Good Delivery

Rules and Governance

Our rules set out every aspect of Good Delivery administration, including the specification standards for gold and silver bars traded in the Loco London Precious Metals Market.

Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London.

Ensuring both refiners and vaults implement the Good Delivery Rules relating to a bar's assay (purity) and weight, as well as its safe handling and stacking, establishes a high level of consistency in the market.

Who are the rules for?

The Good Delivery Rules provide information for existing refiners and the banks that work with them, as well as guidance for refiners seeking accreditation.

Read the current Good Delivery Rules

Detailed explanations of the conditions for listing Good Delivery refiners

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Good Delivery List governance

LBMA Physical Committee

The Committee is made up of industry experts from the main sectors of the physical bullion market. It is responsible for monitoring, developing and protecting the Good Delivery List. Meeting approximately once a month the committee also ensures that standards are maintained, with an emphasis on continuous improvement and market transparency.

Find out more about LBMA Committees’ work

Vault Managers Working Group

The Vault Managers Working Group comprises the Bank of England and representatives from those LBMA members with their own vaulting facilities in London. The group meets regularly to consider issues relating to bar quality and vaulting procedures. It also ensures consistency across all London vaults. Vault Managers are required to document every case of bar rejection and provide information to the LBMA Executive.

LBMA Referees

LBMA Referees are refiners we appoint to help maintain the Good Delivery System by providing:

  • Technical assessment of applicants for listing
  • Anonymous proactive monitoring of refiners on the list
  • Technical advice on a range of topics.

The Referees who attend quarterly meetings at LBMA are represented by:

  • Agosi AG
  • Argor-Heraeus
  • Gold Corporation (T/A The Perth Mint)
  • Metalor Technologies SA
  • MKS PAMP SA
  • Rand Refinery (PTY) Ltd
  • Tanaka Precious Metals Technologies Co, Ltd

About Good Delivery

LBMA sets the stringent criteria that enable the global trade in gold and silver bars. It is the de facto standard trusted around the world.

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Physical Market Guidelines

There is currently no definitive non-destructive testing solution available that we can endorse. The only way to accurately determine the fineness of a gold bar is through destructive testing of representative samples.

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