Sustainability and Responsible Sourcing Report 2023
Chapter 3: LBMA at a Glance
LBMA is committed to maintaining the highest due diligence standards for sourcing material. A fundamental aspect of the Good Delivery List is that gold and silver processed through accredited Refiners can be trusted to be responsibly sourced. This chain of integrity is vital to maintaining confidence in the global market and has been the foundation for the continuous development of our Responsible Sourcing Programme.
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As the global independent precious metals authority, LBMA advances standards for the common good of the industry and is the pre-eminent standard-setting body for the global over-the-counter precious metals market.
The Good Delivery List: RSP Is Commercially Mandatory
LBMA maintains and administers the Good Delivery List (GDL) for gold and silver. This lists the names of Refiners and the details of each respective Refiner’s bullion bars that LBMA accredits as acceptable for Good Delivery in the London bullion market and other international markets.
The GDL is widely recognised as the de facto standard for the quality of gold bars and is used by governments, exchanges and investors globally to define, in whole or in part, the Refiners whose production is acceptable in their own markets.
A GDL Refiner must comply and satisfy requirements in three areas – spanning due diligence processes, bar specification and responsible sourcing adherence – not just on application, but on an ongoing basis. Breach of the GDL Rulebook may lead to suspension or removal from the GDL, with consequences for the Refiner’s reputation and financial standing. The accreditation is a commercial necessity, which makes it easier for LBMA to enforce its standards.
Global Gold Market 2022 $131.62 Billion
