Friday Mar 21, 2025
Unearthed: Responsible Sourcing in the Gold Value Chain, ft Sakhila Mirza, Deputy Chief Executive & General Counsel, LBMA
In this episode, hosts John Reade and Joe Cavatoni from the World Gold Council interview Sakhila Mirza, Deputy Chief Executive and General Counsel at the London Bullion Market Association (LBMA) to learn more about the LBMA’s role in the global gold and precious metals industries.
Sakhila provides a detailed overview of the LBMA’s role as a membership organisation for participants in the Loco London Precious Metals Market. She outlines their standards including the Good Delivery List, the Global Precious Metals Code and the Responsible Gold Guidance.
The conversation then moves on to how technology and the GBI programme can support greater transparency across the gold supply chain.
Finally, Sakhila, John and Joe dive into the LBMA’s sustainability and responsible sourcing programme, which includes a discussion on the Gold Principles Group and pan-industry initiatives, International Bullion Centres, and artisanal and small-scale gold mining.
[1.20] Who is the LBMA and what is their role in the global precious metals industry?
[5.03] LBMA Membership requirements and the Global Precious Metals Code
[9.46] Sakhila provides an overview of the Gold Bar Integrity Programme
[16:24] LBMA’s gold industry-focused initiatives
[24:08] How the LBMA is addressing challenges in the artisanal and small-scale gold mining sector
[27:39] Sakhila shares a fun fact about gold
Additional Resources:
Notable Quotes:
“We are a membership-based organisation, but we have the ability to self-regulate, so what that means is if a refiner does not meet that criteria, does not meet those standardised rules that we have for every refiner, the LBMA has enforcement powers, which means that that refiner is removed from the Good Delivery List.” -Sakhila Mirza
“We have a Global Precious Metals Code. This was something that the LBMA held the pen on when it came to drafting the Global Precious Metals Code, and is enforced by the LBMA and every member must attest to the code… From the LBMA perspective, it’s a code that applies to the entire industry, whether you’re a member of the LBMA or not.” -Sakhila Mirza
“We announced earlier this year, in March of 2024, that the LBMA will be launching the LBMA GBI database.” -Sakhila Mirza
“As you said, 20% of the overall supply is ASM (artisanal small-scale mining). If you take that 20%, less than 2% is going through the LBMA refiners. Where is the rest going?” -Sakhila Mirza
About World Gold Council
We are a membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Our team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. We drive industry progress, shaping policy and setting the standards for a perpetual and sustainable gold market.
You can follow the World Gold Council on X at @goldcouncil and LinkedIn.