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  • hoto Courtesy: LBMA

Gold Bar Integrity Programme to be Implemented

An international system of gold bar integrity, chain of custody and provenance, namely “Gold Bar Integrity Programme” will be jointly implemented by London Bullion Market Association (LBMA) and the World Gold Council (WGC), aiming to “help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced”, according to a press release of LBMA on Monday. 


A pilot phase of the project will be initiated before its full implementation. In the initial phase, two distributed ledger companies, aXedras and Peer Ledger, will use their blockchain technology to register and track bars, capturing the provenance and full transaction history. LBMA says the plan is to encourage all major participants in the gold industry to adopt this technology that will digitise the global supply chain of gold bars in the long run. 


A number of participating companies includes Argor Heraeus SA, Asahi, Aura Minerals Inc., Barrick Gold Corporation, Brinks, Centerra Gold Inc., CME Group, Degussa, Helveticor, Hummingbird Resources Plc, Loomis, MKS PAMP, Metalor, Newcrest Mining Limited, Newmont Corporation, Perth Mint, Pro Aurum, Rand Refinery, Royal Canadian Mint, Sibanye Stillwater Limited, Sharps Pixley, Valcambi to support the Programme. 




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