Page 22 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 2 | Issue 07 | July 2022

Gold Bar Integrity Programme:

Next Steps to Success

The Vision Gold Bar Integrity – Project and

In March 2022, LBMA and the Scope
World Gold Council announced a The Gold Bar Integrity is split into
pilot phase for the Gold Bar Integrity the Security Feature and the GBI
(GBI) joint initiative, which aims Database. The intention is for the
to digitally monitor gold moving Security Features and the Database
through the global supply chain by: to work together to ensure a robust

• Ensuring gold supply integrity digital ecosystem.
through verifying authenticity Security Feature – A Security
• Confirming provenance; and Feature is a physical feature that
will establish the identity and verify
• Providing transparency over the the authenticity of a gold bar. This
Chain of Custody is akin to a bar passport, which will

through the entire value chain – from link to the GBI Database. The market
rock to ring. standards for the Security Features
were launched back in 2020 by
The initiative aims to increase trust
in gold purity and the provenance the LBMA, and the associated
Ms Sakhila Mirza of gold bars by offering greater application process opened in
Executive Board Director transparency across the entire gold 2021. A working group has been
& General Counsel supply chain, mitigating illicit trade established: a panel of technical
LBMA experts review the Security Feature
risks, and a secure chain of custody
to reduce the chance of fraudulent applications and determine if the
bars entering the formal supply standards are met. Further updates
chain. will be announced once the GBI
Database has been established.

Did you Know?

• 48% of those considering gold
cited lack of trust as a barrier to
investment

• 28% are worried about buying
fake gold
• 21% are concerned about the
purity of gold

• 14% do not trust the businesses
selling gold
Source: Retail Gold Insights 2019,
World Gold Council

Base: Total retail investors (US,
China and India)

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