In a landmark move set to reshape the global gold supply chain, the London Bullion Market Association (LBMA) has announced the accelerated implementation of its refiner transparency initiatives. Originally earmarked for 2027, these requirements will now come into effect as early as 2025, backed by strong support from LBMA-accredited refiners and stakeholders across the precious metals industry.
At the heart of this fast-track initiative is the LBMA’s Refiner Transparency Roadmap, a bold strategy that compels refiners to enhance disclosure about the sources of mined gold. The decision comes amidst growing international scrutiny over ethical sourcing and environmental, social, and governance (ESG) compliance, particularly concerning gold procured from high-risk regions.
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Currently, refiners are required to report the identity and location of suppliers from “red flag” locations—those classified as conflict-affected or high-risk according to the Organisation for Economic Cooperation and Development (OECD) Due Diligence Guidance. These disclosures, however, are submitted confidentially to the LBMA. But starting in 2026, a new level of public transparency will kick in. Refiners will be obligated to disclose the identities of refiners and exporters in such red flag locations, as well as all World Gold Council (WGC) member mines supplying them, and the countries from which they receive mined gold.
These measures mark a seismic shift in the way the gold industry operates. By putting pressure on refiners to disclose origins more transparently, the LBMA is not only championing accountability but also aligning with growing consumer and investor demand for ethically sourced commodities.
Looking further ahead to 2027, the LBMA has signalled even broader transparency goals. Future disclosures will likely include identities, countries, and total volumes of all mined gold received—irrespective of the risk rating or whether the supplier is affiliated with the WGC. In line with this trajectory, once the Responsible Gold Guidance Version 10 (RGG 10) is published, refiners will also be expected to disclose all suppliers based in high-risk zones.
Crucially, these changes are not being imposed unilaterally. The LBMA is conducting a public consultation process throughout the year, with final proposals expected by the end of 2025. Stakeholders—refiners, exporters, assurance providers, and civil society actors—are encouraged to engage through this inclusive process, a testament to the LBMA’s commitment to collaborative governance.
Beyond refining transparency, the LBMA is investing in strengthening assurance provider performance and enhancing value chain accountability. These initiatives aim to restore trust and uphold integrity in an industry that continues to face reputational risks associated with illicit mining, environmental degradation, and human rights abuses.
The LBMA’s decision to look inward and improve its own transparency protocols is equally notable. This signals a clear acknowledgment that responsible sourcing starts at the top, and that industry leadership requires moral authority as much as regulatory oversight.
In a world where global supply chains are increasingly under the microscope, the LBMA’s proactive stance on transparency could set a new gold standard—literally and figuratively. Whether these reforms will be enough to root out unethical practices and build more sustainable value chains remains to be seen, but the direction is undeniably bold and promising.
Stakeholders interested in shaping the next evolution of responsible gold sourcing are invited to participate in the RGG 10 public consultations via responsible.sourcing@lbma.org.uk.
