The London Bullion Market Association (LBMA) has launched a request for proposal (RfP) for a digital ecosystem that will provide trust and confidence to support the integrity of the market, and the gold that underlies it.
The move, which follows last year’s Gold Bar Integrity initiative that was launched in collaboration with the World Gold Council, invites selected service providers to present solutions designed to establish a secure, efficient information-sharing framework.
The new database will address challenges within the gold value chain, and strengthen the assurance to end-users, investors, banks and other stakeholders of the integrity of the metal they trade or buy.
This underscores LBMA’s commitment to setting industry standards based on transparency and responsible sourcing.
“Our goal is to establish an efficient platform combining information about the sources of LBMA Good Delivery metal, refinery production, vault holdings, and other key intelligence all within the context of enhanced standards for responsible and sustainable sourcing,” says LBMA CEO Ruth Crowell.
“Working with the over 100 LBMA-accredited refiners, banks, traders and other groups, we aim to build a resource able swiftly to provide coordinated data. This will increase the efficiency of LBMA's investigative processes, and our ability to provide timely responses to enquiries from the precious metals community,” she adds.