A collaboration for positive change across the gold industry

Origin and development of the Gold Industry Declaration of Responsibility and Sustainability Principles

The initial idea for the Gold Industry Declaration of Responsibility and Sustainability Principles was conceived in early 2022 at the first forum on precious metals responsible sourcing and sustainability, hosted jointly by the World Gold Council (WGC) and the London Bullion Market Association (LBMA).

Although several gold-related sustainability initiatives were in place for different parts of the gold value chain and covering different topics, there was no single guiding framework or reference point describing the significant sustainability objectives across the gold sector, from mine to market.

The WGC/LBMA forum included a call to action for the industry to explore the opportunity to develop a sector-wide initiative. Participants were invited to join a working group tasked with formalising what responsibility and sustainability means across the whole gold sector.

With wide-ranging agreement across mining, refining, logistics, trading, jewellery and other players in the sector, across all geographies, the working group met four times during 2022. Between 50 and 80 industry participants typically attended each meeting. Bilateral meetings also took place to work through specific issues or concerns of participants.

The output of the working group consultation meetings was the Declaration of Responsibility and Sustainability Principles. The Declaration covers a wide range of sustainability topics reflecting the challenges and priorities of the gold supply chain. These were raised and discussed by the organisations and companies participating in the working group. The Declaration also includes Principles reflecting the importance of collaboration across the industry, transparency and reporting, and support for the UN Sustainable Development Goals.

It was agreed that the Declaration should be signed by gold sector business and trade associations and gold exchanges, across the full value chain of the gold industry. Having Signatories that are ‘collective’ industry groups aims to ensure the widest possible reach, while allowing associations and exchanges to represent the different perspectives of their own memberships.

The Gold Industry Declaration of Responsibility and Sustainability Principles was launched at LBMA’s Global Precious Metals Conference in Lisbon in October 2022 with 14 founding Signatories. The Declaration formally expresses a shared commitment to operating in a responsible and sustainable way based on a clear set of shared Principles.

The current Signatory group, which is now referred to as the Gold Principles Group, meets around four times a year and is chaired by Albert Cheng, CEO of the Singapore Bullion Market Association (SBMA).

Signatories will continue meet on a regular basis to set a clear path to achieving the ambitions set out in the Declaration and shape the agenda for a responsible and transparent global gold industry.

The current focus is drawing together existing evidence of progress on the Principles, while also seeking greater coherence on evolving standards and expectations. A Roadmap outlining a high-level pathway for action on the Principles has been developed and will be rolled out in the near future.