Page 24 - Bullion World Volume 3 Issue 10 October 2023

Bullion World | Volume 3 | Issue 10 | October 2023

Rand Refinery:

We add Trust to the Store of Value

Mr Praveen Baijnath, Chief Executive Officer, Rand Refinery

Gold has been revered as a store enforcing strict due diligence, we
of value for thousands of years, and prevent tainted gold from entering
its intrinsic properties, combined legitimate markets.
with its historical significance, have
contributed to its enduring reputation The role of the retail sector is equally
as a reliable asset. However, the crucial. You can shape consumer
reliability of gold as a store of value perceptions and educate consumers
is not solely a result of its physical about the importance of ethical gold.
attributes but also of the level of trust
society places in it. We take our responsibilities very
seriously. The rigour of production
That said, gold also bears witness to standards at Rand Refinery is
the unpalatable truths surrounding matched by the stringency of our
unethical sourcing. Behind the sourcing protocols, which are
glitter lies a shadow, as illegal and implemented at every level of the Mr Praveen Baijnath
unethical practices tarnish its path operation. Accredited by the London
from mine to market. Illegal gold Bullion Market Association (LBMA),
mining threatens fragile ecosystems Rand Refinery is one of the world's
and local communities and fuels leading gold and silver refiners and
criminal networks and human rights the only referee status Refiner in the
abuses. By shining a light on these southern hemisphere.
truths, we can collectively work
towards transforming the industry We are committed to and contribute participants in the global over-the-
into one that aligns with principles towards setting internationally counter (OTC) wholesale precious
of sustainability, transparency, and accepted responsible sourcing metals market. We produce products
ethical responsibility. practices and are in conformance that are tradeable on the OTC
with the LBMA Responsible Gold & market.
The mining industry serves as Silver Guidance and the OECD Due
the foundational source of gold. Diligence Guidance for Responsible While no asset is entirely without
Its responsible practices lay the Supply Chains of Minerals. risk, gold's enduring value and the
groundwork for the entire supply trust placed in it by individuals and
chain. The selection of mining In 2017, we became a signatory to societies around the world make it a
sites, adherence to environmental the Global Precious Metals Code, formidable store of value, standing
regulations, and commitment to which sets out the standards and the test of time for millennia.
fair labour practices all impact the best practices expected from market
integrity of the gold that enters the
value chain.

Refineries transform the doré into
gold that meets international / LBMA
standards. Our role in ensuring the
traceability and transparency of the
gold we handle is pivotal. By rejecting
gold from questionable sources and

24