The London Bullion Market Association (LBMA) reported that its Responsible Gold Guidance version 9 (RGG v.9), submitted in 2023 for alignment assessment under the EU Conflict Minerals Regulation to become a recognized industry scheme, did not achieve full alignment according to the European Commission.
However, the Commission acknowledged significant improvements in several key assessment areas compared to RGG v.8, leading to a higher overall alignment score.
During the assessment, the LBMA provided further clarification on various aspects of the Commission's evaluation, including RGG v.9's alignment with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.
The European Commission's assessment criteria are based on this OECD Guidance, which the LBMA actively contributed to drafting and finalizing. The LBMA expressed satisfaction that the Commission reviewed their clarifications and subsequently revised the draft assessment ratings for several criteria.
The LBMA conveyed its appreciation for the ongoing dialogue with the Commission and the opportunity this assessment process provided to showcase its strong efforts in advancing industry standards for responsible sourcing.
The association stated that it has already commenced work on addressing the areas for improvement identified by the Commission and anticipates continued productive discussions as it strives for full alignment.
The LBMA reaffirmed its long-standing commitment to driving continuous enhancements in the global precious metals supply chain and pledged to provide ongoing updates regarding its engagement with the European Commission and other key stakeholders.
Philip Carter for Rough&Polished from London
