The World Gold Council (WGC) has announced that its members, which account for the majority of the world's large-scale gold miners, have committed to taking steps towards providing enhanced transparency in the gold supply chain.
All 33 WGC members with operating mines, which collectively produce about 1 300 t/y of gold, have committed to publishing the names and locations of their refining partners on at least a yearly basis, and to include all operations where the primary revenue comes from the production of gold.
They have also committed to joining the Gold Bar Integrity (GBI) platform and to supply, on a confidential basis, core data on the gold they have delivered to their refining partners.
This ensures gold enters the GBI platform at source and is a major step in the digitalisation of gold across the supply chain.
According to the WGC, this will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers.
“Pursuing enhanced supply chain transparency is good for the companies that produce gold; the communities that benefit from employment, training and skills; and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded,” WGC CEO David Tait said on September 19.
These measures have been taken to encourage further transparency in the global gold trade. With all WGC members currently committed to both these initiatives, the implementation period is now being defined.
The WGC encouraged all other gold miners to also make these commitments to enhance supply chain transparency.