LBMA Annual Report 2024

Physical Market Development

This year has, once again, demonstrated the critical nature of LBMA Physical Services in ensuring that the Good Delivery Lists remain the standard to which all gold and silver Refiners aspire, and upon which all other participants in the market rely.

We have seen record highs in Good Delivery applications, Proactive Monitoring, Responsible Sourcing audits and Proficiency Testing this year. Significant changes have been made in the Physical Services team to support this activity, as well as ensuring that the Good Delivery Rules remain fit for purpose and that we can respond to changes in an ever-evolving industry.

Other key projects such as the Referee expansion, GBI and A&R have all made significant progress that will ultimately benefit the market in 2025 and for many years to come. We continue to work closely with the CME, SGE and other international institutions to ensure that the global precious metals markets operate efficiently.

We have seen record highs in Good Delivery applications, Proactive Monitoring, Responsible Sourcing audits and Proficiency Testing this year.

Changes to Good Delivery (GD) Rules in 2024

The LBMA Good Delivery Rules continue to be reviewed on an annual basis, and every three years an enhanced review takes place to ensure that they remain relevant and appropriate.

As part of this year’s annual review, LBMA focused on an enhanced review of the Proactive Monitoring (PAM) criteria, to ensure all aspects are still fit for purpose.

Other areas that have been reviewed include:

  • Streamlining of the Application Process, including capacity building
    initiatives, and
  • Weighing Rules.

The updated Rules will be launched before the end of this year, effective from 1 January 2025.

The LBMA Good Delivery Rules continue to be reviewed on an annual basis.

Proficiency Testing (PT)

Registrations for the 13th round of the PT Scheme closed on 24 October, with a record number of labs participating – 50 labs participating in gold and silver, 19 in gold, and 3 in silver.

The new schedule implemented in 2022 remains in place, as it has proven to be successful and has received positive feedback from participants.

There are now 99 Refiners on the Good Delivery Lists (GDL). We have 65 Refiners listed for gold, 80 listed for silver and 46 Refiners appear on both Lists. The demand for accreditation remains at an all-time high, with 13 active applications and eight expected to be submitted shortly. Only one refiner was moved to the Gold Former List, due to failing to meet its listing requirements for annual production/throughput. And over the year, several other cases were also reviewed to ensure that standards were being maintained.