Member Survey Report

Key Results

Summary of Key Findings

LBMA is performing well in terms of overall satisfaction levels (67%), compounded by 61% of Members asserting that membership “exceeds expectations."

Member satisfaction is generally high, particularly among Bank and Trading House Members:

Most desirable benefits of membership focused on networking (73%), market insight (62%) and specialist knowledge (59%). At a sector level, 65% recognise that LBMA membership helps to raise standards and develop the market.

Members especially value the opportunity to grow their networks, while the majority regard all benefits as applicable:

Generally, LBMA publications are rated positively for furthering Member understanding of the precious metals market, and our new website appears to be working well with 86% of Members engaging with it. LBMA’s in-person Conference stands out as the most useful event for 77% of participants.

Role of LBMA

The majority of those surveyed agree that the role of LBMA is to advance global standards across the precious metals supply chain, with over 8 in ten respondents giving top two agreement ratings (agree to a “very large extent” and the next category below on a sliding scale from 5-1 (with 5 as a very large extent, 1 as a very small extent).

The majority were aligned with LBMA’s role to advance global standards for the common good:

On LBMA’s broader values – and when questioned on whether LBMA upholds these key values of ‘leadership, integrity, and transparency’ – some 77% of respondents gave top two agreement rating, with 26% agreeing “to a very large extent” and 51% selecting the next agreement rating.

The majority agree LBMA upholds key values of leadership, integrity and transparency:

The survey reveals how respondents are most aware of the Good Delivery List (GDL) and Responsible Sourcing initiatives – and both are deemed important. This question highlighted the alignment between awareness of initiatives and their importance. Some 85% considered the Responsible Sourcing programme to be important, and, encouragingly, 78% stated they were aware of the workstreams contained within the Programme.

Members are most aware of Good Delivery List and Responsible Sourcing initiatives – and both are deemed important:

Is LBMA Meeting its Strategic Objectives?

At least six in ten Members agree that LBMA is meeting each of its strategic objectives, as follows:

LBMA ensures it is highly visible in all key markets: A total of 72% of respondents were in agreement – with 22% agreeing “to a very large extent” and 50% selecting the next box below.
LBMA’s GDL innovates to remain the leading global standard: A total of 66% agreed – with 27% checking the top agreement box and 39% selecting the next box below.
LBMA is increasing client confidence in a transparent, accessible market: A total of 64% agreed here, with 17% agreeing “to a very large extent” and 47% selecting the next box.
LBMA is increasing the demand for responsibly sourced bullion. A total of 59% agreed – with 20% agreeing “to a very large extent” and 39% opting for the next box below.

The survey does highlight that Members aren’t always aware of the progress we are making against our agreed strategic outcomes. While 63% of those surveyed agreed progress is being made on ‘broadening the sustainability agenda’, at the other end of the scale just 44% agree to a large extent that progress is being made to responsibly engage with Artisanal and Small-scale Mining (ASM).

Only five of LBMA’s strategic outcomes on which at least half of Members believe progress is being made:

Authority, profile and fair processes are substantiated in practice for the majority of members. LBMA is seen as the definitive voice of Loco London market for governments, regulators, media and investors.

Over seven in ten Members endorse LBMA authority, profile, and fair processes:

Global Precious Metals Code

Current Members

Responsible Sourcing Newsletter

A Guide to the Loco London Precious Metals Market

Precious Metals Forecast Survey 2024

Key Results

Summary of Key Findings

Role of LBMA

Is LBMA Meeting its Strategic Objectives?