Buy and sell only high-quality, authentic products, whose integrity can be verified by customers or other stakeholders.
A provider must source gold of high integrity from trustworthy suppliers, whilst considering Environmental, Social and Governance (ESG) criteria.
Trade in high-integrity gold products:
- Buy and sell gold products that conform with market standards for the respective product category, e.g. in terms of purity.
- Disclose the key features of a product, such as purity, weight and manufacturer – e.g. the mint or refiner.
Confirm authenticity marks:
- Provide assay proofs, certificates of authenticity or tamper-proof packaging to certify the validity of a product.
Conduct due diligence and ongoing monitoring of gold suppliers to ensure they have genuine integrity and can be trusted at all times.
Source gold from trustworthy suppliers:
- Conduct initial due diligence on suppliers to ensure that you are sourcing from reputable and/or accredited suppliers.
- As applicable, source from suppliers and their upstream partners who adhere to responsible gold standards, e.g. the World Gold Council’s "Responsible Gold Mining Principles", the London Bullion Market Association (LBMA) "Responsible Gold Guidance" or the Organisation for Economic Co-operation and Development (OECD) "Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas".
Carry out regular monitoring:
- Proactively monitor both suppliers and products you’ve sourced in order to pinpoint any negative changes.
- Maintain records on suppliers, due diligence conducted and products sourced.
Use a chain of integrity:
- Access recognised chains of integrity – such as the one provided by the LBMA – and, where possible, use their members – refiners, smelters, vaults, security carriers.
Consider the Environmental, Social and Governance (ESG) credentials of products and suppliers according to established ESG standards.
Integrate ESG sustainability criteria into your operations:
- Conduct your business with respect for the environment, e.g. prevention of waste or pollution and minimising energy use.
- Treat employees well, and have regard for the interests of other stakeholders, such as business partners and the general public.
- Follow good corporate governance practices, in terms of organisation, transparency and internal controls.
- Formally commit to relevant ESG standards, like those established by the World Gold Council, the LBMA or the Responsible Jewellery Council.
Work with like-minded business partners:
- Align with business partners who are already committed to ESG criteria or encourage them to meet such criteria in the future in order to establish responsible practices throughout the whole supply chain.