LBMA Initiates Bold Initiative: A Global Database to Elevate Trust in the Gold Market

In a groundbreaking move, the London Bullion Market Association (LBMA) has issued a call for proposals from service providers to spearhead the creation of a highly secure global database. This innovative database aims to bolster trust throughout the entire gold market value chain.

For gold refineries seeking access to London’s bullion market, adherence to the stringent accreditation requirements set forth by the industry body is imperative. These requirements necessitate responsible sourcing of gold, thereby upholding the integrity of the world’s largest gold market.

Notably, the LBMA already maintains a database dedicated to Russian gold bars held within London’s banks. This database plays a pivotal role in preventing sanctions evasion by Russian entities.

Ruth Crowell, the Chief Executive of LBMA, articulated the organization’s ambitious objective, stating, “Our goal is to establish an efficient platform that consolidates information concerning LBMA Good Delivery metal sources, refinery production, vault holdings, and other critical insights. This will be accomplished within the framework of enhanced standards for responsible and sustainable sourcing.”

Service firms with the expertise and capabilities to contribute to this groundbreaking initiative are invited to submit their proposals by the end of September. This endeavor marks a significant step toward elevating transparency, accountability, and ethical standards within the gold market, ensuring that it continues to thrive as a trusted global asset.

Invite you’re colleagues

Share this opportunity
Scroll to Top

Let us call you.

Please enter a name and mobile or phone number.