LBMA tightens gold standard, but SWISSAID calls for further steps

The London Bullion Market Association (LBMA) has finally tightened its standards, which will provide greater transparency from 2026 onwards. However, SWISSAID states that the changes are still insufficient and that further adjustments are necessary.

In its new standards, the London Bullion Market Association (LBMA) requires suppliers from so-called ‘risk areas’ to be disclosed – but this is already mandatory under OECD guidelines. In addition, only certain mines and countries are to be named, but not all suppliers. SWISSAID shows that many refineries continue to source gold from questionable sources without this being made public. A particular problem is that recycled gold is hardly ever checked, even though it often comes from illegal sources.

SWISSAID is calling for the following (full statement here):

• From 2026: Greater transparency regarding all suppliers of mined and recycled gold, including countries of origin and quantities.
• From 2027: Full disclosure of all suppliers – regardless of country of origin or type of gold.
• Sanctions: Clear penalties for refineries that do not comply with the rules.

SWISSAID emphasises that genuine transparency creates trust, exposes abuses and enables fair competition.

The SWISSAID gold study “Out of the shadows” has shown that more transparency is possible in the gold sector. Research shows that the lack of transparency surrounding the suppliers for many refineries is mainly due to human rights and environmental violations. This makes it all the more crucial to improve certification processes.

In a letter dated 14 April 2024, the LBMA responded to civil society organisations. The letter can be viewed here.