The Need for Transparency in Precious Metals Refining and Sales
A greater level of openness is needed in the gold market. You have a right as a consumer to understand the origins and refinement processes of the gold you purchase. This enables you to support companies that engage in ethical business practices and make moral purchasing decisions. Some progressive businesses in Canada are making their own decisions regarding openness and moral behaviour.
Now, however, Bill S-211 was approved by the Canadian Parliament on May 3, 2023. Bill S211 seeks to lower the utilization of forced labour and child labour in supply chains by improving supply chain transparency. The Canadian Minister of Public Safety and Emergency Preparedness must get annual reports.
A few refiners in Canada have also implemented standards for responsible mining and have earned certification from bodies like the Responsible Jewellery Council. Its 1,600+ member companies are located across 71 nations and cover the entire jewellery supply chain, from the mines to the retail level. With the aid of this impartial accreditation, consumers can feel more certain that businesses adhere to high moral, human rights, social, and environmental standards.
Make your due diligence as a buyer. Inquire with retailers about their sources and processes for refining. Companies that respect integrity and corporate responsibility deserve your support.
How Ethical and Sustainable Are Current Practices in the Canadian Gold Industry?
Canadian mining businesses have concentrated on industry-specific sustainability challenges. Many Canadian mining businesses have signed on to the Towards Sustainable Mining (TSM) program, which was developed by the Mining Association of Canada (MAC). It aids businesses in providing stakeholders with operational and financial guidance.
Canada made it a priority to improve waste management as part of its Sustainable Development Policy, and it is making progress in that direction.
A company’s voluntary efforts to enhance the quality of life in its community, whether through social, environmental, or economic programs, are referred to as corporate social responsibility (CSR). The intention is to move beyond operating license agreements, contracts, and legal requirements.
Instant Gold Refining Deals with LBMA-Approved Refiners
The LBMA, or London Bullion Market Association, is an international trade association that represents the wholesale over-the-counter market for gold and silver bullion. The LBMA sets and promotes quality standards for gold and silver bullion bars.
“LBMA approved” refers to refiners whose gold and silver bars meet these quality standards. The LBMA maintains a list known as the “Good Delivery List,” which includes refiners that meet its stringent criteria for quality, consistency, and reliability. To be accepted onto the Good Delivery List, refiners must adhere to rigorous standards in areas like production, provenance, and even the shape and markings of the bullion bars they produce.
Bullion products from refiners on the LBMA Good Delivery List are widely accepted and trusted in international markets. This means that they can be traded without the need for further checks or assays.
If you are buying or trading in gold or silver, especially in large quantities or for investment purposes, checking whether the product is LBMA-approved can provide assurance regarding the quality and authenticity of the bullion.
Instant Gold Refining primarily collaborates with notable names in the gold refining sector, including Metalor, Valcambi, Asahi, and the Royal Canadian Mint. Each of these prestigious entities is recognized for its commitment to the highest standards of quality and trustworthiness in the industry. Importantly, all these companies are LBMA-approved, solidifying their reputation and ensuring that the gold and silver they produce meet the stringent criteria set forth by the London Bullion Market Association. This collaboration underscores Instant Gold Refining’s dedication to ensuring quality and trust in its business dealings.