The London Bullion Market Association (LBMA) has announced a significant acceleration of its transparency initiatives, requiring gold refiners to publicly disclose more comprehensive information about their suppliers of mined material, including those from “red flag” locations as defined by the OECD Due Diligence Guidance. These enhanced requirements, initially slated for 2027, will now be integrated into refiners' compliance reports starting next year.
The move, supported by LBMA-accredited Refiners and other key gold supply chain stakeholders, aims to bolster responsible sourcing and deter the flow of illicit gold into the market.
Under the updated framework, part of LBMA’s Refiner Transparency Roadmap, refiners will continue to privately disclose the identity and location of suppliers in high-risk areas to the LBMA, as mandated by the current Responsible Gold Guidance (version 9). However, a major shift will occur in 2026 when refiners will be required to publicly disclose:
• The identity of the refiner and local exporter in “red flag” locations, as per OECD Guidance.
• All World Gold Council (WGC) miners and mines from which refiners receive material.
• All countries from which mined material is received.
These changes will be implemented through an amendment to the Disclosure Guidance, which provides support to Good Delivery List (GDL) Refiners in meeting their reporting and disclosure obligations. The LBMA plans to conduct a public consultation over the summer, with a view to finalizing this process by the end of 2025.
Further disclosures are being discussed and agreed upon with the OECD and other stakeholders for 2027. These proposals are expected to include the public disclosure of the identity of all suppliers, their locations (countries), and total volumes of all mined material, extending beyond just WGC members. Notably, these future disclosures will be irrespective of the risk rating of either the supplier or the location. Additionally, the proposal anticipates the disclosure of all suppliers in high-risk locations, as defined in the forthcoming Responsible Gold Guidance (RGG v10), once published.
As work on RGG v10 gains momentum, the LBMA remains committed to advancing key workstreams, including fast-tracking refiner transparency, enhancing the performance of assurance providers globally, and strengthening engagement across the value chain. The association is also focusing on improving its own transparency and internal policies and procedures.
The LBMA also underscores the importance of its collaboration with the multi-stakeholder Artisanal and Small-scale Mining (ASM) Taskforce. This partnership is dedicated to addressing governance challenges and improving GDL Refiner sourcing practices in crucial producer countries such as the Philippines, Ghana, Cote D’Ivoire, and Peru.
Philip Carter for Rough&Polished from London
