Archive for the ‘LBMA Gold guidance’ Category

The London Bullion Market Association
Responsible Gold Guidance
About the London Bullion Market Association
The LBMA is the international trade association that represents the market for gold and silver bullion, which
is centred in London but has a global client base, including the majority of the central banks that hold gold,
private sector investors, mining companies, producers, refiners and fabricators. The current membership
includes 129 companies which are actively involved in the loco London bullion market, including trading
houses, banks, refiners, miners and fabricators as well as those providing services to the market such as
consultants, supervisors and assayers. The membership encompasses a total of 22 countries. The LBMA was
formally incorporated in 1987 at the behest of the Bank of England to take over the roles previously played
by two separate organisations, the London Gold Market and London Silver Market, whose origins go back
to the mid-nineteenth century.
The LBMA Good Delivery List
In the refining industry, the LBMA Good Delivery List includes the world’s pre-eminent refiners of gold and
silver, located in 31 countries. The List is widely recognized as the de facto standard for the quality of gold
and silver market bars. This recognition is based on the stringent criteria that applicants must satisfy before
being listed, as well as the regular proactive monitoring of accredited refiners by the LBMA. In addition to
satisfying the LBMA’s technical standards, a refiner seeking LBMA accreditation must meet a number of
non-technical criteria in relation to ownership, tangible net worth and operating history. In response to the
Dodd-Frank legislation on conflict minerals emanating from the DRC, the LBMA has informed all gold
refiners on the List that in order to maintain their Good Delivery status, they will have to demonstrate that
their refined output is conflict-free. To allow them to do this, the LBMA has developed a Responsible Gold
Guidance Scheme.
LBMA Responsible Gold Guidance
The LBMA will require that, from 1st January 2012, all LBMA Good Delivery Gold Refiners comply with
the LBMA Responsible Gold Guidance. Listed refiners have been sent a draft of the Guidance in September,
2011 and during the final quarter of the year they will be consulted before the final version is issued. The
current draft can be obtained from the LBMA Executive or via the LBMA website (www.lbma.org.uk). The
final version will also take account of the rules to be announced by the SEC as well as the OECD guidance
on gold supply chains.
The LBMA Guidance is based on anti-money laundering principles as well as the five steps framework for
risk-based due diligence of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals
from Conflict-Affected and High Risk Areas. The LBMA guidance is intended to provide a flexible
framework for carrying out due diligence in this area and thus to minimise the cost of compliance for
refiners, whilst ensuring that their feedstock and thus their output remains conflict-free.
OECD Due Diligence for Responsible Supply Chains – Gold Supplement
The LBMA supports the work of the OECD in the area of supply chain due diligence and has been
actively involved in drafting the Gold Supplement section of the OECD Guidance. A number of
members, both banks and refiners have contributed to this work and Ruth Crowell, the LBMA’s
Commercial Director, is the co-facilitator of the OECD Gold Guidance Drafting Committee and the
LBMA’s main contact for Responsible Gold.
The London Bullion Market Association
13-14 Basinghall Street London EC2V 5BQ
Tel: +44 20 7796 3067 Fax: +44 20 7796 2112 http://www.lbma.org.uk email: ruth.crowell@lbma.org.uk

click on the link to download the documentLBMA Gold Guidance 2012


**Please note Anil Machado’s blog or Anil Machado does not sell gold,diamonds or any other commodity. Incase if you received any private message or email claiming to be Anil Machado then beware its some scammer trying to use a different method to cheat you.

Read Full Post »