LBMA Responsible Sourcing Report 2021

Our second Annual Responsible Sourcing Report was published in November 2021.

The aim of this annual report is to increase the transparency of our Responsible Sourcing Programme (the Programme).

It reviews the refiners’ and auditors’ performance during the previous 12 months and provides detail on the Country of Origin (CoO), where Good Delivery List (GDL) refiners mine and refine gold around the world.

The continuing aim is to provide information on the preceding 12 months and on how the Programme performed.

Gold and Silver Refiners' Performance

In 2021, the review process for all 2020 audits was further strengthened. This was supported through the addition of more resources to provide for an enhanced first-level review by both the Responsible Sourcing Manager and the Responsible Sourcing Officer.

During the assessment process, the Responsible Sourcing (RS) team routinely requests additional information from refiners and auditors in order for LBMA to achieve maximum comfort from the audit reports.

However, during this year’s review, and out of an abundance of caution and in line with changes made to RGG Version 9, refiners were asked to voluntarily disclose additional information on recycled material listed in their CoO data. This included disaggregating recycled material according to source (i.e. grandfathered stock, industrial by-products or jewellery) and listing the number of suppliers. While out of scope of RGG Version 8, most refiners willingly provided this information.

In 2020, no GDL refiner was moved to the Former List for failure to comply with the Programme. Despite the higher than normal reliance on virtual audits, LBMA did not encounter any deleterious impacts to the integrity of the audit framework. Whilst there were several escalations related to sourcing concerns during 2020, each one was addressed appropriately, with full co-operation from the GDL refiner in question.