The global gold industry has signed a Declaration of Responsibility and Sustainability Principles. This declaration indicates a joint promise to operate in a sustainable as well as responsible way, based on clear goals. The declaration was announced at the recent LBMA/LPPM Global Precious Metals Conference.
The signatories that bought into this declaration include the World Gold Council, the London Bullion Market Association (LBMA), the London Metal Exchange, the Singapore Bullion Market Association, the Dubai Multi Commodities Center, the China Gold Association, the Indian Bullion and Jewelry Association, the Swiss Association of Precious Metals Producers and Traders, the Indian Gold Policy Center, the Artisanal Gold Council, the Indian International Bullion Exchange, the Responsible Jewelry Council, the World Jewelry Confederation and the Watch and Jewelry Initiative 2030.
All parties involved have consented to 10 sustainability objectives, which include respect for basic human rights, responsible sourcing standards, action and disclosures on climate change and the promotion of United Nations Sustainable Development Goals.
Participants in the gold industry understand that social and environmental concerns are important in shaping policy and investment decisions as well as wider societal and consumer expectations. Despite the progress made to address various issues through performance standards and a number of initiatives, it is both timely and important that this lucrative industry adopt a collective and clear statement of intent and awareness.
The signatories involved agreed to report back on the extent of putting into practice the principles stipulated in this declaration as well as establishing closer collaboration. This is in addition to agreeing to adhere to initiatives designed for certain activities in the gold supply chain, including the LBMA’s Responsible Gold Guidance and the Responsible Gold Mining Principles by the World Gold Council.
Players in the industry will also continue working with global organizations, governments, civil society and other players in the private sector to support and continue defining strong standards of governance as well as integrity.
World Gold Council CEO David Tait stated that seeing the gold industry committing to responsibility and sustainability principles was pleasing, adding that the industry had made great strides to ensure gold was produced responsibly in the last few years. Tait noted that this declaration would enhance collaboration across gold’s supply chain, which would benefit end users and stakeholders alike.
LBMA CEO Ruth Crowell stated that she was pleased that the group had been successful in defining a collective pathway which would unite and progress the gold industry around shared principles. Crowell noted that this collaboration would also cement the industry’s commitment to sustainable and responsible business practices. The LBMA is an independent authority that sets standards which uphold trust in precious metal markets.
As companies such as Royal Gold Inc. (NASDAQ: RGLD) and others adhere to the same sustainability and responsibility guidelines, the industry will lock out actors that engage in practices which harm the environment and violate human rights.
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