LBMA Authorized Refiners
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LBMA () authorized refiners, often referred to as "LBMA-accredited refiners" or "LBMA good delivery refiners," are refining companies that have met the strict quality and ethical standards established by the LBMA. These standards ensure the purity and integrity of the gold and silver products produced by these refineries, making them widely accepted and trusted in the global precious metals market.
Here are some key characteristics and features of LBMA-authorized refiners:
Purity Standards: LBMA-accredited refiners are required to produce gold and silver products with exceptionally high levels of purity. For gold, the typical minimum purity standard is 99.5% (often referred to as 995 parts per thousand pure gold), while for silver, it is typically 99.9% (often referred to as 999 parts per thousand pure silver).
Assay and Quality Control: These refiners implement rigorous quality control processes, including assaying and testing procedures, to ensure that their products meet the required purity standards.
: The refiners maintain a robust chain of custody process to track the provenance and authenticity of the precious metals they handle, providing confidence to market participants.
Transparency: LBMA-accredited refiners are known for their transparency in providing information about their products, including documentation and certification of purity.
Responsible Sourcing: Many of these refiners adhere to responsible sourcing practices, ensuring that the metals they use in their production processes are ethically and environmentally sourced.
Auditing and Compliance: Regular audits and inspections are conducted to verify compliance with LBMA standards. Independent auditors assess the refinery's operations, record-keeping, and adherence to ethical practices.
LBMA Membership: Some LBMA-accredited refiners are associated with LBMA member organizations, such as banks and dealers. These entities may use the products produced by these refiners for various purposes, including trading, settlement, and investment.
Acceptance in Global Markets: Precious metal products produced by LBMA-accredited refiners are widely accepted in global markets for various purposes, including delivery against futures contracts, the manufacture of coins and bars, and investment in precious metals.
LBMA-authorized refiners play a vital role in ensuring the quality and integrity of precious metal products traded globally. Investors, institutions, and market participants often prefer products from these refiners due to their credibility and adherence to high industry standards.
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