World Gold Council members commit to better supply-chain transparency

World Gold Council members have committed to providing enhanced transparency in the gold supply chain.

Its 33 members represent the majority of the global large-scale gold mining industry and collectively produce about 1,300tpa of gold.

As part of the commitment, the members will publish the names and locations of their refining partners on at least an annual basis, to include all operations where the primary revenue comes from the production of gold.

World Gold Council chief executive David Tait says he is delighted that members are leading the way in transparency.

“Pursuing enhanced supply chain transparency is good for the companies who produce, the communities who benefit from employment, training and skills, and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded,” he said.

“The responsible gold mining industry should be rightly proud of the positive impact they have on the communities and countries where gold is mined.”

All members have also committed to joining the Gold Bar Integrity (GBI) platform and supply, on a confidential basis, “core data” on the gold they have produced to their refining partners.

This ensures gold enters the Gold Bar Integrity platform “at source” and is a major step in the digitalisation of gold across the supply chain.

It will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers.

The implementation period is currently being defined by the World Gold Council.