Good Delivery Rules

The Good Delivery Rules set out every aspect of the Good Delivery administration including the specification standards for London-traded gold and silver bars.

The Good Delivery Rules provides information for existing refiners and the banks that work with them, as well as the necessary guidance for refiners seeking accreditation.

A high level of consistency is maintained within the London market by ensuring both refiners and vaults implement the Good Delivery Rules relating to a bar's assay, weight and its safe handling and stacking.

Download the current Good Delivery Rules

  • GDL Governance

    LBMA Physical Committee

    The Physical Committee is made up of industry experts from the physical bullion market. It is responsible for monitoring, developing and protecting the Good Delivery List and works closely with sub-Groups such as the LBMA Referees and the LBMA's Vault Managers Working Party. It also ensures that standards are maintained with emphasis on continuous improvement and transparency of the market. The Committee meets approximately every month throughout the year. Find out more about the work carried out by the LBMA Committees.

    Vault Managers Working Group

    The Vault Managers Working Group comprises the Bank of England and representatives from those LBMA members with their own vaulting facilities in London. The group meets regularly to consider issues relating to bar quality and vaulting procedures and ensures that a level of consistency is maintained across all London vaults. Vault Managers are required to document every case of bar rejection and provide the associated information to the LBMA Executive

    LBMA Referees

    Good Delivery Referees are refiners appointed by the LBMA to assist its maintenance of the Good Delivery System in the following ways:

    • The technical assessment of applicants for listing;
    • The anonymous proactive monitoring of refiners on the List; and
    • The provision of technical advice on a range of topics.

    The Referees who attend quarterly meetings at the LBMA are represented by:

    • Argor-Heraeus SA: Alessandro Ruffoni
    • Metalor Technologies SA: Jonathan Jodry
    • PAMP SA: Daniela Manara, Barbara Badiello
    • Rand Refinery (PTY) Ltd: Terance Nkosi, Madeleine Theron
    • Tanaka Kikinzoku Kogyo: Hitoshi Kosai
  • GDL Application and Maintenance Fees

    Application Fees

    Fees are levied by the LBMA for a Good Delivery application to cover the costs of the LBMA and the work of the referees. Such fees may be reviewed by the LBMA at any time but not retrospectively once an application has commenced. Currently the total fee, excluding VAT, amounts to £29,040 for gold and £22,600 for silver. The fees are payable in three tranches:

    Fees Payable by Good Delivery Applicants (in £ sterling – subject to VAT where indicated)

    Fees (all fees are payable to the LBMA) Gold Silver
    On Application (plus VAT at the applicable rate) 4,000 4,000
    Stage 1:  Assay Test (not normally subject to VAT) 11,940 5,500
    Stage 2: Testing of Applicant’s bars (not normally subject to VAT) 13,100 13,100
    Total 29,040 22,600

    *All fees subject to an annual review

    The above-mentioned fees are payable in advance at each stage. The fees shown for Stage 1 cover the cost of the samples (including their metal content) provided to the applicant but not the cost of shipping incurred by the LBMA (which will be charged in addition to the fees shown). In the event of an applicant not progressing to the next stage, for whatever reason, no part of the fees already paid is refundable. But in such situations, no fees are payable for the next stage.

    Once the tests have been completed, the after-melting weight and fine troy ounce content for gold or troy ounce content for silver of the sample bars supplied by the applicant will be notified to the applicant by the LBMA. By separate arrangement with the LBMA, the gold or silver may be sold and the proceeds credited to the applicant. Alternatively, an equivalent weight of gold or silver can be made available to the applicant (subject to the settlement of all outstanding fees) on a loco London basis by book transfer through the London bullion market clearing mechanism. Concerning the 11th bar, which will have been retained in the nominated vault in London, it should be noted that this is not considered to be LGD even if the applicant has been accredited. Similar arrangements for selling the metal content may be made or alternatively, the applicant can arrange to collect it from the vault.

    Annual Maintenance Fee

    In order to maintain its accreditation, each refiner on the Good Delivery List must pay an annual maintenance fee to the LBMA (of £8,610 per metal or £12,915 if a refiner is listed for both gold and silver). Refiners which are either Members or Associates will receive a discount of 50% on the respective membership fees.

    All the above amounts are subject to UK Value Added Tax where applicable.

    *Please note that these prices are subject to an annual review process that will realise a minimum increase based on the year-end rate inflation. The website will be updated in January of each year.

    LBMA Subsriber Fee

    With effect from 1 January 2021, your GDL accreditation will automatically include LBMA Subscriber status and the range of benefits highlighted below, with more to follow. The introductory fee for the enhanced package is £7,500 for Subscriber status and will be included in your annual GDL Maintenance fee.

    LBMA Subscriber benefits include:

    1. The opportunity to have a seat at the table and be part of the discussions, contributing to the future direction of the market via the development of global standards and solutions.
    2. Direct access to advice and guidance on a range of physical, compliance and regulatory issues, currently only available to Members.
    3. Support with attestation to the Global Precious Metals Code, to raise market confidence.
    4. Member discounts on LBMA events, including but not limited to the Annual Global Precious Metals Conference, Forums, Assaying & Refining Conference, etc.
    5. Member discounts for LBMA’s training courses, including the Vault Operators Training, An Introduction to Loco London and the Global Precious Metals Code, plus more to follow.
    6. Plus, Member only briefings on a range of topical issues, along with our Members Weekly newsletter.

    *Please note that these prices are subject to an annual review process that will realise a minimum increase based on the year-end rate inflation. The website will be updated in January of each year.

    Proactive Monitoring (PAM)

    Appointment of Supervisor for dip sampling and Bar casting operation

    The costs and expenses of the supervisor must be paid by the Refiner. The supervising company will charge a fixed fee (US$1,250) for each dip sampling operation witnessed (and US$1,550 including bar casting), unless specifically agreed otherwise, plus travelling and subsistence expenses incurred by its representative. Thus, the expenses chargeable by the supervising companies will depend on the locations of their representative offices relative to that of the Refiner.

    Please see Annex H of the Good Delivery Rules for full details on the PAM process.

  • Provision of Self-Testing Samples to Bona Fide Applicants

    Bona fide refiners who are in the final stages of preparing to apply for LBMA Good Delivery accreditation may purchase from a limited supply of gold and/or silver self-testing samples from the LBMA. The samples can be used for a final check of the laboratory's assaying accuracy before the refiner submits its application for accreditation. A set of self-testing samples is limited to a maximum of 6 per refiner, for each metal, and the cost of supplying these is as follows:

    Approximately 5-gram gold samples at £465 per sample which is a total of £2,790 for the set of 6, including the value of the metal content, plus VAT (as applicable)

    Approximately 30-gram silver samples at £415 per sample which is a total of £2,490 for the set of 6, including the value of the metal content, plus VAT (as applicable)

    The cost of shipment of the samples to the refinery will be payable in addition. Please note that self-testing assay results (in fineness terms to 2 decimal places) must be submitted to the LBMA within 6 weeks of the laboratory confirming receipt of the samples. For each sample, the laboratory should supply:

    1. The number of trials carried out
    2. The average fineness and
    3. The standard deviation achieved.

    On receiving these results, the LBMA will then provide the refiner with the reference assay values (expressed in fineness to 2 decimal places) for the samples. LBMA will keep the submitted results confidential. In other words, they will not be provided either to the Physical Committee or to LBMA's Referees group, except on an anonymous basis where the refiner would not be identified. Failure of the refiner to submit its assay results within 6 weeks could result in the subsequent application being rejected.

  • LBMA Vaults

    It should be noted that LBMA does not approve physical Vaults which may be used by the market.

    Company Address
    HSBC Bank USA NA London Branch 8 Canada Square London E14 5HQ
    ICBC Standard Bank plc 20 Gresham Street London EC2V 7JE
    JP Morgan Chase Bank 25 Bank Street Canary Wharf London, E14 5JP
    Scotiabank Europe plc 201 Bishopsgate, 6th Floor London EC2M 3NS
    UBS AG 100 Liverpool Street London EC2M 2RH

    Inclusion in this list does not constitute or imply any representation or warranty by LBMA as to creditworthiness or as to the services or goods supplied or quality or compliance with any specification relating thereto. No liability for direct or consequential loss, howsoever caused, whether by negligence or otherwise, whether by use of this list or reliance thereon, is accepted by LBMA.

  • Good Delivery Supervisors

     

    Company Address Contact Details
    ALS Inspection Caddick Road Knowsley Business Park Prescot L34 9HP United Kingdom T: +44 (0) 151 632 9248

    F: +44 (0) 151 548 0714

    david.pownall@alsglobal.com, paul.scales@alsglobal.com

    Alex Stewart International 20 Sefton Business Park, Aintree, Liverpool, Merseyside, L30 1RD United Kingdom T: +44 (0) 151 525 1499

    F: +44 (0) 1708 472 914

    andy.smith@alexstewartinternational.com, aemans@alexstewartinternational.com (Audrey Emans)

    Bureau Veritas Commodities 2 Perry Road Witham Essex CM8 3TU United Kingdom T: +44 (0) 1376 536 800

    F: +44 (0) 1376 520 819

    gary.potter@uk.bureauveritas.com

    Inclusion in this list does not constitute or imply any representation or warranty by LBMA as to creditworthiness or as to the services or goods supplied or quality or compliance with any specification relating thereto. No liability for direct or consequential loss, howsoever caused, whether by negligence or otherwise, whether by use of this list or reliance thereon, is accepted by LBMA.

  • List of Security Transport Companies that are LBMA Members
    Company Contact Details  
    Brink's Ltd T: +44 (0) 20 8818 0659

    F: +44 (0) 20 8818 0692

    Mr. Mark Woolley

    mark.woolley@brinksglobal.com

    IBI International Logistics T: +44 (0) 20 8283 4900

    F: +44 (0) 20 8283 4925

    Mr. Paul Holt

    paul.holt@ibi-logistics.com

    Malca-Amit Commodities Ltd T: +44 (0) 20 8814 9850

    F: +44 (0) 20 8814 9855

    Mr. Allan Finn

    allan.finn@malca-amit.com

    Loomis International (UK) Ltd T: +44 (0) 1932 230130

    F: +44 (0) 1932 230231

    Mr. Brian Hayward

    brian.hayward@int.loomis.com

    Inclusion in this list does not constitute or imply any representation or warranty by LBMA as to creditworthiness or as to the services or goods supplied or quality or compliance with any specification relating thereto. No liability for direct or consequential loss, howsoever caused, whether by negligence or otherwise, whether by use of this list or reliance thereon, is accepted by LBMA.

  • Rounding Rules

    For the purpose of rounding five-figure assays to four figures, the following principle should be observed (except in the cases shown below). If the fifth significant figure is a six or greater, then the fourth significant figure should be rounded up by one.

    • The first exception is that assays of 999.86 to 999.89 should not be rounded up to 999.9 and should be reported as 999.8.
    • Similarly assays of 994.96 to 994.99 should not be rounded up to 995.0 and should be reported as 994.9. Thus bars within this range would be below the minimum assay for acceptability.
    • Finally, an assay of 999.96 or above should not be rounded up and should be reported as 999.9.