WGC Members Commit to Promote Transparency in Gold Supply Chain
The members will now be part of the Gold Bar Integrity (GBI) platform, which will further ensure supply of data on gold produced to their refining partners, in a confidential manner.
SEATTLE (Scrap Monster): The members belonging to the World Gold Council (WGC) have reiterated their commitment to provide enhanced transparency in the entire gold supply chain. It must be noted that the members of the gold trade body forms the major part of the large-scale gold mining industry across the world. The 33 members together account for production of around 1,300 tonnes of gold per annum.
WGC announced that the members have committed to publish the names and locations of refiners partners regularly, at least one in a year. All operations whose primary revenue is obtained from gold production will be included in the list.
The members will now be part of the Gold Bar Integrity (GBI) platform, which will further ensure supply of data on gold produced to their refining partners, in a confidential manner. The platform will have “at source” information of entire gold in the system, thus ensuring a comprehensive database of responsibly mined gold.
David Tait, CEO, WGC said that he is delighted to have WGC members committed to lead the transparency initiative. The enhanced supply chain transparency will help all stakeholders to ensure that their gold has been responsibly produced and traded. The new step will encourage further transparency in global gold trade.
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