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The Good Delivery specification is a set of rules issued by the London Bullion Market Association (LBMA) describing the physical characteristics of gold and silver bars used in settlement in the wholesale London bullion market. [1] It also puts forth requirements for listing on the LBMA Good Delivery List of approved refineries.
Most of the members are major international banks or bullion dealers and refiners. The physical characteristics of gold and silver bars used in settlement in market is described by the Good Delivery specification which is a set of rules issued by the LBMA. It also puts forth requirements for listing on the LBMA Good Delivery List of approved ...
The London Gold Market was also responsible for Good Delivery accreditations and the maintenance of the Good Delivery List. LBMA was established in 1987 in recognition by the Bank of England of the need for an independent body to oversee the custody, maintenance and regulation of the Good Delivery List, separate from the London Gold Market’s ...
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Both have to meet their strict guidelines. Bullion products from these trusted refiners are traded at face value by LBMA members without assay testing. By buying bullion from an LBMA member dealer and storing it in an LBMA recognized vault, customers avoid the need of re-assaying or the inconvenience in time and expense it would cost. [32]
Rand Refinery (Pty) Limited is the world's largest integrated single-site precious metals refining and smelting complex. It was established in 1920 to refine gold within South Africa , which had previously been refined in London .