Large parts of gold industry commit to specific sustainability objectives

After the London Bullion Market Association (LBMA) and the World Gold Council launched a pilot project in spring to accurately track the origin of gold bars via blockchain technology, they published a comprehensive policy statement on 17 October 2022 at the LBMA/LPPM Global Precious Metals Conference on uniform adherence to responsibility and sustainability principles.

Declaration includes UN-defined sustainable development goals  

These objectives, articulated in the Declaration of Responsibility and Sustainability Principles, include commitments to responsible sourcing standards, respect for human rights, the advancement of the UN’s 17 Sustainable Development Goals (SDGs), as well as climate action and disclosure. The ten sustainability objectives are clearly outlined and take into account the increased environmental and social demands on investment products, but also consumer goods (jewellery, etc.). At the same time, they aim to improve human rights and working conditions in the so-called ASGMs – artisanal and small-scale gold mining operations in emerging countries. To this end, the signatories of the declaration intend to cooperate more closely, report regularly on implementation progress and demonstrably meet standards in their supply chains, such as those set by the Responsible Gold Mining Principles of the World Gold Council and the Responsible Gold Guidance of the LBMA.

Broad consensus among market and stakeholder associations

In addition to the Responsible Jewellery Council (RJC) and the London Metal Exchange (LME), the world’s major gold industry market and interest associations, such as the Swiss Association of Precious Metals Producers and Traders, are among the signatories of the Sustainability Statement.