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Gold bodies sign global responsibility, sustainability declaration

WGC CEO David Tait

WGC CEO David Tait

4th November 2022

By: Marleny Arnoldi

Online News Editor

     

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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 the 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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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