Leading gold industry bodies convened to sign the Declaration of Responsibility and Sustainability Principles on October 18.
The declaration, which reflects a shared commitment to operate in a responsible and sustainable way, was announced at the LBMA/LPPM Global Precious Metals Conference, in Lisbon.
Signatories to the declaration include LBMA (London Bullion Market Association), World Gold Council (WGC), Singapore Bullion Market Association (SBMA), China Gold Association, Swiss Association of Precious Metals Producers and Traders, London Metal Exchange (LME), Dubai Multi Commodities Centre (DMCC), Indian Gold Policy Centre (IGPC), Indian Bullion and Jewellery Association (IBJA), Indian International Bullion Exchange (IIBX) and World Jewellery Confederation (CIBJO), Artisanal Gold Council (AGC), Responsible Jewellery Council (RJC) and the Watch and Jewellery Initiative 2030.
The signatories have agreed on 10 key sustainability objectives, including commitments to responsible sourcing standards, respect for human rights, advancement of the UN SDGs, and action and disclosures on climate change.
As part of the commitment to the declaration, the bodies have agreed to closer collaboration and reporting on progress in the implementation of these principles. They will also be able to demonstrate their commitment through adherence to initiatives that are designed for specific activities within the supply chain, such as the World Gold Council’s Responsible Gold Mining Principles and the LBMA’s Responsible Gold Guidance.
Ruth Crowell, CEO at the LBMA, said: “The gold supply chain is complex and global, and industry participants are on different stages of their sustainability journey. I am pleased that we have been able to define a shared pathway to progress and unite our industry around these principles. By coming together in this way, we can demonstrate our collective commitment to responsible and sustainable business practices.”
David Tait, CEO of the WGC, said: “It is very pleasing to see the gold industry cooperate in this way, from mine to market, to commit to these principles of responsibility and sustainability. The gold industry has made great progress in recent years in ensuring gold is responsibly produced, but there is still plenty of work to be done to ensure we work together to identify solutions and maximise our beneficial impacts. I believe this is just the starting point, as we move to improve collaboration across the supply chain for the benefit of all stakeholders, end-users and the future of the gold industry.”
