Page 7 - Bullion World Issue 1 May 2021

Bullion World | Issue 01 | May 2021
“ All 12 IBC;s have been

supportive of LBMA’s
initiative and are proactively
working to help the LBMA
connect with other relevant
’’
organisations.

1: INTRODUCTION
Gold Market Responsible Sourcing is considered a
business-critical function in which all
supply chain actors are accountable
Integrity: Advancing for advancing sustainable business
practices.
Global Standards Over the last decade, the global gold

market has made significant efforts to
address supply chain risks. Several
parties within the market have made
improvements based on lessons learnt,
yet Responsible Sourcing standards
can still be improved. In particular,
LBMA has identified three strategic
priorities, as explained below, that
require particular focus to mitigate
threats to the industry: (a) the respon-
sible sourcing of recycled gold; (b)
the elimination of cash transactions;
and (c) the provision of support for
responsible Artisanal and Small-Scale
Mining (ASM).

In November 2020, LBMA wrote to
major International Bullion Centres
(IBCs) with Recommendations that
would help to advance global stan-
dards for responsible sourcing. Since
sending the initial letter all 12 IBC;s
have been supportive of LBMA’s initia-
tive and are proactively working to help
the LBMA connect with other relevant
organisations.

LBMA defined IBCs as jurisdictions
considered either a transit or trading
hub for recycled gold, and jurisdic-
tions that operate important market
infrastructure for bullion trading
activities. Therefore, alongside India,
LBMA identified the following juris-
Ms Sakhila M. Mirza dictions as IBCs: China; Hong Kong
LBMA SAR; Singapore; Japan; Russia; South
Africa, Switzerland, Turkey; UAE; UK;
and the US.

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