09 Dec 2022
DiamondWorld Directory
-
Home |
News
Home
Gold Bar Integrity Programme
London Bullion Market Association and World Gold Council collaborate to create long term responsibility and sustainability programme
By: Diamond World News Service
|
Mar 30 2022 2:10PM
|
Reference: 26251  

DecreaseIncrease

London Bullion Market Association and the World Gold Council are collaborating to develop and implement an international system of gold bar integrity, chain of custody and provenance. Over time, this will help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced.

 This initial phase will see two distributed ledger companies, aXedras and Peer Ledger, demonstrate how their technology can best deliver a global ecosystem that will create an immutable record of a gold bar’s place of origin and chain of custody. This blockchain-backed ledger will register and track bars, capturing the provenance and full transaction history. Over time, the plan is to encourage all major participants in the gold industry to adopt this technology, and add to the global ecosystem, so that all gold bars are registered and tracked across the entire supply journey from mine to vault, and ultimately to end consumers such as jewellery manufacturers. This will effectively digitise the global supply chain of gold bars. The Gold Bar Integrity Programme supports greater industry alignment to ensure the future growth of the international gold market.

Ruth Crowell, CEO, LBMA said, “The initiative announced today underlines the confidence that all participants in the market can have in the integrity and accountability of the gold they trade, and the gold they buy.” 

David Tait, CEO, World Gold Council said, “This transformative project is the first step towards a more aligned gold industry, where we work together to ensure a more accessible and transparent market. Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain.” 

Jin Chang, MD & Global Head of Metals, CME Group said, “We welcome the introduction of the Gold Bar Integrity Programme, which will help further strengthen the integrity of the physical gold industry, as well as its investment and trading communities.”

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 32055
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 9568
GJEPC Chairman Interview
Views: 28156
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 39405
Promo for IJ Awards 2012 at NDTV Profit
Views: 57095
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 68595
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21909
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50958
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 53154
Advertisement
DW News App
Member of:
Supporter of: