Page 11 - Bullion World Volume 3 Issue 10 October 2023

Bullion World | Volume 3 | Issue 10 | October 2023

Question – What can be the inception in 2012, has become far
evolutions that can be brought more diverse since the beginning.
about to the industry from these
principles? Question – How do you think this
declaration will impact or change
Ms Sakhila Mirza LBMA – the way business is implemented
As there are several competitors in the gold industry?
amongst group of companies within
the declaration, there must be market Ms Sakhila Mirza LBMA –
integrity which should be given These sustainability principles are
utmost importance. The ultimate essentially very easy to understand
goal of protecting the integrity of the but equally difficult to implement.
market should not be lost amongst These principles are broadly the
the various other initiatives brought same but can vary from place to
in. This collective responsibility of place as the market conditions
Ms Sakhila Mirza
sustainability will inturn help us work are different in different places.
together and bring the industry The Gold principles will remain the
leaders closer from all over the world. same throughout but the way these need to understand the underlying
Communication and transparency is principles are implemented can wants and needs from the industry.
key for these principles. As Mr David vary due to the location or any other Having one united voice for this
Tait mentioned technology will be discrepancies. cause is mandatory to be heard by
another key aspect to make all these all the governing bodies across the
initiatives and principles to work. From the LBMA perspective, world as it might not be effective if
In terms of responsible sourcing the need for education from the we the industry do not stand tall and
which has been scaling up since its regulatory side is a must as they together.

Question – How do you think this like security vaults and storage
declaration will impact or change facilities. Singapore is always looked
the way business is implemented at as a hub to connect the ASEAN
in the gold industry? region to the rest of the world. The
SBMA is not run by a specific person
Mr Albert Cheng SBMA – but a committee is set which decides
According to the SBMA these the trajectory. We also exchange
declarations and principles are a ideas and insights between the other
way forward to bring all the gold ASEAN countries to develop and help
industry associates together in each other.
a global platform especially two
recognised leaders like WGC and Question – How do you see the
LBMA leading the way and helping interaction between stakeholders
the industry to work together can and governments, as none of
be the best possible start to these these principles can be addressed Mr Albert Cheng
principles. Speaking from the by one entity alone?
Singapore perspective which has a
lower population when compared to Mr Albert Cheng SBMA – time refiners present in this region.
others, we think of the other countries The framework is not fully discussed, As Ms Sakhila stated the WGC and
like fore-fathers. We play a big role but the main principles, which are LBMA who are a big part of the
in the gold industry as Singapore is sustainability and responsible souring Gold industry must be a leader and
the hub for many Bullion banks and are being addressed all across the demonstrate how to abide and follow
traders. We also have other facilities ASEAN region even to the small these principles.

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