LBMA Annual Report 2023
Gold Bar Integrity
The LBMA Gold Bar Integrity Programme (GBI) continues to make strides, guided by our commitment to transparency, integrity, and security within the global supply chain.
Solving Real-Life Challenges and Setting New Standards
GBI addresses critical challenges faced by the precious metals industry. It allows LBMA to quickly identify the country of origin for gold bars, mitigating risks related to sanctions, regulatory compliance, and ethical sourcing.
Additionally, GBI empowers LBMA to achieve real-time data on gold movement, enabling rapid responses to irregularities or discrepancies in the supply chain. It enables LBMA to set new industry standards by adopting innovative technologies and processes while safeguarding integrity and fortifying security within the global precious metals supply chain.
Key Achievements in 2023
Request for Proposal (RfP)
In August 2023, LBMA initiated a critical phase by launching a Request for Proposal (RfP), extending invitations exclusively to service providers with substantial industry knowledge and connections in the precious metals sector. This marked a milestone in our journey towards enhancing the integrity of the global supply chain.
Formation of the Steering Group
Simultaneously, we established a Steering Group, comprising representatives from various LBMA committees, including the Physical Committee, Refiners Committee, Vaults Committee, LBMA Executive, and LBMA iNEDs. This diverse and experienced panel plays a crucial role in shaping LBMA’s strategic direction.
Decision Making Process and Timeline
LBMA has introduced a comprehensive scoring card system crafted for the evaluation of vendor proposals. We’ve integrated insights from the Steering Group to ensure that the system facilitates precise comparisons among proposals, focusing on key metrics and critical components vital for the project’s success. Following these assessments, and demos from the shortlist, a recommendation will be made on which solution best suits LBMAs goals.
The final decision lies with the LBMA Executive and iNEDs, who anticipate reaching a final decision by the end of December 2023.
Beyond Mitigating Risks
LBMA is revolutionising the way the precious metals industry will operate on a global scale. GBI goes beyond mitigating risks; it fundamentally transforms how we perceive and manage data within the supply chain.
The ability to swiftly identify the country of origin for gold bars transcends mere compliance; it empowers us to champion ethical sourcing and navigate complex regulatory landscapes. GBI will have far-reaching impact. Beyond redefining industry standards, it sets a precedent for innovation and integrity while shaping the future of responsible commerce.