Responsible Gold Guidance V9 Draft Consultation

Introduction

Purpose of the Document

LBMA is committed to industry and regulatory efforts to enhance transparency and traceability in the precious metals sector. The LBMA Responsible Gold Guidance (RGG) has been in force since 2012 and in line with the evolution of best practices and standards for responsible sourcing, LBMA is committed to continuous improvement of the RGG.

Version 8 of the RGG, launched in 2018, marked a major strategic expansion to include Environmental, Social and Governance (ESG) issues. The RGG version 9 builds on version 8 by:

  • Reflecting the strategic priorities identified as part of the IBC Recommendations.
  • Addressing stakeholder feedback received to date, as and where applicable.

Version 9 will be released later this year after undergoing a thorough public stakeholder consultation and will be applicable for Refiners from 1 January 2022.

Revision Process

The revision process commenced with an internal process to collate key areas of focus (Key Themes), drawing upon insights from the 2019 review of Refiner’s compliance and audit reports, discussions and themes emerging from the Audit Training rolled out in November 2020, and stakeholder feedback received to date.

A Working Group comprising the Referee Refiners was established to review the first draft of the RGG version 9. Several working group sessions were held during April and May 2021 to discuss the key changes from version 8 to version 9 and to incorporate feedback where relevant.

Once this first round of public consultation closes, and relevant feedback is reflected in the RGG, a second round of consultation will be open to all stakeholders.

Timelines and activities are detailed below:

  1. Internal Key Themes alignment: January 2021.
  2. Working Group consultation on the RGG version 9: May 2021.
  3. Public consultation: 8 June – 20 July 2021.
  4. Second public consultation: August / September 2021.
  5. Intended publication date: November 2021.

Expectation

Those who intend to provide feedback are requested to review LBMA Responsible Gold Guidance V9 Draft for Consultation — and the key changes summarised here — and provide written feedback by Tuesday, 20 July 2021.

Please either email your comments to RGG@lbma.org.uk in bullet point form, identifying the relevant page and section to which your comments pertain, or you may complete this online survey.