LBMA Annual Report 2025
CEO Report
Ruth Crowell, LBMA CEO, pictured addressing the Precious Metals Future Forum in Frankfurt this year
In 2025, LBMA has demonstrated what leadership looks like in a changing world. Despite a complex global landscape, our focus remains clear: to uphold the integrity of the Loco London market and drive standards that build trust across the global precious metals industry.
We have strengthened our governance, accelerated Refiner transparency, deepened our sustainability commitments and continued to prove that when we work in partnership, progress follows.
Transparency begins at home
As an independent authority in the precious metals industry, LBMA knows transparency and accountability must begin with us.
This year, an independent Board Effectiveness Review reaffirmed that LBMA’s governance is transparent and effective. The independent review commended the professional dynamics, robust financial oversight and constructive engagement within the Board. This year’s recommendations included deepening Board oversight and futureproofing LBMA by updating the Sub-Board and Remuneration Committee Terms of Reference to better communicate how decisions on removals/investigations of GDL Refiners and Members are conducted independently.
We are publishing greater detail on how LBMA is funded and is able to make tough decisions, through a balanced mix of Member fees (32%), GDL accreditation charges (19%), data licensing (27%) and events (22%). This transparency reinforces that our financial independence is sustainable and funded responsibly.
LBMA is committed to trust and transparency, both within the industry and within its own governance.
Leadership Transitions and Renewed Strength
2025 also marked an important moment of leadership transition. We said farewell to Dr Paul Fisher, OBE, whose steady guidance as Chair has helped shape LBMA’s strategy, strengthen our governance and elevate our international standing. On behalf of the entire LBMA team, I extend our heartfelt thanks to Paul for his integrity, wisdom and unwavering commitment to LBMA’s mission.
We are delighted to welcome Peter Zoellner, former Head of the Banking Department at the Bank for International Settlements, as our new independent Chair. Peter brings exceptional insight from the worlds of central banking and market infrastructure, and his appointment reflects our commitment to independence and excellence at the highest level of governance.
The ‘handover’ moment on stage at the LBMA/LPPM Global Precious Metals Conference in Kyoto symbolised LBMA’s continuity of leadership and shared purpose. As we look ahead, Peter’s experience and vision will be invaluable in guiding LBMA through the next phase of our evolution.
Fast-Tracking Refiner Transparency and Digital Innovation
This has been a defining year for our transparency agenda. Following strong engagement at the OECD Forum on Responsible Mineral Supply Chains, LBMA fast-tracked the Refiner Transparency Roadmap, bringing forward public disclosure requirements from 2027 to January 2026.
From next year, Good Delivery List Refiners will publish the identity and location of suppliers operating in high-risk jurisdictions, as well as the origin of mined material. This early implementation is a powerful signal of industry alignment and support for greater accountability across the supply chain.
In parallel, we have onboarded 100% of our GDL Refiners to our Gold Bar Integrity (GBI) Database. By moving reporting onto a digital platform, LBMA has a more effective means to monitor compliance, analyse data and support supply chain integrity. GBI is not merely a technological upgrade – it is the foundation for a more transparent and accountable market.
LBMA is supporting the creation of legitimate pathways for artisanal and small-scale mining to enter more responsible, established market.
Our former Chair noted this year that “the transition to a more responsible model of sourcing is not a challenge to be tackled by one organisation alone. It requires collaboration.”
2025 has been a year defined by this spirit of partnership, as LBMA has deepened engagement with both established allies and new actors.
This was particularly noted for our Responsible Sourcing Programme. Through consultation, assurance reform and stakeholder input, our programme has now achieved 89% alignment with EU Conflict Minerals Regulation. We have voluntarily published these results in our commitment to transparency and continuous improvement.
Strong progress has also been made to create pathways for responsibly sourced Artisanal and Small-scale Mining (ASM) gold. LBMA’s ASM Taskforce has made significant progress on the ground in the Philippines, Peru and Ghana in bringing to life the ASM Toolkit, a framework for responsible sourcing of ASM gold, launched in 2024. Together with the World Bank, the Intergovernmental Forum on Mining (IGF) and the World Gold Council (WGC), LBMA also launched the Global Coalition for Action on Artisanal and Small-scale Gold Mining (ASGM), exemplifying the growing momentum to address ASM systematically rather than in isolation.
International Bullion Centres – Call to Action
Five years ago, LBMA issued three clear recommendations to the world’s major gold hubs: eliminate cash from the supply chain, strengthen responsible sourcing of recycled gold and provide genuine support for artisanal and small-scale mining. These measures were designed to eliminate gold laundering and safeguard the integrity of the global market. Today, with gold laundering at an all-time high – exacerbated by rising gold prices – the urgency to act is greater than ever.
As we refresh our call to action, we emphasise that this is not about competition between centres, but about building a united international ecosystem where illicit flows have no place. LBMA looks forward to working closely with our Government and industry partners worldwide as we update these recommendations and drive collective progress in 2026.
Together, we can tackle risks in hand-carried gold, formalise transaction systems, increase transparency in governance and enforcement, and support ASM through responsible frameworks.
Progress in our industry is achieved not through mandates, but through partnership and shared commitment.
Looking Ahead: Beyond the Bar
As I reflect on the year, I am proud of how our collective efforts have turned ambition into action. I am pleased to report that this year’s Member Survey pulse check shows that Member satisfaction has risen to 83%, a notable increase from last year’s in-depth survey result of 70%. More details on these results can be found in the Membership Section of this report.
I have observed that every partnership, consultation and training session undertaken by LBMA in 2025 has reinforced a simple truth: the integrity of the precious metals market depends on shared responsibility and transparency.
To that point, LBMA’s independence, credibility and convening power remain our greatest strengths. They allow us to unite a diverse community, from central banks to civil society, around a shared vision of integrity, transparency and responsible growth.
The progress captured in this report belongs not only to LBMA, but to everyone who shares our belief that transparency builds trust, and trust is what gives precious metals, and the market that trades it, its enduring value.
As we prepare for 2026, our ambition is simple yet bold: to take the market beyond the bar.