Press Page

This dedicated area of the LBMA website is devoted to keeping you up to date with the latest press releases, publications and resources which outline our key initiatives, what our mission is, and how to reach the Executive.

Our Mission

Our mission is to ensure the highest levels of leadership, integrity and transparency for the global precious metals industry by advancing standards and developing market solutions.

We are the world's independent authority and standards setter that upholds trust in the global precious metals market.

Ruth Crowell, CEO, and other senior members of the LBMA are, subject to schedule, available for interview to explain and discuss the international bullion market centred in London. The market makes a significant contribution to the business of the City of London as demonstrated by more than $60 bn of gold that is traded by LBMA members each day.

Assuring Metal Quality

The Good Delivery Lists for gold and silver are maintained by the LBMA. Only bars that meet Good Delivery standards are acceptable in the physical settlement of a Loco-London gold or silver transaction. The high level of consistency within the London market is maintained by ensuring both refiners and vaults implement the Good Delivery Rules relating, for example, to a bar’s assay, weight and markings.

LBMA’s Responsible Sourcing Programme (RSP) builds on the OECD Due Diligence Guidance as well as Swiss and US Know Your Customer (KYC), Anti-Money Laundering and Combatting Terrorist Financing regulations. The Responsible Gold Guidance (RGG) has been mandatory for all gold refiners wishing to sell into the London Bullion Market since 2012, and LBMA has recently expanded the scope of its RSP to include silver, which became a mandatory requirement from 1 January 2018.

Refiners conduct a Third Party Assurance Engagement annually and are required to publicly report. The RSP structure is designed to assure investors and consumers that the gold and silver they buy is responsibly sourced. Among other issues, the RSP makes Refiners ensure that they are sourcing responsibly and not breaching anti-money laundering laws or are sourcing from areas that are involved or linked to terrorist financing or human rights abuses, including child labour.

As the Global Authority for Precious Metals, LBMA is committed to maintaining the highest due diligence standards for sourcing material. A fundamental aspect of the Good Delivery List is that gold (and silver) processed through accredited Refiners can be trusted to be responsibly sourced. This chain of integrity is vital to maintaining confidence in the global market and has been the foundation for the continuous development of our Responsible Sourcing Programme (RSP).

On 9 November, 2021, LBMA released its second annual Responsible Sourcing Report. This edition builds on the first Responsible Sourcing Report, published on 17 September, 2020. The report sets out the scope of the programme, including the responsibilities of LBMA accredited Refiners and the steps LBMA takes to ensure their compliance with our programme. It also provides data on the country of origin, highlighting where gold is mined and refined around the world. The continuing aim, however, is to provide information on the preceding 12 months, and on how the Refiners performed under the programme.

Every year, the report will feature case studies to illustrate the key points and remedial action that LBMA has taken to deal with issues of non-conformance. In addition, Assurance Providers' performance will also be reviewed, and more information provided on how LBMA has further strengthened Assurance Provider training.

In 2019 LBMA expanded the scope of its Guidance to include Responsible and Sustainable Business Practices, particularly in the area of ESG, with the introduction of Version 8 of its Responsible Gold Guidance (RGG). This work was built upon further with the publication of Version 9 of the RGG, on 29 November, 2021.

This further strengthens engagement with both upstream and downstream sectors.

The Code sets out a common set of principles to promote the integrity and effective functioning of the global market covering ethics, governance, compliance and risk management, information sharing and business conduct. All market participants involved in the global wholesale precious metals market are invited to demonstrate their compliance with the Code.

It is closely modelled on the FX Code produced by the G20 central banks but considerable work had to be done to align it to the international precious metals market. It is mandatory requirement for all members to sign statements of attestation to the Code. The Bank of England attests to its adherence and we encourage all gold market participants globally to do the same.

Market participants (in particular refiners and industrials) should adopt a proportional approach when implementing the requirements under the Code. Those institutions that choose not to publicly attest their commitment to the Code will, after a grace period, face a range of sanctions and, ultimately, revocation of their LBMA Membership.

LBMA undertook a consultation with the market in 2018 focusing on how technology can help to address some of the risks identified in the precious metals market. This process identified the need for addressing three major risks: duplicate bars, counterfeit bars and supply chain provenance.

LBMA, together with market representatives, has identified the need to develop a Gold Bar Database, which will support the Security Feature and thereby address the risk of fraudulent bars and give transparency on supply chain provenance. A Request for Proposal (RfP) has been launched and will be overseen by the Gold Bar Integrity Working Group. The Working Group is responsible for advising on the scope, governance and implementation of the RFP. The group comprises representatives from the market and LBMA committees and is chaired by the LBMA Executive.

The LBMA continues to be involved in lobbying efforts in response to Basel III’s proposed provisions on the Net Stable Funding Ratio (NSFR). The key impact of this regulation on the precious metals market will be a potential fall in liquidity as banks look to leave the market because of high costs imposed by NSFR; or increased business costs as banks look to pass the charges on.

LBMA continues to advocate a 0% RSF factor for transactions involving precious metals and will further engage with the EBA on this matter. NSFR provisions are expected to become applicable two years after adoption, from 2021.

LBMA is committed to advancing standards and ensuring that responsible supply chains are established and maintained. To further this objective, LBMA has developed recommendations for International Bullion Centres (IBCs) to adopt, to support the OECD Due Diligence Guidance framework and recognise the key findings from the Financial Action Task Force. These Recommendations focus on the following strategic priorities: (a) responsible sourcing of recycled gold, (b) eliminating cash transactions and (c) support for Artisanal and Small-scale Mining (ASM).

To arrange interviews or to request comments on aspects of the London’s precious metals market, please contact:

Katherine Ernst
LBMA Digital Marketing Manager
Tel: 07341 041 845

Simon Rostron
LBMA Media Consultant
Tel: 07802 292 252

Sanctions: Timely Reminder

Under LBMA Good Delivery Rules, all GDL Refiners are required to comply with UN, EU, US, UK, or any other relevant, economic and/or trade sanction lists. Breach of any of the relevant Sanctions list would lead to removal from the GDL. Removal can involve a suspension or permanent de-listing.

If suspended, the Refiner will be transferred to the Former List, the Bars that it produced while on the List will still be considered Good Delivery. LBMA reserves the right to de-list Bars after an appropriate period in cases where production has ceased

We will alert all relevant stakeholders of any changes to the Good Delivery List. For status updates, please visit the Current Good Delivery List.

LBMA Representation in the Global Market

The following organisations have representatives from the LBMA Executive, allowing us to help advance standards in the global precious metals market:

OECD/United Nations/ICGLR Responsible Minerals Forum London Precious Metals Clearing Board (LPMCL) Liaison (LBMA) ISO TC 174 (International Standards Organisation Technical committee)
ICE Benchmark Administration Precious Metals Oversight Committee (IBA) RMI Blockchain Working Group ARM/CRAFT Code Technical Committee Member
London Metals Exchange Oversight Committee (LME) Member of STI/053 Specifications and test methods for jewellery and horology BSI Committee (British Standards Institution Committee) ARM/CRAFT Code Advisory Group Member
London Platinum And Palladium Market Management Committee (LPPM) RMI Minerals Grievance Platform Advisory Committee Member. Responsible Artisanal Gold Solutions (RAGS) Forum Member

Key Publications

The following publications are available to give members of the press an overview of LBMA and its key initiatives.