RIYADH: Leading gold firms from across the world have signed an agreement pledging to work closer with governments to support robust standards in the industry.
The Declaration of Responsibility and Sustainability Principles was agreed at the Global Precious Metals Conference in Lisbon on Oct. 18.
Signatories to the declaration include the industry’s global trade association LBMA, the World Gold Council, the Singapore Bullion Market Association, and the Swiss Association of Precious Metals Producers and Traders.
Other firms to agree to the principles include the China Gold Association, Dubai Multi Commodities Center, and the Indian Bullion and Jewellery Association.
David Tait, CEO at the World Gold Council said: “I believe this is just the starting point, as we move to improve collaboration across the supply chain for the benefit of all stakeholders, end-users and the future of the gold industry.”
The declaration has ten key sustainability objectives, including commitments to responsible sourcing standards, respect for human rights, the advancement of the UN’s sustainable development goals, and action and disclosures on climate change.
As a part of the declaration, gold industry players are also expected to continue to work with governments, international organizations, other private sector actors, and civil society to define and support robust standards of integrity and governance.
“I am pleased that we have been able to define a shared pathway to progress and unite our industry around these principles. By coming together in this way, we can demonstrate our collective commitment to responsible and sustainable business practices,” said Ruth Crowell, CEO at LBMA.