CEO Report

Ruth Crowell, CEO, LBMA

I am delighted to present the extensive work that has been undertaken by LBMA in driving sustainable and responsible improvements in the precious metals supply chain. This is an ongoing process, but we are making progress and real tangible change in a complex global market.

In last year’s Sustainability and Responsible Sourcing Report I discussed how a coalition of the willing was required to drive sustainability in the precious metals industry. I’m pleased to report that LBMA has been joined by many stakeholders in identifying and implementing best practices. We are committed to our goal of positioning precious metals as part of the sustainability solution, not the problem. And I’m proud to say that the industry is making real progress beyond just pledging to make things better.

Making Strides Through Strategy

Launching the Sustainability and Responsible Sourcing Strategy last year has been a huge step forward for LBMA and whole supply chain in terms of transparency and accountability. I’d like to congratulate Sakhila Mirza and her team on, firstly, all their hard work on such an ambitious strategy and, secondly, the work so far which has already gone in to delivering against it. You can find out more about this in the Deputy CEO Report.

The publication of our Strategy highlights our move to be more transparent in communicating our aims, deliverables, and actions. Another illustration of this goal is the publication on our website of Country of Origin (CoO) data from Good Delivery Refiners. This enhanced reporting data, provides clarity on – and confidence in – LBMA’s Responsible Sourcing Programme.

The concept of continuous improvement is especially integral to the Responsible Gold Guidance, of which version 10 will be launched for public consultation in 2025.

GBI Strategy Into Action

Our work on the Gold Bar Integrity (GBI) Ecosystems aims to digitally trace gold as it moves through the global supply chain, confirming provenance and providing transparency over the chain of custody. We are preparing to launch the GBI Database which promises to enhance the clarity, security, and scalability of information shared with LBMA and its Refiners and custodians serving as a cornerstone for accurate and timely data flow.

Beyond transparency, we look to see how we can help the most vulnerable in our value chain. Our ASM Taskforce has welcomed beneficial engagement with organisations such as NGOs and other industry stakeholders. This collaboration has helped steer our strategic direction, bolstering our commitment to outreach and crafting the legal, regulatory or compliance frameworks needed to deliver the ultimate game changer: increased sourcing of ASM gold by Good Delivery List Refiners. You can find out more about this work on page 14.