LBMA Annual Report 2025
Membership and Engagement
Delegates networking at the LBMA/LPPM Global Precious Metals Conference, Kyoto, 2025.
Growing Membership Numbers and Services
LBMA is delighted to report year-on-year growth of 8.6% in Membership, rising from 174 Members to 189 during 2025 – comprising 11 Market Making Members, 88 Full Members and 90 Affiliate Members. Engagement with applicants confirms that Membership appetite is increasingly driven by the credibility and reputation of LBMA across the global market bolstered by strong due diligence policies and capabilities across its strategic pillars and especially within its Membership management and governance processes.
In the 2019 Annual Report we announced the launch of new informational services for Members at a time where LBMA membership totalled 139 Members. Since then, and despite the COVID Pandemic of 2020, total Membership has grown by 33%. So, what has driven this growth and how is LBMA maintaining the standards necessary to deliver the highest levels of leadership, integrity and transparency for the global precious metals industry?
2020 Classification Review
In 2020, LBMA conducted an extensive Membership classification review and overhauled its offering to provide opportunities for those who support the market to join LBMA and to deliver greater engagement opportunities across the full spectrum of Membership.
The review saw a new Affiliate Member classification replace the “Associate” classification, and a new LBMA Subscriber offering aimed to provide non-Member GDL Refiners with some Member-aligned benefits, and non-Members with a preliminary engagement route ahead of applying for Membership.
Due Diligence and Compliance
The classification changes were introduced in 2021 together with greater clarity within the Rules for Members, and significant enhancements in LBMA’s own due diligence and compliance capabilities. Subject matter expertise was recruited, new systems procured and improved policies and procedures were introduced to drive even greater levels of rigour and assurance.
Enhanced Training
In 2020 and alongside Vault Operator e-learning training, LBMA introduced its Loco London training courses that now include: an Intro to Loco London, how to use Loco London and, an intro to Responsible Sourcing. In 2025 LBMA trained 267 students either through advertised courses or through specific bespoke courses delivered for single Member entities and central banks. The training offering also extends to Responsible Sourcing Assurance Providers and, for 2026, will include an AML e-learning course.
Member Engagement Strategy
LBMA has invested in Member engagement to ensure that all Members from around the world have the opportunity to engage directly with LBMA and to have their voice heard. Arising from the 2024 Membership Satisfaction Survey, LBMA developed its Member Engagement Strategy that has led to LBMA developing a structured and system-backed relationship management approach. Further to this, in 2025, LBMA has expanded Member engagement events in North America, Europe, the Middle East, India, Asia and the UK – as well as diversity events held both in London and at Conference in Kyoto. Delivering Member events are crucial in ensuring that every Member has the chance to speak to LBMA and discover how we can work more closely together on key market initiatives.
Member Survey: Satisfaction Up 13% in a Year
This year’s ‘pulse check’ survey shows that Member satisfaction has risen to 83%, a notable increase from the 70% recorded in last year’s in-depth survey, which is conducted every three years. The 2024 result also shows an improvement compared to the previous in-depth survey undertaken three years before. Members gave particularly positive feedback on LBMA’s coverage of market developments and regulatory news. LBMA’s work across various working groups and its outreach efforts – including those supporting Members outside the UK – also received commendation, as did the Conference and training programmes.
Suggestions for further improvement included providing clearer contact points and greater transparency around compliance activities, as well as better coordination between committees and audit processes. Members also expressed interest in more engagement events in Asia and Africa, along with expanded training opportunities.
Responding to the Needs of the Market
LBMA always strives to be cognisant of the size, shape and makeup of the market to ensure that those who support the market and Membership also have a pathway to Membership. This year, LBMA was delighted to admit its first Refinery equipment manufacturer as a Member, demonstrating LBMA’s continuous commitment to providing a route to Membership for every link in the precious metals value chain.
Membership Growth by type from 2019-2025
Membership distribution by region
