Page 24 - Bullion World Issue 7 November 2021

Bullion World | Issue 07 | November 2021

LBMA: Advancing

Standards with

Responsible

Sourcing Programme

The LBMA Responsible Sourcing
Programme (the Programme) plays
a fundamental role in providing
trust and confidence in the global
precious metals market. All LBMA
Good Delivery List (GDL) refiners
must comply with the Responsible
Sourcing requirements, or risk
losing their GDL accreditation.

The Programme is the leading
independent audit programme for
verifying the legitimacy of the gold
and silver supply chain, ensuring
sourcing is in accordance with
international ethical standards. Only
gold and silver bars that meet the
GDL standards are acceptable in
the settlement of a Loco London
contract – where the bullion traded
is physically held in London.

In 2020, following consultation
with stakeholders, LBMA finalised
a three-year strategy for the
development of its Programme,
which re-affirmed LBMA’s
commitment to improving the
Ms Sakhila M. Mirza, implementation of the OECD Due
Executive Board Director and Diligence Guidance.
General Counsel, LBMA
LBMA identified five focus areas,
which underpin the priorities for
the programme over the next three
years:
o Value chain accountability –
building leverage
Key initiative: International
Bullion Centres

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