The World Gold Council on Wednesday 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 1,300 tonnes of gold per annum, have committed to publishing the names and location of their refining partners on at least an annual basis, to include 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 supply, 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: “ Pursuing enhanced supply chain transparency is good for the companies who produce, the communities who benefit from employment, training and skills, and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded. The responsible gold mining industry should be rightly proud of the positive impact they have on the communities and countries where gold is mined.”
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 encourage all responsible gold miners to make these commitments to enhanced supply chain transparency.