WGC members vow to improve transparency on gold supply chain

The World Gold Council (WGC) has announced that its members, which account for the majority of the world’s large-scale gold miners, have committed to taking steps towards providing enhanced transparency in the gold supply chain.

All 33 WGC members with operating mines, which collectively produce about 1 300 t/y of gold, have committed to publishing the names and locations of their refining partners on at least a yearly basis, and to include all operations where the primary revenue comes from the production of gold.

 They have also committed to joining the Gold Bar Integrity (GBI) platform and to supply, on a confidential basis, core data on the gold they have delivered to their refining partners.

This ensures gold enters the GBI platform at source and is a major step in the digitalization of gold across the supply chain. 

According to the WGC, this will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers. read more