While there has been significant progress in addressing environmental, social and governance concerns in the gold sector through initiatives and performance standards, the broader industry has, for the first time, declared a collective statement of awareness and intent.

The World Gold Council (WGC) and the London Bullion Market Authority (LBMA) announced the Declaration of Responsibility and Sustainability Principles at the LBMA Precious Metals Conference, in Lisbon, Portugal, on October 18.

The declaration formally expresses a shared commitment to operating in a responsible and sustainable way, based on a clear set of shared goals.

Signatories to the declaration are the WGC, the LBMA, the Singapore Bullion Market Association, the China Gold Association, the Swiss Association of Precious Metals Producers and Traders, the London Metal Exchange, the Dubai Multi Commodities Centre, the Indian Gold Policy Centre, the Indian Bullion and Jewellery Association, the Indian International Bullion Exchange, the World Jewellery Confederation, the Artisanal Gold Council, the Responsible Jewellery Council and the Watch and Jewellery Initiative 2030.

These organisations have agreed to ten sustainability commitments, including responsible sourcing standards, respect for human rights, the advancement of the United Nations’ Sustainable Development Goals, action on climate change and the promotion of diversity, equality and inclusion.

As part of the commitment to declaration, the signatories agreed to collaborate with industry peers more closely and report on the progress of implementing the principles encompassed in the declaration.

The WGC explains that the signatories can also demonstrate their commitment through adherence to initiatives that are already designed for specific activities within the supply chain, such as the council’s Responsible Gold Mining Principles and the LBMA’s Responsible Gold Guidance.

Building on the declaration, the gold industry stakeholders will continue to work with governments, international organisations and other private sector actors to define and support robust standards of integrity and governance, the WGC and the LBMA state.

LBMA CEO Ruth Crowell says the gold supply chain is complex and global, and industry participants are on different stages of their sustainability journey. “I am pleased that we have been able to define a shared pathway to progress and unite the industry around these principles.

“By coming together in this way, we can demonstrate our collective commitment to responsible and sustainable business practices,” she highlights.

WGC CEO David Tait adds that the gold industry has made great progress in recent years to ensure gold is responsibly sourced, but that there is still plenty of work to be done to maximise beneficial impacts.

“I believe this is just the starting point, as we move to improve collaboration across the supply chain for the benefit of all stakeholders, end-users and the future of the gold industry.”