LBMA Sustainability and Responsible Sourcing Strategy 2024-2026
Through our Responsible Sourcing Programme (RSP), LBMA has been at the forefront of developing credible sourcing standards in the precious metals sector. Since 2012, Good Delivery Refiners have undergone our mandatory independent assurance programme to ensure compliance with LBMA’s Responsible Gold Guidance (RGG), and in 2018 we introduced the Responsible Silver Guidance (RSG). The assurance programme plays an important role in verifying the legitimacy of gold and silver supply chains, ensuring sourcing meets international ethical standards.
As demonstrated by the various iterations of the RGG (we are currently on version 9 of the RGG and working towards version 2 of the RSG), the RSP ensures the continuous improvement of responsible sourcing business practices. Version 9 of the RGG itself marked a major strategic expansion to include Environmental, Social and Governance issues.
Our commitment to continuous improvement has not stopped there. The LBMA is also a signatory to the Gold Industry Declaration of Responsibility and Sustainability Principles, a collection of 10 guiding principles, signed by several global organisations. The Declaration formally expresses a shared commitment to operating in a responsible and sustainable way based on a clear set of shared goals. Further, in 2020 we published our first Responsible Sourcing Report as a means of providing greater transparency around the RSP. Understanding the importance of developing the sustainability agenda more widely, we have since published our Sustainability and Responsible Sourcing Report. It was in this report that we set out our commitment to launching a three-year Sustainability and Responsible Sourcing Strategy (Strategy).