The World Gold Council members, who represent the majority of the global large-scale gold mining industry, have committed to provide enhanced transparency in the gold supply chain.
All 33 WGC members with operating mines, who collectively produce 1,300 tonnes of gold per annum, will publish the names and locations of their refining partners on an annual basis, including the source of primary revenue from gold production.
All members have also committed to joining the Gold Bar Integrity platform and supplying, on a confidential basis, “core data” on the gold they have produced to their refining partners.
This ensures gold enters the Gold Bar Integrity platform “at source” and is a major step in the digitalisation of gold across the supply chain.
It 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.
David Tait, CEO of WGC, said that pursuing enhanced supply chain transparency is good for the companies, as they get assurance that the gold they are using is produced and traded responsibly.
These measures have been taken to encourage further transparency around the global gold trade.
The move comes close on the heels of India implementing mandatory hallmarking of gold jewellery with a unique identification (HUID) number.
The digitally generated HUID helps customers to trace back the jewellery producer and assures the purity of gold.