2020 Annual Review
Message from the Chairman
Welcome to the fourth edition of the Annual Review highlighting the work of your Association. It’s a little later in the year than previously and, accordingly, covers a slightly longer period.
This has been a year of unprecedented challenges, but we’ve stepped up our efforts to keep members and the market fully informed of developments through our regular weekly series of newsletters and webinar programme.
The Responsible Sourcing agenda is especially topical and is taking on new dimensions. Environmental issues and climate change are becoming increasingly important alongside other aspects of sustainability. Earlier this year, we announced a call for action for the whole industry to join LBMA in supporting Artisanal SmallScale Mining (ASM communities). It is the best interests of the legitimate industry, that we do what we can to include and nurture a responsible ASM sector.
LBMA is uniquely positioned to achieve these objectives: the Good Delivery status of LBMA gold is one of the premier and most widely accepted quality marks in any sector of the global economy. We have recently put two new initiatives into play. The first is to increase transparency, with the publication of our first Responsible Sourcing Annual Report, which included data on the origin of materials for the first time.
The second initiative is on International Bullion Centres and recycled material. As it currently stands, LBMA’s rules outline the approach to due diligence that a refiner has to undertake and the sort of judgements required. But the industry cannot act alone.
So we are calling on national authorities, civil society and other organisations to work with us to tighten controls in all relevant jurisdictions, to be in line with
international standards, such as those of the OECD.
This will not be an easy win, and I don’t want to over-promise on what we can achieve. All I can do is stress the importance of these efforts to ensure a sustainable bullion industry, and that all of you support your association’s efforts to the maximum.
We look forward to discussing our work with you in person at some of our events in 2021.