Business Wire

London Bullion Market Association and World Gold Council Announce the Launch of the Gold Bar Integrity Programme

Share

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/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

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.”

ENDS

Note to editors

LBMA

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.

Contact information

Simon Rostron, LBMA
+44 (0) 7802 292 252
simon@rostronparry.com

Stephanie Cadman, World Gold Council
+44 7895 292 973
stephanie.cadman@gold.org

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

Sofinnova Partners and Apollo Form Strategic Partnership in Life Sciences16.5.2022 14:00:00 CEST | Press release

Apollo (NYSE: APO) and Sofinnova Partners (“Sofinnova"), a leading European life sciences venture capital firm based in Paris, London, and Milan, today announced a long-term strategic and financial partnership. Under the agreement, Apollo will take a minority equity interest in Sofinnova and commit up to €1 billion of managed capital to its investment funds. This strategic partnership is poised to significantly accelerate Sofinnova’s growth. For Apollo, the investment will meaningfully increase its presence in life sciences and contribute to its growth ecosystem of partners that bring specialized knowledge and networks to its integrated platform. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005254/en/ Together, Sofinnova and Apollo will offer entrepreneurs a more comprehensive range of capital solutions to help bring new therapeutic and biotechnology-based solutions to the market. The commitment to invest up to €1 bi

KAUST Spins-in Five Cutting-Edge International Startups and Brings New Tech to Saudi Arabia16.5.2022 13:42:00 CEST | Press release

King Abdullah University of Science and Technology (KAUST) has recently wrapped up 'Destination Deep Tech,' a Saudi-first program that spins in leading-edge global startups to the Kingdom to develop deep tech innovations. The international startups - CeEntek, Hopu, Insignes-Labs, Pasqal, and Proteinea - were chosen to experience the three-month program as a result of their highly advanced technology expansion into the MENA region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005518/en/ The founders of the 5 international startups CeEntek, Hopu, Insignes-Labs, Pasqal, and Proteinea at KAUST (Photo: AETOSWire) “KAUST is the Deep Tech Heart of the Saudi Economy, and so we are delighted to welcome these talented international startups to KAUST and the Kingdom as part of Destination Deep Tech,” said Dr. Kevin Cullen, Vice President of KAUST Innovation. Pasqal, from France, is a leading European Quantum Computing startup t

QCT Delivers on the 5G Promise with Innovative Edge Infrastructures and 5G Solutions16.5.2022 13:00:00 CEST | Press release

Quanta Cloud Technology (QCT), a leading data center hardware solution provider, today announced details around its participation at the Big 5G Event 2022, being held onsite from May 16 – May 18, at the Austin Convention Center in Austin, Texas. QCT will showcase 5G infrastructure and solution demos at Booth #300 for both public and private networks and share their latest insights at the event. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005006/en/ (Graphic: Business Wire) To support the ever-growing compute and networking needs at the telco edge, QCT showcases its latest QuantaEdge products and solutions powered by Intel Xeon-SP and Xeon-D processors, spanning carrier grade 5G systems, edge servers and radio units that are cloud native to deliver maximum deployment flexibility. QCT demo highlights include: QuantaEdge EGD33B-WT - a next-gen outdoor pole-mount edge server designed for vRAN/MEC use cases, featuring a

Solynta and Incotec Announce Partnership to Optimize Performance of Hybrid True Potato Seeds16.5.2022 12:00:00 CEST | Press release

Hybrid potato innovator Solynta and seed enhancement company Incotec have entered in a collaboration agreement. By combining forces, the group will bring world-class seed technology and elite genetics to potato farmers worldwide. Solynta is a Netherlands-based company using hybrid potato breeding to grow a more sustainable future. Solynta has developed a unique portfolio of hybrid potato varieties for farmers that are dependable, productive and resilient to climate change. Incotec, a global seed enhancement company, has developed technologies including a new pelletization method and seed priming formula specifically tailored for true potato seeds. This seed technology will allow Solynta’s true potato seeds to succeed in diverse growing environments. Johan Trouw, Solynta Supply Chain Director and co-founder, noted, “At Solynta, we believe that partnering with industry leaders like Incotec supports our mission of creating solutions for food and nutritional insecurity. Their expertise in

LIVALL Introduces the World's First Detachable Open Ear Headphones16.5.2022 10:43:00 CEST | Press release

Award-winning smart helmet company, LIVALL, is pleased to announce the upcoming launch of the World’s First Detachable Open Ear TWS Headphones. Titled “LTS21”, the headphones can be used by anybody who wants comfortable headphones. To learn more about LTS21, please visit: https://www.youtube.com/watch?v=P505tZljrb0 LIVALL prides itself in being a company that listens to customers’ needs and expectations, and the very ethos has been the foundation of the development of LTS21. Per the statements of LIVALL founder, the innovative LTS21 has been uniquely designed to ensure unparalleled comfort, performance, and convenience for users. “We are developing a cutting-edge technology accessory to match perfectly with helmets. Our team is working diligently to stay ahead in our latest innovations and offer quality products and surprises. Our latest Indiegogo campaign will allow us to provide early pricing to all of our backers. We are excited to bring our latest product and the World's First Deta