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The World Gold Council (WGC) has announced that its members, which account for the majority of the world’s top gold producers, have committed to taking steps towards improving the transparency of the supply chain.
All 33 members with operating mines, who collectively produce about 1,300 tonnes of gold a year, will publish the names and locations of their refining partners at least once a year. They will also include all operations in which primary revenue comes from gold production.
The industry body affiliates have also committed to joining the Gold Bar Integrity (GBI) platform and to supply, on a confidential basis, core data on the metal they have delivered to their refining partners.
According to the WGC, this ensures gold enters the GBI platform at source and is a major step in the digitalization of gold across the supply chain.
“Pursuing enhanced supply chain transparency is good for the companies who produce, the communities who benefit from employment, training and skills, and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded,” David Tait, CEO of the World Gold Council, said in the statement.
The WGC said these steps will provide the industry with a robust and verifiable ledger of responsibly mined gold, creating opportunities for new product development and increasing gold’s trusted asset status among investors.
