Bringing you live news and features since 2006 

Bringing you news, views and analysis since 2013

Gold industry groups launch initiative for developing and implementing gold bar integrity

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. 

The two groups report that over time, this will help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced.

To deliver this 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, says: “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, says: “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 says: “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.”

Latest News

We are very pleased to open the voting for service providers (selected by nominations) and ETP issuers, selected by our..
ETF data providers ETFGI report that assets invested in the global ETFs industry extended its lead over the global hedge..
Never a dull moment for Cathie Wood, founder and CEO of ARK Invest. In 2020 she was the ETF darling enjoying..
New data from ETP provider GraniteShares, which offers a range of 3x short and 3x leveraged ETPs on popular UK,..

Related Articles

We are very pleased to open the voting for service providers (selected by nominations) and ETP issuers, selected by our data partners, Trackinsight, for the European ETF Express Awards, in...
Osprey Funds’ founder and CEO, Greg King, has written an open letter to Barry Silbert, majority owner of Digital Currency Group which owns Grayscale, suggesting that he uses his powers...
Comparing multifactor ETFs to the popular Marvel Avengers series may seem a bit of a stretch but recent analysis from Morningstar suggests the investment strategies have more in common with...
Franklin Templeton, with global ETF AUM exceeding USD13 billion, launched its European ETF offering in 2017, and announced last year the hire of Lotfi Ladjemi as Senior ETF Sales Specialist...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by