Approved precious-metals refiners
The bullion that moves through London, New York, Shanghai and Zurich vaults is produced by a small number of refiners whose plants have been audited and approved by the relevant trade association. This page lists every refiner currently on the LBMA Good Delivery List (gold and silver) and the LPPM Good Delivery List (platinum and palladium). A bar accepted by these schemes is "good delivery" worldwide.
LBMA Good Delivery — Gold
Every bar tendered against an LBMA-cleared gold contract must originate from a refiner on this list. The Good Delivery standard specifies minimum fineness 995.0, weight 350-430 troy oz, dimensions, and a stamp comprising serial number, fineness mark, year of manufacture and refiner identification.
| Refiner | Country | Since |
|---|---|---|
| 1.ABC Refinery (Australia) Pty Ltd | Australia | 04/12/2015 |
| 2.Agosi AG | Germany | 08/04/2008 |
| 3.Almalyk Mining and Metallurgical Complex (AMMC) | Uzbekistan | 28/10/1997 |
| 4.AngloGold Ashanti Mineração Ltda | Brazil | 21/03/1986 |
| 5.Argor-Heraeus SA | Switzerland | 28/08/1961 |
| 6.ASAHI METALFINE Inc. | Japan | 12/09/2008 |
| 7.Asahi Refining Canada Limited | Canada | 15/06/1961 |
| 8.Asahi Refining USA Inc. | United States | 23/05/1989 |
| 9.Aurubis AG | Germany | Pre 1934 |
| 10.Bangko Sentral ng Pilipinas (Central Bank of the Philippines) | Philippines | 06/09/1979 |
| 11.Boliden Commercial AB | Sweden | 01/01/1984 |
| 12.C. Hafner GmbH + Co. KG | Germany | 08/03/2013 |
| 13.CCR Refinery - Glencore Canada Corporation | Canada | ~1956 |
| 14.Chimet S.p.A. | Italy | 27/07/1996 |
| 15.Daye Nonferrous Metals Co., Ltd | China | 09/06/2015 |
| 16.Dongwu Gold Group Co., Ltd. | China | 10/11/2019 |
| 17.Gold Corporation (T/A The Perth Mint) | Australia | 24/01/2003 |
| 18.Great Wall Precious Metals Co., LTD. of CBPM | China | 02/10/1961 |
| 19.Heimerle + Meule GmbH | Germany | 03/06/2014 |
| 20.Heraeus Ltd Hong Kong | Hong Kong | 23/01/2006 |
| 21.Inner Mongolia Qiankun Gold and Silver Refinery Share Company Ltd | China | 01/12/1999 |
| 22.Ishifuku Metal Industry Co., Ltd. | Japan | 30/06/1982 |
| 23.Istanbul Gold Refinery | Turkey | 08/12/2011 |
| 24.Italpreziosi S.p.A | Italy | 22/11/2018 |
| 25.Japan Mint | Japan | 13/12/2007 |
| 26.Jiangxi Copper Company Ltd | China | 30/09/2005 |
| 27.JX Advanced Metals Corporation | Japan | 03/05/2000 |
| 28.Kazzinc Ltd | Kazakhstan | 20/06/1996 |
| 29.Kyrgyzaltyn JSC | Kyrgyzstan | 27/10/1999 |
| 30.LS MnM | South Korea | 20/05/1994 |
| 31.Matsuda Sangyo Co., Ltd. | Japan | 11/01/2000 |
| 32.Metalor Precious Metals (Suzhou) Limited | China | 23/05/2019 |
| 33.Metalor Precious Metals Hong Kong Ltd | Hong Kong | 09/05/2007 |
| 34.Metalor Technologies SA | Switzerland | Pre 1934 |
| 35.Metalor Technologies Singapore Pte Ltd | Singapore | 17/07/2014 |
| 36.Metalor USA Refining Corp | United States | 01/01/1987 |
| 37.Metalúrgica Met-Mex Peñoles, S.A. de C.V. | Mexico | 22/11/1991 |
| 38.Mitsubishi Materials Corporation | Japan | 20/05/1981 |
| 39.Mitsui Kinzoku Company, Limited (Takehara) | Japan | 20/05/1981 |
| 40.MKS PAMP SA | Switzerland | 10/06/1987 |
| 41.MMTC-PAMP India Pvt Ltd | India | 16/05/2014 |
| 42.Nadir Metal Rafineri San. Ve Tic. A.Ş. | Turkey | 08/12/2011 |
| 43.Navoi Mining and Metallurgical Combinat (NMMC) | Uzbekistan | 17/10/1994 |
| 44.Nihon Material Co., Ltd | Japan | 19/12/2013 |
| 45.PT Aneka Tambang (Persero) Tbk (Logam Mulia) | Indonesia | 01/01/1999 |
| 46.PX Précinox SA | Switzerland | 24/01/2012 |
| 47.Rand Refinery (Pty) Ltd | South Africa | ~1921 |
| 48.Royal Canadian Mint | Canada | ~1919 |
| 49.Sempsa Joyeria Plateria SA | Spain | 01/01/1984 |
| 50.Shandong Gold Smelting Co., Ltd | China | 14/01/2010 |
| 51.Shandong Zhaojin Gold and Silver Refinery Co Ltd | China | 31/12/2007 |
| 52.Shenzhen Cuilu Gold Refinery Co., Ltd | China | 12/03/2020 |
| 53.Shenzhen Point Gold Refining Co. Ltd | China | 07/08/2023 |
| 54.Shenzhen Yuexin Precious Metals Co., Ltd | China | 19/12/2024 |
| 55.Sichuan Tianze Precious Metals Co., Ltd | China | 26/03/2013 |
| 56.Solar Applied Materials Technology Corp | Taiwan | 25/02/2010 |
| 57.Sumitomo Metal Mining Co., Ltd. | Japan | 17/06/1981 |
| 58.TANAKA PRECIOUS METAL TECHNOLOGIES Co., Ltd. | Japan | 07/09/1978 |
| 59.Tau-Ken Altyn | Kazakhstan | 19/09/2019 |
| 60.TCA S.p.A | Italy | 12/08/2014 |
| 61.Tokuriki Honten Co., Ltd. | Japan | 02/07/1981 |
| 62.Umicore SA Business Unit Precious Metals Refining | Belgium | ~1930 |
| 63.Valcambi SA | Switzerland | 20/05/1968 |
| 64.Yunnan Dianjin Investment Co. Ltd | China | 28/02/2023 |
| 65.Zhongyuan Gold Smelter of Zhongjin Gold Corporation | China | 28/03/2006 |
| 66.Zijin Mining Group Gold Smelting Co. Ltd | China | 31/03/2006 |
LBMA Good Delivery — Silver
Silver Good Delivery bars must be minimum fineness 999.0, weight 750-1100 troy oz (target 1000 oz). Two refiners on the current list are suspended as of 8 May 2026 — flagged inline in the table.
| Refiner | Country | Since |
|---|---|---|
| 1.ABC Refinery (Australia) Pty Ltd | Australia | 04/11/2021 |
| 2.Agosi AG | Germany | 09/10/1986 |
| 3.Almalyk Mining and Metallurgical Complex (AMMC) | Uzbekistan | 23/10/1996 |
| 4.Argor-Heraeus SA | Switzerland | 24/06/1992 |
| 5.ASAHI METALFINE Inc. | Japan | 17/07/2000 |
| 6.Asahi Refining Canada Limited | Canada | 19/12/2001 |
| 7.Asahi Refining USA Inc. | United States | 03/03/1989 |
| 8.Aurubis AG | Germany | Pre 1959 |
| 9.Boliden Commercial AB | Sweden | Pre 1959 |
| 10.Britannia Refined Metals Ltd | United Kingdom | 14/04/2005 |
| 11.CCR Refinery - Glencore Canada Corporation | Canada | 01/01/1955 |
| 12.Chimet S.p.A. | Italy | 18/05/1981 |
| 13.Choksi Heraeus Pvt Ltd | India | 14/11/2024 |
| 14.Daye Nonferrous Metals Co., Ltd | China | 05/02/2007 |
| 15.Doduco Contacts and Refining GmbH | Germany | 09/08/2012 |
| 16.Dowa Metals & Mining Co Ltd | Japan | Pre 1959 |
| 17.Gold Corporation (T/A The Perth Mint) | Australia | 24/01/2003 |
| 18.Great Wall Precious Metals Co., LTD. of CBPM | China | 1972-1981 |
| 19.Guangdong Jinye Precious Metals Co., Ltd | China | 22/11/2018 |
| 20.Guangxi Nandan Nanfang Metal Company Ltd SUSPENDED 8 May 2026 | China | 01/06/2020 |
| 21.Henan Jinli Gold and Lead Group Co., Ltd | China | 14/10/2013 |
| 22.Henan Yuguang Gold and Lead Company Ltd | China | 12/11/2002 |
| 23.Heraeus Ltd Hong Kong | Hong Kong | 15/09/2010 |
| 24.Heraeus Precious Metals GmbH & Co. KG | Germany | Pre 1972 |
| 25.Hindustan Platinum Pvt. Ltd | India | 02/11/2016 |
| 26.Hindustan Zinc Ltd | India | 16/04/2018 |
| 27.Hunan Guiyang Yinxing Nonferrous Metals Smelting Co Ltd | China | 30/06/2014 |
| 28.Hunan Huaxin Rare & Precious Metals Technologies Co., Ltd | China | 30/06/2014 |
| 29.Hunan Shuikoushan Nonferrous Metals Group Co Ltd (SKS) | China | 13/05/2003 |
| 30.Hunan Silver Co Ltd | China | 17/08/2015 |
| 31.Inner Mongolia Qiankun Gold and Silver Refinery Share Company Ltd | China | 06/06/2000 |
| 32.Ishifuku Metal Industry Co., Ltd. | Japan | Pre 1934 |
| 33.Istanbul Gold Refinery | Turkey | 19/12/2024 |
| 34.Italpreziosi S.p.A | Italy | 20/05/2026 |
| 35.Japan Mint | Japan | Pre 1959 |
| 36.Jiangxi Copper Company Ltd | China | 21/04/2004 |
| 37.Jiangxi Copper Lead & Zinc Metal Co. Ltd | China | 15/02/2024 |
| 38.Jiangxi Hefeng Environmental Protection and Technology Co., Ltd. (Jinfeng) | China | 12/05/2022 |
| 39.Jinlong Copper Co., Ltd | China | 10/09/2003 |
| 40.Jiyuan Wanyang Smeltery Group Co., Ltd | China | 15/04/2019 |
| 41.JX Advanced Metals Corporation | Japan | 01/01/1981 |
| 42.Kazakhmys Smelting LLC - Balkhash Metallurgical Complex | Kazakhstan | 21/07/2010 |
| 43.Kazzinc Ltd | Kazakhstan | 14/03/1995 |
| 44.Kennecott Utah Copper LLC | United States | Pre 1959 |
| 45.KGHM Polska Miedz SA | Poland | 17/03/1995 |
| 46.Korea Zinc Co., Ltd | South Korea | 30/01/2001 |
| 47.LS MnM | South Korea | 19/04/1991 |
| 48.Matsuda Sangyo Co., Ltd. | Japan | 11/01/2000 |
| 49.Metalor Precious Metals Hong Kong Ltd | Hong Kong | 08/04/2026 |
| 50.Metalor Technologies SA | Switzerland | 02/07/1992 |
| 51.Metalor USA Refining Corp | United States | 18/02/1991 |
| 52.Metalúrgica Met-Mex Peñoles, S.A. de C.V. | Mexico | Pre 1959 |
| 53.Minshan Environmental Energy High Tech Co., Ltd SUSPENDED 8 May 2026 | China | 27/07/2023 |
| 54.Mitsubishi Materials Corporation | Japan | Pre 1959 |
| 55.Mitsui Kinzoku Company, Limited (Kamioka) | Japan | Pre 1972 |
| 56.Mitsui Kinzoku Company, Limited (Takehara) | Japan | Pre 1972 |
| 57.MKS PAMP SA | Switzerland | 01/10/1995 |
| 58.MMTC-PAMP India Pvt Ltd | India | 14/10/2013 |
| 59.Nadir Metal Rafineri San. Ve Tic. A.Ş. | Turkey | 20/06/2012 |
| 60.Planta Recuperadora de Metales SpA | Chile | 13/01/2026 |
| 61.Rand Refinery (Pty) Ltd | South Africa | Pre 1959 |
| 62.Remondis PMR B.V | Netherlands | 31/12/2006 |
| 63.Royal Canadian Mint | Canada | 14/04/2011 |
| 64.SAXONIA Edelmetalle GmbH | Germany | 27/01/2014 |
| 65.Sempsa Joyeria Plateria SA | Spain | Pre 1981 |
| 66.Shandong Gold Smelting Co., Ltd | China | 14/01/2010 |
| 67.Shandong Humon Smelting Co Ltd | China | 19/07/2018 |
| 68.Shandong Zhaojin Gold and Silver Refinery Co Ltd | China | 13/12/2007 |
| 69.Shenzhen Cuilu Gold Refinery Co., Ltd | China | 08/05/2024 |
| 70.Shenzhen Point Gold Refining Co. Ltd | China | 08/12/2022 |
| 71.Shenzhen Yuexin Precious Metals Co., Ltd | China | 21/01/2025 |
| 72.Sichuan Tianze Precious Metals Co., Ltd | China | 26/03/2013 |
| 73.Solar Applied Materials Technology Corp | Taiwan | 12/06/2008 |
| 74.StoneX Metals Ltd | United Kingdom | 1985 |
| 75.Sumitomo Metal Mining Co., Ltd. | Japan | 01/12/2005 |
| 76.TANAKA PRECIOUS METAL TECHNOLOGIES Co., Ltd. | Japan | ~1952 |
| 77.TCA S.p.A | Italy | 03/10/2017 |
| 78.Teck Metals Ltd | Canada | Pre 1959 |
| 79.Toho Zinc Co., Ltd | Japan | Pre 1959 |
| 80.Tokuriki Honten Co., Ltd. | Japan | 11/04/1983 |
| 81.Umicore Precious Metals (Thailand) Ltd | Thailand | 21/11/2014 |
| 82.Umicore SA Business Unit Precious Metals Refining | Belgium | Pre 1934 |
| 83.Valcambi SA | Switzerland | Pre 1972 |
| 84.Yanggu Xiangguang Copper Co., Ltd | China | 05/01/2015 |
| 85.Yunnan Copper Co., Ltd | China | 18/03/2004 |
| 86.Zijin Copper Co., Ltd | China | 03/08/2017 |
LPPM Good Delivery — Platinum
Platinum Good Delivery plates and ingots must be minimum fineness 999.5 and weigh between 1 and 6 kg. The current list runs parallel to but separate from the LBMA — some refiners appear on both schemes.
| Refiner | Country |
|---|---|
| 1.Aida Chemical Industries Co. Ltd. | Japan |
| 2.Argor-Heraeus SA | Switzerland |
| 3.ASAHI METALFINE, Inc. with effect from 1 April 2023 | Japan |
| 4.BASF Metals LLC | United States |
| 5.C. HAFNER GmbH and Co. KG | Germany |
| 6.Chimet SpA | Italy |
| 7.Furuya Metal Co. Ltd. | Japan |
| 8.Guangdong Jinzhenglong Technology Co., Ltd. | China |
| 9.Heesung PM Tech Corp | South Korea |
| 10.Heraeus Limited | Hong Kong |
| 11.Heraeus PGM SA (Pty) Ltd | South Africa |
| 12.Heraeus Precious Metals GmbH & Co. KG | Germany |
| 13.Heraeus Precious Metals North America LLC | United States |
| 14.Hindustan Platinum Pvt. Ltd. | India |
| 15.Impala Platinum Limited | South Africa |
| 16.Ishifuku Metal Industry Co. Limited | Japan |
| 17.ITP Co., Ltd. | China |
| 18.Johnson Matthey Inc. | United States |
| 19.Johnson Matthey plc | United Kingdom |
| 20.Matsuda Sangyo Co. Limited | Japan |
| 21.Metalor Precious Metals (Suzhou) Ltd | China |
| 22.Metalor Technologies SA | Switzerland |
| 23.MKS PAMP S.A. | Switzerland |
| 24.Nihon Material Co. Ltd. | Japan |
| 25.Onahama Smelting & Refining Co., Ltd. formerly Materials Eco-Refining Co. Ltd., effective 1 April 2023 | Japan |
| 26.Ravindra Heraeus Private Limited | India |
| 27.Rustenburg Platinum Mines Limited | South Africa |
| 28.Sabin Metal Corporation | United States |
| 29.SAXONIA Edelmetalle GmbH | Germany |
| 30.Shenzhen Cuilu Gold Refinery Co., Ltd | China |
| 31.Shenzhen Point Gold Refining Co., Ltd. | China |
| 32.Shenzhen Yuexin Precious Metals Co., Ltd. | China |
| 33.Sibanye-Stillwater / Western Platinum (PTY) Limited | South Africa |
| 34.Solar Applied Materials Technology Corp. | Taiwan |
| 35.T.C.A. S.p.A. | Italy |
| 36.TANAKA PRECIOUS METAL TECHNOLOGIES Co., Ltd. | Japan |
| 37.Tokuriki Honten Co. Limited | Japan |
| 38.Valcambi SA | Switzerland |
LPPM Good Delivery — Palladium
Palladium Good Delivery has the same physical specification as platinum (999.5 fineness, 1-6 kg). Several refiners that appear on the platinum list do not refine palladium and vice versa.
| Refiner | Country |
|---|---|
| 1.Aida Chemical Industries Co. Ltd. | Japan |
| 2.Argor-Heraeus SA | Switzerland |
| 3.ASAHI METALFINE, Inc. with effect from 1 April 2023 | Japan |
| 4.BASF Metals LLC | United States |
| 5.C. HAFNER GmbH and Co. KG | Germany |
| 6.Chimet SpA | Italy |
| 7.Furuya Metal Co. Ltd. | Japan |
| 8.Heesung PM Tech Corp | South Korea |
| 9.Heraeus Limited | Hong Kong |
| 10.Heraeus PGM SA (Pty) Ltd | South Africa |
| 11.Heraeus Precious Metals GmbH & Co. KG | Germany |
| 12.Heraeus Precious Metals North America LLC | United States |
| 13.Hindustan Platinum Pvt. Ltd. | India |
| 14.Ishifuku Metal Industry Co. Limited | Japan |
| 15.Johnson Matthey Inc. | United States |
| 16.Johnson Matthey plc | United Kingdom |
| 17.Matsuda Sangyo Co. Limited | Japan |
| 18.Metalor Technologies SA | Switzerland |
| 19.MKS PAMP S.A. | Switzerland |
| 20.Nihon Material Co. Ltd. | Japan |
| 21.Onahama Smelting & Refining Co., Ltd. formerly Materials Eco-Refining Co. Ltd., effective 1 April 2023 | Japan |
| 22.Ravindra Heraeus Private Limited | India |
| 23.Rustenburg Platinum Mines Limited | South Africa |
| 24.Sabin Metal Corporation | United States |
| 25.SAXONIA Edelmetalle GmbH | Germany |
| 26.Shenzhen Cuilu Gold Refinery Co., Ltd | China |
| 27.Shenzhen Point Gold Refining Co., Ltd. | China |
| 28.Shenzhen Yuexin Precious Metals Co., Ltd. | China |
| 29.Sibanye-Stillwater / Western Platinum (PTY) Limited | South Africa |
| 30.T.C.A. S.p.A. | Italy |
| 31.TANAKA PRECIOUS METAL TECHNOLOGIES Co., Ltd. | Japan |
| 32.Tokuriki Honten Co. Limited | Japan |
| 33.Valcambi SA | Switzerland |
How Good Delivery works
1. Application
Refiner submits financial accounts, three years of operation history, technical data on the assay laboratory and proficiency testing results.
2. Sample testing
Candidate provides reference samples (gold, silver or PGM bars) which are independently assayed by existing Good Delivery refiners.
3. Site visit
LBMA / LPPM technical assessors visit the refinery, audit the assay lab, and verify production capability and quality systems.
4. Listing
The Physical Committee (LBMA) or Management Committee (LPPM) votes on inclusion. The refiner's bars become "good delivery" at participating vaults worldwide.
5. Pro-Active Monitoring (PAM)
Once listed, refiners are reviewed every three years on assay accuracy via blind testing of submitted bars by other Good Delivery refiners.
6. Responsible Sourcing
All LBMA Good Delivery refiners must comply with the LBMA Responsible Sourcing Guidance (RSG), aligned with the OECD Due Diligence framework.
Primary sources
Good Delivery Accreditation Under Pressure — Delistings, Sanctions, and the Incident Review Process
1. The scale of the list and the delisting record, 2015–2024
As of mid-2025 the LBMA accredits 66 gold refiners and 79 silver refiners across roughly 37 countries, forming the backbone of the London Good Delivery bar standard that underpins global loco-London settlement (LBMA-derived directory of accredited refineries, July 2025). A confidential submission compiled for the UN Special Procedures mechanism documents that eight refiners were removed from the Good Delivery List during 2015–2024 for failing to meet required standards, with three of those removals following a formal Incident Review Process that identified “zero tolerance” risks (UN Special Procedures communication on LBMA Good Delivery List refiners). The Incident Review Process itself is triggered when the LBMA becomes aware of allegations of criminal activity or potential serious breaches of the Responsible Gold Guidance, and can escalate into a Special Audit conducted by an auditor independent of the refiner's original assurance provider — though the LBMA's own stated starting point is that disengagement should be a “last resort,” used only where adverse impact is irremediable (UN Special Procedures communication on LBMA Good Delivery List refiners). MMTC-PAMP's 2019 Incident Review Process over sourcing linked to Tanzania's North Mara Mine — and Rand Refinery's later contract with the same mine — illustrate how the process runs in practice: repeated assurance reviews, confidential on-site assessments, and a conclusion that sourcing could continue subject to mitigation rather than an automatic delisting (UN Special Procedures communication on LBMA Good Delivery List refiners).
2. Russia's 2022 suspension: the sanctions precedent that reshaped the list
The most consequential Good Delivery action of the decade came on 7 March 2022, when the LBMA suspended all six Russian gold and silver refineries then on its accredited lists — JSC Krastsvetmet, JSC Novosibirsk Refinery, JSC Uralelectromed, Moscow Special Alloys Processing Plant, Prioksky Plant of Non-Ferrous Metals, and Shyolkovsky Factory of Secondary Precious Metals — in direct response to US, EU, and UK sanctions following Russia's invasion of Ukraine (Bloomberg, Russian Gold Is Hit With De Facto Ban From Key London Market). Bars produced before the suspension date remained valid Good Delivery, but no new production from those refiners could enter the London market (Reuters, London bullion market bars Russian gold refineries). Strikingly, the parallel London Platinum and Palladium Market (LPPM) took the opposite stance on its own two Russian-accredited refiners, JSC Krastsvetmet and the Prioksky Plant, explicitly stating “there will be no changes to our good delivery list” — reflecting Russia's outsized share of global palladium supply and the absence of platinum-group-metals sanctions at the time (Euronews, London market green-lights Russia's palladium while blocking its gold). The episode set a template later governments have referenced when weighing sanctions on refiner accreditation as a targeted, market-structure-level enforcement tool rather than a blunt trade embargo.
3. The Kaloti/DMCC precedent and its echo in later UAE suspensions
Years before the LBMA's Russia action, the Dubai Multi Commodities Centre's 2015 removal of Al Kaloti Jewellers Factory from the Dubai Good Delivery list established the template for reputational accreditation risk in the Gulf refining hub. DMCC delisted Kaloti's Sharjah refinery on 5 April 2015 for failing to meet its responsible-sourcing practical guidance, after a leaked 2013 Ernst & Young audit had identified serious breaches, including the import of gold-painted silver bars from Morocco that investigators characterized as a method of circumventing export controls (Bloomberg, Dubai's Kaloti Removed From Gold List as New Factory Near). Global Witness later reported that Switzerland's Valcambi continued sourcing directly from Kaloti — some 16.5 tonnes in 2018 and four tonnes in 2019 — despite Kaloti's non-LBMA status and links documented by investigators to Sudanese conflict gold, underscoring how delisting from one accreditation body does not necessarily sever a refiner from downstream Good Delivery-adjacent supply chains (Global Witness, How Switzerland's Valcambi Sources from UAE's Kaloti). The precedent recurred in 2023, when the UAE suspended Emirates Gold DMCC — one of the Gulf's largest refiners, operating for over 30 years — from its national Good Delivery list on 7 July 2023 over concerns the owners had alleged ties to money laundering, with the LBMA following suit by suspending Emirates Gold's affiliate membership the same week (The National, UAE suspends Emirates Gold refinery from its 'good delivery list').
Responsible Gold Guidance Version 10 — the LBMA's Transparency Overhaul Reaches Public Consultation
1. From Version 9 to Version 10: what changed and why
The current baseline standard, Responsible Gold Guidance version 9 (RGG9), finalized in November 2021, follows the OECD's five-step due-diligence framework and requires refiners to address money laundering, terrorist financing, human-rights abuses, and environmental harm, verified through annual third-party assurance (LBMA, Responsible Sourcing Programme publications). On 15 June 2026 the LBMA launched public consultation on Responsible Gold Guidance version 10 (RGG10), a review the organization says has been under development since 2024 through stakeholder working groups, task forces, and committee input from GDL refiners, assurance providers, and civil society. RGG10's four focus areas are: sharper risk-based due diligence for what it renames “Secondary Gold” (formerly Recycled Gold); formal incorporation of the Artisanal and Small-Scale Mining (ASM) Toolkit and Disclosure Guidance updates; broader ESG due-diligence expectations; and continued alignment with the EU Conflict Minerals Regulation, an alignment RGG9 already achieved as a recognized industry scheme (LBMA, Public Consultation Launch: Responsible Gold Guidance Version 10).
2. The accelerated Disclosure Guidance: mine-level reporting from January 2026
Ahead of RGG10's full rollout, the LBMA fast-tracked a separate Disclosure Guidance update that took effect 1 January 2026, requiring refiners to publicly disclose the identity of the refiner and local exporter in OECD-defined “red flag locations,” all World Gold Council-member mines from which they receive material, and all countries from which mined material is sourced — a requirement the LBMA describes as the first industry scheme of its kind to implement disclosures under Footnote 59 of the OECD's Gold Supplement guidance (LBMA, consultation update on Disclosure Guidance and Footnote 59 requirements). The underlying reporting infrastructure, the Gold Bar Integrity Database launched in January 2025, is set to take monthly country-of-origin submissions from refiners on a voluntary basis from April 2026, becoming mandatory monthly reporting from 2027 — a hard compliance deadline with real consequences, since LBMA CEO Ruth Crowell has confirmed non-compliant refiners face suspension or delisting from the Good Delivery List once the mandate takes effect (Reuters, LBMA's new database for gold bars will be mandatory for listed refineries from 2027).
3. Civil-society pushback: Human Rights Watch's July 2026 consultation submission
Human Rights Watch's formal submission to the RGG10 consultation, filed 8 July 2026, argues the “red flag locations” concept as operationalized in the Disclosure Guidance is too narrow, relying on country lists — including the EU Conflict Minerals Regulation list and current/former FATF high-risk lists — that omit countries such as Peru, Brazil, and Ghana despite each meeting several OECD criteria for high-risk sourcing, and that exclude the UAE entirely following its removal from the FATF grey list in 2024, notwithstanding documented human-rights concerns tied to the jurisdiction's role as a global gold-trade hub (Human Rights Watch, Submission to the LBMA Re. Responsible Gold Guidance Version 10). The submission's sharpest institutional criticism targets the Incident Review Process itself: the guidance does not clarify what constitutes a “serious breach,” how allegations can be filed by external parties, what timeframe applies, or — most consequentially — whether an Incident Review Process or Special Assurance can actually trigger suspension or expulsion from the Good Delivery List, with Human Rights Watch citing both an EU finding and its own identified case of non-conformances that produced no consequence (Human Rights Watch, Submission to the LBMA Re. Responsible Gold Guidance Version 10). The group's core recommendation is full supply-chain transparency — disclosure of all mines of origin and all direct and indirect suppliers, including secondary-gold suppliers, ideally through a searchable public database such as Open Supply Hub, rather than confidential reporting to the LBMA alone (Human Rights Watch, Submission to the LBMA Re. Responsible Gold Guidance Version 10).
Refining Capacity Realignment — Swiss Corporate Restructuring Meets Asian and US Tariff Pressure
1. Swiss refiner concentration: four plants, one triangle, one merger
Switzerland's four major LBMA-accredited gold refiners — Valcambi (Balerna), PAMP (Castel San Pietro), Argor-Heraeus (Mendrisio), and Metalor (Neuchâtel) — together process roughly a third of global gold supply, with three of the four clustered within a few kilometres of each other in the Ticino canton near the Swiss-Italian border (Mining.com, Swiss gold refineries reopen as virus lockdown eases). Consolidation has been underway for a decade: Valcambi was acquired by India's Rajesh Exports in 2015 from a group that included US miner Newmont, PAMP merged formally with parent trading house MKS in November 2021 to form MKS PAMP SA, and Heraeus completed its acquisition of Argor-Heraeus in 2017 (BullionStar, Swiss Gold Refinery Argor-Heraeus to be Acquired). That consolidation reached a new corporate milestone on 1 July 2026, when Argor-Heraeus began operating as an independent company within the Heraeus Group, following Heraeus Precious Metals' split into two distinct operating entities — with Argor-Heraeus now consolidating all Heraeus Group activity in luxury and investment precious metals under a standalone structure rather than as a business line (Argor-Heraeus, Argor-Heraeus Becomes an Independent Operating Company Within Heraeus Group). Capacity remains heavily concentrated: Valcambi alone runs roughly 1,500–1,600 tonnes of annual gold refining capacity, with Metalor around 800 tonnes, PAMP over 450 tonnes, and Argor-Heraeus over 400 tonnes — together with Heraeus and Tanaka Kikinzoku, these seven refinery groups combine for close to 5,000 tonnes of annual gold refining capacity worldwide (BullionStar, The World's Largest Precious Metals Refineries).
2. Tariff-driven relocation pressure: the Swiss-US trade agreement's gold-smelting clause
US Section 232 tariff escalation has begun to reshape where Swiss refiners consider locating capacity. A bilateral Swiss-US Trade Agreement finalized 14 November 2025 reduced US tariffs on Swiss goods from 39% to 15% in exchange for a Swiss commitment to invest roughly $200 billion across various US industries, explicitly naming “gold smelting” (refining) as a targeted sector — a direct response to earlier tariff-driven uncertainty that had prompted Valcambi, PAMP, Argor-Heraeus, and Metalor to at least evaluate US operations despite initial resistance over cost and the difficulty of replicating specialized Swiss refining expertise domestically (Chronicle-Journal, Swiss Gold Refiners Eye U.S. Shores Amidst Tariff Tensions and New Trade Deal). Separately, the White House's April 2026 restructuring of Section 232 metals tariffs applied tiered ad valorem rates of up to 50% on aluminium, steel, and most copper articles and their derivatives, with a reduced-rate framework under Annex III expiring 31 December 2027 — while a February 2026 presidential proclamation on a broader import surcharge explicitly carved out “metals used in currency and bullion” from the new levy, underscoring that investment-grade bullion continues to receive distinct tariff treatment relative to industrial base metals even as the Section 232 regime tightens elsewhere (The White House, Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems).
3. Asian refinery growth: Hong Kong's dual accreditation and Japan's Tanaka
Two LBMA Good Delivery-listed gold refineries already operate inside Hong Kong — German group Heraeus (Fanling) and Swiss group Metalor (Kwai Chung) — each with annual gold-refining capacity of roughly 200 tonnes, positioning the territory as a processing bridge between the London/Zurich system and mainland Chinese demand (Bastille Post, Hong Kong is All That Glitters With a New Super Gold Vault). In Japan, Tanaka Kikinzoku Kogyo — one of the seven LBMA Good Delivery referee refiners alongside the four major Swiss houses, Rand Refinery, and Metalor — runs roughly 500 tonnes of annual gold refining capacity and has been actively expanding its precious-metals recycling network, including new capacity for consolidating jewelry and electronic scrap ahead of refining, a category the LBMA's Disclosure Guidance now separately tracks as material handled by “intermediate refiners” (Tanaka Precious Metals, Tanaka Precious Metals to Establish Global Recycling Network). China's own refining base has scaled dramatically, with 15 gold refiners now on the LBMA's Good Delivery List — more than any single country other than Japan — including Zijin Mining, Shandong Gold Smelting, and Jiangxi Copper, reflecting Beijing's push to bring domestic refining capacity up to international accreditation standards alongside the Shanghai Gold Exchange's certified-vault network (LBMA-derived directory of accredited refineries, July 2025).