LBMA Update Good Delivery Rules and Procedures for GDL Applications
The LBMA announce the 2024 update of the Good Delivery Rules and the Good Delivery Application Procedures for Gold and Silver. Changes come into effect on Monday, 1 January 2024 and are outlined below:
Good Delivery Rules
Section 1 - Background and High-Level Principles: 1.5 Suspension and Reinstatement
The suspension and reinstatement of refiners has been defined. The Rules now clearly define the process of long periods of suspension, when a suspended refiner is transferred to the Former List, reinstating refiners to the Good Delivery List, where applicable, and what requirements must be met prior to reinstatement.
The Rules also define when Good Delivery bars produced prior to the date of transfer to the Former List will not be considered Good Delivery.
Section 2 - Technical Specifications: 2.1.4 Appearance
An additional point has been added providing further guidance on non-acceptable surface treatment.
Annex C - Weight Lists
Following feedback from the market an additional column has been added to the weight lists to include the year of manufacture. This will not be required for older bars already in the market that do not have this marked on the bar.
Annex D - Proactive Monitoring - Procedures and Criteria: 2.2 Witnessing of Dip Sample
The requirements of suitable dip samples have been defined and included in the annex.
Procedures for GDL Applications
In addition to the current non-technical criteria, we have implemented the following:
The applicant must appoint a Good Delivery Supervisor to carry out an inspection visit to support the submission of the short video.
Additionally, the applicant will be required to pay 25% of the application fee at the point of submitting their Responsible Sourcing audit for review prior to submitting their application.
Where Can You Find the Full Details?
The updated Good Delivery Rules and Procedures for GDL Applications documents can be found via the LBMA website.