Page 12 - Bullion World Volume 4 Issue 2 February 2024

Bullion World | Volume 4 | Issue 2 | February 2024

LBMA’s Good Delivery Rules:

Updates Build Trust and

Transparency in the Market

Ms Shelly Ford, Digital Content Manager and Alchemist Editor,
Ms Varsha Peiris, Head of Good Delivery- LBMA

Ms Shelly Ford Ms Varsha Peiris

Only gold and silver bars that meet LBMA’s Good “Each review is extremely thorough,” explains Varsha
Delivery standards are acceptable in the settlement Peiris, Head of Good Delivery at LBMA. “We hold a
of a Loco London contract – where the bullion traded consultation to ensure key market participants are
is physically held in London. The Good Delivery Rules supportive of the proposed changes, and we listen
set out every aspect of Good Delivery administration, to their feedback. This collaboration helps ensure the
including the specification standards for gold and silver Good Delivery Rules and application processes are as
bars traded in the Loco London Precious Metals Market. robust as possible to underpin the Loco London market,
currently worth some $596.4 bn.”
Ensuring both refiners and vaults implement the Good
Delivery Rules relating to a bar's assay (purity) and The latest review has resulted in some updates to the
weight, as well as its safe handling and stacking, Good Delivery Rules and the Good Delivery Application
establishes a high level of consistency in the market. Procedures for gold and silver for 2024, and the
changes came into effect on Monday, 1 January 2024.
What are the changes, and how will they further build
The LBMA Good Delivery Rules are reviewed on an
annual basis and every three years an enhanced review on transparency within the market?guidance on non-
takes place to ensure that they remain relevant and fit for acceptable surface treatment.
purpose.

12
12