India gold market much focus on the LBMA gold price and its’ good gold delivery. In the row the gold market India steps up in the sync of LBMA and thus with the Sustainability and Responsible Sourcing of gold in India.
Gold plays a unique role in the global economy in stimulating economic growth, protecting the financial security of nations, communities and families, and enabling advances in medical, environmental and communication technologies.
Public trust is fundamental to the many positive contributions that gold makes to socio-economic progress. At the heart of this effort lies LBMA’s Responsible Sourcing Programme. In the face of a constantly shifting world of geopolitics, tightening regulatory environments and expanding public expectations of responsible business practices, LBMA can never be complacent.
One of the signature initiatives of 2023 was the launch of a new three-year Sustainability and Responsible Sourcing Strategy (2024-2026) to guide our thinking and work in this area. It is an ambitious agenda to help drive a more sustainable industry, but it is not something LBMA can deliver on its own. All actors from ‘rock to ring’ – including industry partners, governments and other official bodies – must play their part.
As with earlier iterations, the Strategy sets out five areas of focus, 1. Strengthen trust and integrity of the assurance and oversight system for the responsible sourcing of precious metals, 2. Encourage the share of responsible ASM gold in the market, 3. Strengthen sustainability, integrity, and trust in the gold value chain.
4. LBMA’s own sustainability, 5. Enablers that will support a sustainable precious metals industry.
The latter three focus areas support the broad commitments set out in the Declaration of Responsibility and Sustainability Principles agreed by industry partners in Lisbon in 2022. By going beyond the traditional responsible sourcing and market requirements for GDL Refiners, LBMA will look to the wider sustainability agenda – the UN Sustainable Development Goals, climate change, Green House Gas emissions, biodiversity and human rights issues – to examine how LBMA Refiners, partners, and even itself, can contribute to our collective efforts for better social and environmental outcomes. Further details of how LBMA plans to identify appropriate and reasonable objectives and timelines for delivery will be shared in early 2024.