Page 13 - Bullion World Volume 4 Issue 2 February 2024

Bullion World | Volume 4 | Issue 2 | February 2024

Good Delivery Rules your application for listing if you have:
A summary of changes is below: 1. Been in existence for at least five years and been
• Section 1 - Background and High-Level Principles: refining the metal for which you are applying for
1.5 Suspension and Reinstatement Good Delivery status for not less than three years.
• The suspension and reinstatement of refiners has 2. An established annual refining production (which
been defined. The Rules now clearly define the need not be in the form of standard bars) of not less
process of long periods of suspension, when a than 10 tonnes for gold, or not less than 50 tonnes
suspended refiner is transferred to the Former List, for silver.
reinstating refiners to the Good Delivery List, where 3. A tangible net worth of not less than the equivalent
applicable, and what requirements must be met prior of £15 million.
to reinstatement. 4. Ownership, financial standing and reputation that
• The Rules also define when Good Delivery bars would satisfy the due diligence tests practised in the
produced prior to the date of transfer to the Former Loco London Market.
List will not be considered Good Delivery. 5. The applicant must implement LBMA’s Responsible
• Section 2 - Technical Specifications: 2.1.4 Sourcing Programme and pass an independent audit
Appearance prior to submitting their application for Good Delivery
• An additional point has been added providing further listing.
guidance on non-acceptable surface treatment.
• Annex C - Weight Lists “The Good Delivery Rules establish a global benchmark
• Following feedback from the market an additional for the quality and integrity of gold and silver bars,
column has been added to the weight lists to include ensuring they meet stringent criteria in weight,
the year of manufacture. This will not be required for dimensions, and purity,” adds Varsha Peiris. “The rules
older bars already in the market that do not have this provide assurance to all market participants that the
marked on the bar. precious metals traded are of the highest standard and
• Annex D - Proactive Monitoring - Procedures and play a pivotal role in building trust and transparency in
Criteria: 2.2 Witnessing of Dip Sample the market."
• The requirements of suitable dip samples have been
defined and included in the annex. Find out more
The updated Good Delivery Rules and Procedures for
In addition to the Rules, LBMA has developed Weighing GDL Applications documents can be found on the LBMA
Guidelines for gold and silver bars. These guidelines website [https://www.lbma.org.uk/good-delivery/good-
have been designed to assist those who weigh Good delivery-rules-and-governance]
Delivery gold and silver bars with electronic balances.
The full guidelines can be found on the LBMA website.
[https://www.lbma.org.uk/articles/lbma-launches-
weighing-guidelines-for-gold-and-silver-bars]

Good Delivery Applications
In addition to the current non-technical criteria, we
have implemented the following:
• The applicant must appoint a Good Delivery
Supervisor to carry out an inspection visit to support
the submission of the short video.
• Additionally, the applicant will be required to pay
25% of the application fee at the point of submitting
their Responsible Sourcing audit for review prior to
submitting their application.

What does it take to become a Good Delivery
Refiner?
To be accredited to the Good Delivery List, refiners must
undergo stringent checks. LBMA is likely to consider

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