Hallmarks & LBMA Approved Gold Bars
LBMA Approved Gold Bars: Located below is information about a LBMA gold bars and what the term “LBMA approved refiner” means when it comes to gold bullion bars.
What is the LBMA?
LBMA is the acronym for London Bullion Market Association. It is an international trade association, responsible for setting up standards in the global bullion market. Its members include traders, refiners, producers, miners, and storage and secure carrier services.
The LBMA is responsible for gold and silver bullion standards, that includes how precious metals must be refined as well as traded.
It is also responsible for Good Delivery accreditations, and the maintenance of a Good Delivery List.
What is a LBMA approved refiner / manufacturer?
The LBMA maintains a Good Delivery List since 1987. The list comprises gold and silver refiners that are recognised to produce gold bars to a certain standards. LBMA accredited refiners include Metalor, Argor-Heraeus, PAMP, Umicore or Valcambi.
A gold or silver refinery accredited by the LBMA is a refinery that meet stringent acceptance criteria in the production of its gold bars. Such refineries are eligible to produce Good Delivery bars.
Additionally, LBMA approved refiners must implement the Responsible Gold Guidance from the LBMA, that require them of sourcing metal responsibly.
Historically, the Good Delivery List was named the List of Acceptable Melters and Assayers.
What is a LBMA gold bar?
Good Delivery bars vs LBMA gold bars
The term “LBMA gold bar” does not have to be confounded with “Good Delivery gold bars“, which corresponds to gold bars weighting around 400-ounces (12.5 kg). Good Delivery bars, also known as “large” or “market” bars are manufactured conform to strict specifications set in the Good Delivery Rules. Such bars are shipped to approved vaults in London, and then freely traded between institutions within the market.
The London Good Delivery standard is universally acknowledged as the de facto international benchmark for the quality of large gold and silver bars. With such criteria, the LBMA aims to standardise the quality of the gold bars being traded and stored in the global market.
Assay Certificate
Bars must satisfy high standards in terms of purity, quality and physical appearance. Below is a summary of the criteria required for a gold bar to be qualified as Good Delivery:
- Net Weight (Fine Gold Content): approximatively 400 troy ounces.
- Shape: ingot shaped (trapezoidal).
- Appearance:
- Should contain as less irregularities as possible, such as cavities, cracks or holes (especially on the top surface).
- Sides and bottom surface should be flat and reasonably smooth.
- Marks:
- Stamp of the refiner
- Assay Mark
- Fineness (to four significant digits)
- Serial Number
- Weight (including the unit of weight)
The Good Delivery Standards include more precise requirements, such as expected bar dimensions, weighting and casting method. More details about those can be found in the pdf document “Good Delivery List Rules: Conditions for Listing for Good Delivery Refiners” under the LBMA website.
What is a LBMA gold bar then?
A LBMA gold bar is simply a gold bar manufactured by a refiner listed in the Good Delivery list (= LBMA approved refiner).
Therefore, a LBMA gold bar is a bullion bar manufactured with the same quality standards as a Good Delivery bar.
If we use the list above, we can see for instance that a 50g or 250g gold bar has the same characteristics as a Good Delivery bar in terms of marking.
What is the guarantee provided by a LBMA gold bar?
It ensures you that you receive gold bullion from a trustworthy supplier. LBMA approved gold bars have the following guarantees:
- Purity: contain gold with a purity of 99.99 % (999.9).
- Quality: manufactured according to high and rigorous standards.
- Liquidity: recognised and tradable worldwide.
Metalor, is a LBMA approved refiner.
