JOHANNESBURG (miningweekly.com) – As gold prices reach historic highs and the geopolitical race for minerals escalates, the pressures on value chains are intensifying – and so too are the risks, London Bullion Market Association (LBMA) CE Ruth Crowell states in a call to action.

Illicit gold flows, regulatory arbitrage and opaque sourcing practices threaten not only market integrity, but public trust in gold as a responsible and reliable asset, Crowell points out in a release to Mining Weekly.

“There’s never been such a high risk of laundering of illicit gold given record prices and transparent responsible sourcing is not merely a consideration for gold centres – it should be a mandatory, transformative force, driving the market towards greater integrity and sustainability,” says the CE of the LBMA, which is deepening its engagement with the 11 international bullion centres and prioritising its engagement with UAE, Türkiye, India and emerging African bullion centres.

Interestingly, South Africa’s Rand Refinery, as a leading LBMA good delivery accredited refiner, is already providing technical, operational and commercial supervision to Ghana’s Gold Coast Refinery as part of a major advance that enables the local refining of artisanal and small-scale gold and elevates West Africa’s responsible sourcing standards to a new high.

“I hope it’s the first of many,” is Crowell’s comment to Mining Weekly on the strategic South Africa-Ghana gold partnership.

Based in Gauteng – the province of gold – Rand Refinery leads in the adoption of the gold bar integrity database that traces every ounce of gold from rock to bar.

LBMA, meanwhile, is on a mission to ensure transparency for the global precious metals industry by advancing standards and developing market solutions.

“Today’s dynamic market calls for greater transparency, more vibrant cross-border collaboration and a renewed commitment to trust, achieved through clarity and openness.

“Oversight is all about knowledge: what is traded, where it originates and under what conditions. Digitally traceable value chain verification, OECD-aligned due diligence, public reporting and disclosure of country of origin are no longer ‘nice to have’.

“They are vital instruments for identifying risk early, deterring illicit activity and reinforcing confidence across the market,” says Crowell.

By eliminating cash transactions where possible, verifying true origin, identifying beneficial ownership and applying enhanced due diligence to high-risk sources, the way is paved for a gold market that is more transparent and accountable.