feature will adapt to ensure that unforeseen threats are mitigated against.
- Cost - The Security Feature should not significantly add to the production costs of the bar.
Purpose and Scope
The Application and Recognition Process ensures impartiality and objectivity. Recognition is subject to periodic review. The adoption and application of any of these security features remains at the full discretion of the London Operating Vaults.