Human rights activists have urged the London Bullion Market Association (LBMA) to do more to exclude gold from unsustainable sources from its supply chain.
According to a letter sent to LBMA and reviewed by Reuters, some gold refineries that are included in the association's Good Delivery list of sustainable suppliers, still source gold from “questionable suppliers and mines” and are not tackling “serious human rights violations and environmental degradation." The letter was sent by eight non-governmental organizations that analyze the mining industry.
The NGOs said that there had been “some slight improvements” in the LBMA’s systems since 2021, but that “many” refiners on list have, in recent years, sourced gold from suppliers linked to money laundering, land and water pollution, or human rights abuses.
One of the examples cited by the letter was the UAE which does not produce gold but is an origin country of nearly 150 metric tons of gold sold to Good Delivery refiners in 2021.
“The origin of this gold is not the UAE, it was merely transited through this country,” the letter said, calling for refineries to report the origins of gold publicly.
The LBMA said it plans to discuss various proposals related to the NGO's concerns at a summit on the responsible sourcing of minerals in London later this week.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
