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The gold industry, convened by the LBMA and the World Gold Council, has signed a Statement of Responsibility and Sustainability Principles.
The declaration was announced at the LBMA/LPPM Global Precious Metals Conference in Lisbon on October 18.
The signatories of the statement are LBMA (London Bullion Market Association), World Gold Council (WGC), Singapore Bullion Market Association (SBMA), China Gold Association, Swiss Precious Metals Producers and Traders Association, London Metal Exchange (LME), Dubai Multi-Commodity Centre (DMCC), Indian Gold Policy Centre (IGPC), Indian Bullion and Jewellery Association (IBJA), Indian International Bullion Exchange (IIBX) and World Jewellery Federation (CIBJO), Artisanal Gold Council (AGC), Responsible Jewellery Council (RJC), and the Watch and Jewellery Initiative 2030.
Ten Key Sustainable Development Goals
Overall, the group has agreed on ten key sustainable development goals, including a commitment to responsible sourcing standards, respect for human rights, advancing the UN Sustainable Development Goals, and action and disclosure on climate change.
Gold industry players understand that environmental and social issues are increasingly important in shaping investment and policy decisions, as well as broader consumer and societal expectations. While significant progress has been made in addressing many issues through industry-led initiatives and performance standards, it is important and timely for the gold industry to take a clear collective sense and statement of intent.
As part of their commitment to the declaration, the signatories agreed to strengthen cooperation and report on progress in implementing the principles. They will also be able to demonstrate their commitment by adhering to initiatives designed for specific activities in the supply chain, such as the World Gold Council’s Principles for Responsible Gold Mining and the LBMA’s Responsible Gold Guidelines.
strong standard
Building on the declaration, gold industry players will continue to work with governments, international organisations, other private sector players and civil society to define and support robust standards of integrity and governance.
Ruth Crowell, CEO of LBMA, said: “The gold supply chain is complex and global, with industry players at different stages of the sustainability journey. I am delighted that we can define a common path of progress around these principles and unite our industry. Through this Come together in such a way that we can demonstrate our collective commitment to responsible and sustainable business practices.”
David Tait, CEO of the World Gold Council, said: “It is great to see the gold industry working together in this way, from mine to market, committed to these principles of responsibility and sustainable development. Great progress has been made in the way we produce gold, but there is still a lot of work to be done to ensure we work together to find solutions and maximize our beneficial impact. I believe this is just a starting point as we work to improve the entire supply chain collaboration for the benefit of all stakeholders, end users and the future of the gold industry.”- arab trade news agency
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