World Gold Council Members Pledge to Enhanced Supply Chain Transparency
The World Gold Council, which represents most of the worldwide large-scale gold mining sector, pledged to increase supply chain transparency in September 2023. This pledge shows your company’s commitment to ethics and governance.
Building Trust Through Transparency
First, publicly, and honestly disclose your gold’s origins and due diligence standards to increase supply chain visibility. Share how you track newly mined gold to the mining site and monitor supply network human rights, labour, environmental, and anti-corruption compliance.
Those that generate c.1,300 tonnes of gold yearly will include their refining partners and all gold-producing enterprises. Importantly, 33 World Gold Council members operate mines. Each member must join the Gold Bar Integrity (GBI) platform and give their refining partners proprietary “core data” on their gold production. Gold Bar Integrity accepts “at source” gold. Digitalizing the gold supply chain is significant.
Transparent, sustainable, and human rights-compliant gold supply chains will enable gold to continue to drive global economic and social progress.
Benefits of Adopting Responsible Sourcing and Transparency
Risk Management Improvement: Better gold supply chain visibility helps identify and mitigate risks including human rights violations, war funding, and criminal operations. Find out where your items’ gold comes from to avoid dangerous purchases.
Maintaining Brand: Buyers and investors want more information from corporations about raw materials and working conditions. Reassuring stakeholders that you obtain gold ethically and responsibly protect your brand name.
Following through gold provenance and chain of custody must be investigated by businesses under US and EU regulations. Responsible sourcing and transparency satisfy these laws. Transparency and responsible sourcing help meet these laws.
Superiority: As responsible and sustainable business practices become more common, organizations that lead the way will have an advantage. Supply chain openness and getting gold in a responsible way could make your business and products stand out.
Thus, ethical gold sourcing and supply chain transparency improve. Transparent and communicative companies will win stakeholder confidence and loyalty. The implementation schedule is being determined, though all members of the World Gold Council support these objectives. These supply chain transparency obligations are encouraged by the World Gold Council for all responsible gold miners.