Editor’s Note
The World Gold Council has announced a significant industry commitment to greater transparency. All 33 of its operating members have pledged to annually disclose the names and locations of their refining partners, a move covering roughly 1,300 tonnes of global gold production each year.
The World Gold Council announced that its members, who represent the majority of the global large-scale gold mining industry, have committed to providing enhanced transparency in the gold supply chain. All 33 World Gold Council members with operating mines, who collectively produce approximately 1,300 tonnes of gold per annum, have committed to publishing the names and locations of their refining partners on at least an annual basis. This applies to all operations where the primary revenue comes from the production of gold.
All members have also committed to joining the Gold Bar Integrity (GBI) platform and supplying, on a confidential basis, “core data” on the gold they have produced to their refining partners. This ensures gold enters the Gold Bar Integrity platform “at source” and is a major step in the digitalisation of gold across the supply chain. It will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers.
David Tait, CEO of the World Gold Council, commented:
These measures have been taken to encourage further transparency around the global gold trade. All World Gold Council members are committed to both these initiatives, and the implementation period is currently being defined. The World Gold Council encourages all responsible gold miners to make these commitments to enhanced supply chain transparency.