Section 10: Good Delivery Standard

Good Delivery List (GDL)

The GDL represents a list of refiners that are accepted in the international market. This is the global industry standard, licensed and recognised by exchanges, central banks and traders worldwide.

A refiner must comply and satisfy all of the following three requirements, not just at the point of application for the GDL, but on an ongoing basis.

Due Diligence Requirement – GDL refiners are subject to stringent checks regarding their history in the market and their financial standing.

Bar Specification – the GDL refiners’ bars must meet LBMA’s exacting GDL Rules covering fine ounce weight, purity and physical appearance (including markings and surface quality).

Responsible Sourcing Programme (Programme) – all GDL refiners must implement and adhere to LBMA’s Programme, through an independent annual audit.

Refiners that are accepted onto the GDL commit to responsibly sourcing all feedstock for their metal, refining it into Good Delivery bars (of approximately 400 troy ounces for gold and 1,000 troy ounces for silver) and shipping the bars to approved vaults in London. Bars are then freely traded between institutions within the market. All gold processed by the GDL refiners, and not just the GDL bars, must meet the Responsible Sourcing requirements.

These refiners process the overwhelming majority of the world’s annual mined gold production and LBMA Good Delivery accreditation allows them to deliver into the world’s major financial markets for precious metals. The commercial benefit from being an accredited refiner helps to raise standards and trust across the global precious metals industry.