Page 9 - Bullion World Volume 02 Issue 10 October 2022_Neat

Bullion World | Volume 2 | Issue 10 | October 2022

be released in October, will make the existing content, the working LBMA Launches Assaying and
recommendations designed to group considered working from Refining Conference 2023
reimagine the ASM sector. One such home, diversity and inclusion, Registration is now open for the
recommendation is to focus more on physical settlement risks and next LBMA Assaying and Refining
countries with demonstrated pro- environmental risks, and social and Conference, which will take place on
ASM laws and policies, less conflict governance criteria. Sunday, 12- Wednesday, 15 March
and more excellent governance 2023. Delegates can meet leading
stability. The Code now references the industry figures and specialists and
following: engage with the comprehensive
Gold Bar Integrity (GBI) • Financial Markets Standards programme, technical sessions and
The Gold Bar Integrity programme Board (FMSB) papers and expert speakers. I do not forget,
(GBI) – jointly launched by LBMA spotlight reviews; of course, exceptional networking
and the World Gold Council in March • Responsible Gold and opportunities.
2022 – aims to digitally monitor gold Responsible Silver Guidance;
moving through the global supply • Conflict Mineral Regulation. Find Out More
chain by confirming provenance You can find out more about
and providing transparency over the The working group is currently these initiatives, and other LBMA
chain of custody. considering responses from the first workstreams, at www.lbma.org.uk/
public consultation. LBMA will issue newsroom. For more information on
More than 30 participants took the second and final draft for further the Global Precious Metals Code
part in a pilot across 13 locations, consultation in October. working group, or if you’d like to get
including the UK, Europe, USA, involved, please email regulatory.
Canada, Australia, and South Africa Good Delivery Rules Consultation affairs@lbma.org.uk. If you have a
– and saw 16 test cases complete. After receiving positive responses, current vacancy you wish to promote
Now that the pilot has ended, LBMA the first round of the Good Delivery on the LBMA website, please get in
can share some initial findings and Rules Consultation closed in touch with katherine.ernst@lbma.
information on the next steps at its September. Some interesting points org.uk.
Conference. were also raised, which will form part
of the second round of consultation About Ruth Crowell
The pilot saw three different due to launch in October. Ruth was appointed Chief Executive
simulation flights run by the two of LBMA in January 2014. She is
service providers, the participating LBMA is in the process of setting up responsible for LBMA’s success
companies (mines, refiners, a live demonstration from the service and strategic development in
carriers, vaults/banks) across the providers, with the vaults designed partnership with the Chairman and
globe interact with each other and to test the security features and the Board. She is also responsible
jointly simulate upstream- and determine feasibility. A new webpage for maintaining accountability to –
downstream-related processes on is now live on the LBMA website, and the quality of – the Association's
the blockchain-based solutions. guiding all market participants on Membership and Good Delivery
Russian Good Delivery Former List Refiners, as well as representing the
The pilot has been instrumental in bars, with a separate guide providing interests of the Association regarding
helping to understand the technology more detail about all Good Delivery regulators, investors, media and
and its uses in the precious metals Former List bars. international precious metals
supply chain. It highlighted how markets. She was also responsible
the industry could collaborate on a Share Your Precious Metals Vacancies for the Association's supply chain
shared solution to address a shared on LBMA.org.uk due diligence work, particularly
problem – confirming provenance LBMA has developed a resource regarding the creation and strategic
and providing chain of custody to share job vacancies within the development of LBMA’s Responsible
transparency. precious metals industry to support Sourcing Programme.
the market and its Members.
Global Precious Metals Code Update Member organisations can share Ruth continues to serve as Vice
LBMA has been reviewing the details about the vacancy – Chair of the OECD Multi-Stakeholder
Global Precious Metals Code including job title, submission end Governance Group for Responsible
(Code) with an industry working date and a description of the role Minerals and is a Non-Executive
group comprising more than 30 – which will be posted on a new job Director for Wilton Park and a
participants to ensure it remains fit vacancies section within the LBMA Trustee for Human Rights at Sea.
for purpose. In addition to enhancing Newsroom.

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