London Bullion Market Association and World Gold Council Announce the Launch of the Gold Bar Integrity Programme
London Bullion Market Association (LBMA) and the World Gold Council (WGC) are collaborating to develop and implement an international system of gold bar integrity, chain of custody and provenance. Over time, this will help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220327005032/en/
Entire Global Value Chain (Graphic: Business Wire)
To deliver this industry-wide and ground-breaking development for the market, LBMA and WGC have brought together representatives from the global gold supply chain to launch a pilot phase of the project.
This initial phase will see two distributed ledger companies (aXedras and Peer Ledger) demonstrate how their technology can best deliver a global ecosystem that will create an immutable record of a gold bar’s place of origin and chain of custody. This blockchain-backed ledger will register and track bars, capturing the provenance and full transaction history.
Over time, the plan is to encourage all major participants in the gold industry to adopt this technology, and add to the global ecosystem, so that all gold bars are registered and tracked across the entire supply journey from mine to vault, and ultimately to end consumers such as jewellery manufacturers. This will effectively digitise the global supply chain of gold bars.
The Gold Bar Integrity Programme supports greater industry alignment to ensure the future growth of the international gold market.
Ruth Crowell, Chief Executive Officer, LBMA commented:
“The international trade in wholesale, physical gold depends on confidence. The initiative announced today underlines the confidence that all participants in the market can have in the integrity and accountability of the gold they trade, and the gold they buy. This is a major advance in furthering transparency for the common good of the gold industry.”
David Tait, Chief Executive Officer, World Gold Council commented:
“This transformative project is the first step towards a more aligned gold industry, where we work together to ensure a more accessible and transparent market. Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain. At the World Gold Council we are committed to addressing barriers to investment such as trust and provenance as this is key to unlocking increased demand for gold.”
Jin Chang, Managing Director and Global Head of Metals, CME Group commented:
“We welcome the introduction of the Gold Bar Integrity Programme, which will help further strengthen the integrity of the physical gold industry, as well as its investment and trading communities. We are committed to helping our clients navigate the evolution towards a more sustainable future, and these initiatives help provide more clarity to the industry and our clients around how their sustainability goals are being met.”
Note to editors
Advancing Standards for the Common Good of the Global Industry
LBMA is the world’s independent authority for precious metals and standards setter that upholds trust in the precious metals market.
Our mission is to ensure the highest levels of leadership, integrity and transparency for the global precious metals industry by setting standards and developing market solutions. LBMA standards cover the purity, form and provenance of the metal, as well as business conduct.
LBMA’s membership incorporates approximately 150 firms, including traders, refiners, producers, fabricators, as well as those providing storage and secure carrier services
World Gold Council
We’re the global experts on gold.
Leveraging our broad knowledge and experience, we work to improve understanding of the gold market and underscore gold’s value to individuals, investors, and the world at large.
Collaboration is the cornerstone of our approach. We’re an association whose members are the world’s most forward-thinking gold mining companies. Combining the insights of our members and other industry partners, we seek to unlock gold’s evolving role as a catalyst for advancements that meet societal needs.
We develop standards, expand access to gold, and tackle barriers to adoption to stimulate demand and support a vibrant and sustainable future for the gold market. From our offices in Beijing, London, Mumbai, New York, Shanghai, and Singapore, we deliver positive impact worldwide.
You can follow the World Gold Council on Twitter at @goldcouncil and like on Facebook.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Simon Rostron, LBMA
+44 (0) 7802 292 252
Stephanie Cadman, World Gold Council
+44 7895 292 973
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Lumenis OptiLight Wins 2022 MedTech Breakthrough Award: Best New Technology Solution for Ophthalmology25.5.2022 16:23:00 EEST | Press release
Lumenis Be., a leading energy-based medical device company for aesthetic and eye care applications, today announced that OptiLight has received the highly competitive MedTech Breakthrough Award for “Best New Technology Solution for Ophthalmology.” This year, MedTech’s range of health and medical technology categories attracted more than 3,900 nominations from over 15 countries, from which MedTech selected OptiLight for this prestigious recognition. The win follows Lumenis’ MedTech awards for Best Overall Medical Device Company in 2021 and Best New Surgical Technology Solution in 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220525005607/en/ (Graphic: Business Wire) OptiLight is a groundbreaking, light-based treatment. It is the first and only light treatment FDA approved for management of dry eye disease, a very common condition that causes dry, gritty eyes and fluctuating vision for an estimated 49 million Americans.
Everest Technologies Recognized by Manhattan Associates for Commerce Services25.5.2022 16:00:00 EEST | Press release
Everest Technologies today announced that it has been named as the winner of the Commerce Services Partner of the Year award by Manhattan Associates. The awards were presented at Momentum 2022, Manhattan Associates’ annual event, held on May 23-25 in Florida. At Momentum 2022, the partners were recognized for their exceptional work in providing top-quality solutions and services that address complex business challenges and continuously drive success, value and return on investment for the customers. Commenting on the award win, Eric Lamphier, Senior Director of Alliances, said, “Manhattan Associates is committed to developing, supporting, and recognizing innovations that build a smooth supply chain and improve the end consumer experience. We are conscious of the value add of our robust partner network and are proud of the innovative and efficient solutions developed by them to make our customers continue seamlessly on their business journey.” “We are very passionate and deliberate abou
Upflex Announces $30M Series A From Top Strategic & Venture Funds25.5.2022 16:00:00 EEST | Press release
Upflex—the premier global provider of hybrid workspace solutions—announced the closing of its $30 million Series A round. The raise was led by WeWork with participation from notable strategic investors Newmark and Cushman & Wakefield as well as returning investor Ecosystem Integrity Fund, and top venture funds including GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments, and Silicon Valley Bank. This brings Upflex’s total funds raised to-date to $34.1 million. Upflex entered into a strategic and exclusive partnership with WeWork in February 2022 which increased Upflex’s global network to over 6,000 bookable locations. As the sole aggregator of WeWork inventory, Upflex and WeWork clients now benefit from enhanced optionality in workspaces as they aim to adopt hybrid work strategies. “We’re excited and humbled to partner with global leaders in commercial real estate and top proptech investors who bring the market expertise and the financial back
Q4 Inc. and Diligent Partner to Deliver Best-In-Class Board Governance and Investor Relations Solutions to Pre-IPO and Public Companies25.5.2022 16:00:00 EEST | Press release
Q4 Inc. (TSX: QFOR) (“Q4”), a leading capital markets communications platform provider, and Diligent, a global leader in modern governance providing SaaS solutions across governance, risk, compliance and ESG, today announced a partnership that will afford pre-IPO and public companies easy access to best-of-breed IR and board governance solutions, equipping them with the tools needed to achieve success at scale. Through the partnership, listing companies will benefit from Diligent’s Board & Leadership Collaboration solution and Q4’s end-to-end Investor Relations platform in one easily accessible offering, allowing them to quickly implement market-leading solutions to fuel good governance and investor relations pre-IPO and beyond. Diligent’s end-to-end Board & Leadership Collaboration solution empowers and informs governance best practices for publicly traded companies across the fiscal year, from routine filings to preparing for an annual general meeting. Meanwhile, Q4’s Investor Relati
Machinations.io Raises $3.3M in Series A Round Led By Hiro Capital25.5.2022 16:00:00 EEST | Press release
Machinations.io, the only platform to design and predict game economies & systems for premium, free2play, and play2earn games, announced today the closing of a $3.3M Series A round, led by Hiro Capital. Machinations will invest the capital into hiring and developing powerful new features. “The team at Machinations.io has forged a set of tools that will be foundational in the future of game design, both centralised games and Web3,” said Spike Laurie, partner at Hiro Capital. “The ability for any development studio to use Machinations’ platform to create in-game economies in a streamlined browser-based solution is revolutionary. We’re excited to help the Machinations team take their vision to game creators across the globe.” Machinations.io was specifically built to tackle the difficulties of designing game economies. It enables game designers to express game systems and perform large-scale simulations to get millions of gameplay progression data with one click of a button. “We’re humble
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom