Annual Report 2022
Physical Market Development
It was hoped that 2022 would mark a return to some sense of normality post-pandemic; however, world events have ensured that this was not the case.
The removal of the Russian Refiners in March caused issues in the Market that resulted in the development of guidance material for authorities, Customs and other market participants. Further support has resulted in the establishment of a centralised database of all Russian bars that were already in the market pre-suspension and, therefore, remain Good Delivery.
Significant progress has been made on the Gold Bar Integrity (GBI) initiative and the International Bullion Centres work. Earlier this year in March, LBMA and the World Gold Council announced a pilot phase for the GBI joint initiative. Another key focus has continued to be with the Security Feature project, which is progressing well. Four of the vendors have carried out demonstrations of their security features for the Vaults, to determine applicability.
We now have 97 Refiners on the Good Delivery Lists, with 64 listed for gold, 78 listed for silver and 45 Refiners on both lists.
There remains a large number of Refiners attempting to get their brand onto the Good Delivery Lists (GDL) and there are currently nine active Good Delivery applications, five for silver and four for gold. In addition to the removal of the Russian refiners, there were two other suspensions, one due to an ongoing Incident Review Process, which has been successfully completed, and the suspension has been lifted. The other, due to non-delivery of the 2020 Responsible Sourcing audit reports, has also been lifted following successful completion of the audit process.
Silver - Jiangxi Hefeng Environmental Protection and Technology Co. Ltd (Jinfeng)
Silver – Shenzhen Point Gold Refinery Co., Ltd
There continues to be a strong interest from China to join the GDL, for silver; however, a small number of the pending applications are from various regions and mostly silver refiners.
Where are the GDL Refiners located?