LBMA & WGC Sustainability & Responsible Sourcing Summit 2022: Key Takeaways
Our team recently attended the Sustainability and Responsible Sourcing Summit organised by the London Bullion Market Association (LBMA) in partnership with the World Gold Council (WGC) in London. During the two-day event, keynotes and in-depth panel sessions on the topic of sustainability and climate change were discussed among industry peers.
The Gold Bar Integrity (GBI), a project aimed to help consumers, investors and market participants to trust that their gold bar is genuine and has been responsibly and sustainably sourced was announced. The launch of this digital global ecosystem is driven by the LBMA and the WGC and key industry players including MKS PAMP.
Similarly, we developed two connected solutions that have been available to our customers for a few years; VERISCAN™ - an app that enables the authentication of products with a simple scan using a mobile phone, and Provenance™, a cutting-edge solution that utilizes blockchain technology to track the global precious metal supply chain, from source to end product, guaranteeing the source through a transparent approach.
As we discussed the continuous importance of responsible sourcing, sessions on sustainability & investor perspectives and creating positive ESG outcomes underlined the LBMA’s & WGC’s ongoing commitment towards sustainability improvements.
And lastly, within the discussions on Artisanal and Small-Scale Mining (ASM), the Swiss Better Gold Association’s work was repeatedly showcased as an example of a public private partnership that enables ASM mines to adopt better - and continuously improve – their social and environmental practices through on the ground technical assistance and supply chains with gold industry members.
The Summit was highly insightful, and we look forward to participating in formulating the actions that will stem from the Summit at the upcoming LBMA & LPPM Global Precious Metals Conference in October.