LBMA Sustainability and Responsible Sourcing Strategy 2024-2026
Focus Area Three
FOCUS AREA THREE: Strengthen sustainability, integrity, and trust in the gold value chain – bullion centres, refiners, miners, recyclers and traders
Objective: The responsibility to ensure precious metal is ethically sourced is shared across the entire industry and with the authorities in relevant jurisdictions. LBMA will continue to identify and work with value chain actors and relevant authorities, as well as central banks, to support a sustainable global precious metals market.
Key actions:
- Continue independent reviews of International Bullion Centres (IBCs). Provide guidance to support improved policy among IBCs, support OECD in its efforts to promote coordination and peer learning, leverage traders to support messaging to IBCs and take appropriate action.
- Improve bullion bank alignment with OECD requirements.
- Update reporting template and guidance for bullion trading and banking members – better elaborate how traders and banks should use refiner assurances to undertake their own Due Diligence, including on broader Environment, Social, and Governance issues (ESG).
- Undertake a survey of market participants’ perceptions of trust and integrity of the gold market, and undertake an assessment of key risks with regard to ethics and integrity.
- Enhance engagement with recyclers and re-processors of gold – prepare supplementary guidance.
- Develop best practice guidance and any relevant protocols to support the adoption of technology that furthers the objectives of Gold Bar Integrity.
- Engage with relevant central banks to explore opportunities on how LBMA can support them with their sustainable investment agenda and prioritisation of energy transition and global decarbonisation.
Key deliverables:
- Create a reporting template for use by bullion banks and traders.
- Share publicly the results of the market survey and undertake an assessment of key risks in relation to ethics and integrity as per key action item 4 above.
- Best practice guidance on due diligence prepared for recyclers and re-processors of gold, following engagement, as provided under key action item 5 above.