Declaration of Responsibility and Sustainability Principles. Gold Industry Commits.

The gold industry has come together, convened by LBMA (LBMA is the world’s independent authority for precious metals and sets standards that uphold trust in the precious metals markets) and and World Gold Council, to sign a Declaration of Responsibility and Sustainability Principles which formally expresses a shared commitment to operating in a responsible and sustainable way based on clear set of shared goals. The Declaration was announced at the LBMA/LPPM Global Precious Metals Conference, Lisbon on 18th October.

Signatories to the Declaration are LBMA, World Gold Council (WGC), Singapore Bullion Market Association (SBMA), China Gold Association, Swiss Association of Precious Metals Producers and Traders, London Metal Exchange (LME), Dubai Multi Commodities Centre (DMCC), Indian Gold Policy Centre (IGPC), Indian Bullion and Jewellery Association (IBJA), Indian International Bullion Exchange (IIBX) and World Jewellery Confederation (CIBJO), Artisanal Gold Council (AGC), Responsible Jewellery Council (RJC), and the Watch and Jewellery Initiative 2030.

In all, this group has agreed ten key sustainability objectives, including commitments to responsible sourcing standards, respect for Human Rights, and action and disclosures on climate change.

Gold industry participants understand that environmental and social concerns are increasingly important in shaping investment and policy decisions, as well as wider consumer and societal expectations. Whilst there has been significant progress in addressing many issues through industry-led initiatives and performance standards, it is important and timely that the gold sector adopts a clear collective statement of awareness and intent.

As part of the commitment to the declaration, Signatories agreed to closer collaboration and reporting on progress in the implementation of these Principles. They will also be able to demonstrate their commitment through adherence to initiatives that are designed for specific activities within the supply chain, such as the World Gold Council’s Responsible Gold Mining.

Building on the Declaration, gold industry players will continue to work with governments, international organisations, other private sector actors, and civil society to define and support robust standards of integrity and governance.

The gold supply chain is complex and global, and industry participants are on different stages of their sustainability journey. By coming together in this way, companies can demonstrate their collective commitment to responsible and sustainable business practices.

The gold industry co-operate in this way, from mine to market, to commit to these Principles of Responsibility and Sustainability. The gold industry has made great progress in recent years in ensuring gold is responsibly produced, but there is still plenty work to be done to ensure work together to identify solutions for advancing Standards for the Common Good of the Global Industry. 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.
Leveraging broad knowledge and experience, they work to improve understanding of the gold market and underscore gold’s value to individuals, investors, and the world at large. They 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 offices in Beijing, London, Mumbai, New York, Shanghai, and Singapore, delivering positive impact worldwide.