Refinery

Investment gold is supplied to traders by certified foundries. In foundries, gold is processed according to strict rules. These are controlled by the international organisation known as the London Bullion Market Association (LBMA). Certified foundries are then included on the Good Delivery List.

Good Delivery List

Only those refiners whose bars have been accredited by the LBMA and are in compliance with the London bullion market commercial standards are allowed to appear on the LBMA’s Good Delivery List.

The Good Delivery List of the LBMA shows gold and silver bars of accredited refiners, including market data and the specification of bars. Due to the stringent assaying and bar quality criteria that applicants must satisfy, the lists are universally recognised as the de facto standard for the quality of gold and silver.

These lists are used by many markets and exchanges for defining deliverable brands within their jurisdictions. Recently, a number of exchanges have become licensed for this use.

Current Good Delivery List

The Current List shows refiners of gold and silver whose bars were found to meet the required standard when tested. Listed refiners are proactively monitored on a three-year cycle to ensure that their refining and assaying capabilities continue to meet the required standard. Each refiner’s financial and production data is also reviewed annually.

It should be noted that inclusion in the Current List does not constitute or imply any warranty by the LBMA as to the creditworthiness, or the services or goods supplied, or the quality or compliance with any specification relating to the refiner concerned. No liability for direct or consequential loss caused by negligence is accepted by the LBMA. If a bar bears more than one assay stamp, the lowest figure will be taken into account.

Former Gold and Silver Good Delivery List

The Former Lists include:

• Refiners who no longer produce bars;
• Refiners whose bars are no longer accepted as Good Delivery by the London bullion market;
• Bars where the brand mark has been changed (in which case the brand mark is added to the Current List);
• Only companies which were previously granted Good Delivery status; Refiners are now expected to have the ability to assay the metal content as well as refine it to the required standard.

However, any bars produced by these refiners prior to their transfer to the Former List on the date given continue to be acceptable as London Good Delivery. The LBMA reserves the right to de-list these bars after an appropriate period of time in cases where production has ceased.

Changes to the list

When a current refiner makes a change to its silver and gold bar dimensions or markings, the existing list entry is superseded by the newer version, and the older version is transferred to the Former List. There are separate entries for each individual bar transferred to the Former List and also for the refinery itself when its bars are no longer considered acceptable in the London bullion market.