The gold industry relies greatly on refiners whose gold bars are accepted by associations and exchanges as âgood deliveryâ for the settlement of transactions.
The procedure also generates confidence in the relevant market that accredited refiners range of other bars and products would also be manufactured to the same high standard.
The most important list of refiners for the international gold bar market is that published by the London Bullion Market Association (LBMA).
Known as âThe Good Delivery List of Acceptable Refiners: Goldâ for the settlement of transactions on the London Bullion Market, it records the name of the major refiners around the world that have met its stringent criteria for accreditation.
Each Association and Exchange specifies its own weight and purity. For LMBA the fineness is 995+. The LMBA publishes a list of Acceptable Refiners whose gold bars which weigh approximately 400oz (12.5g) are accepted as London Good Delivery. It also lists Former Melters and Assayers of Good Gold Delivery Bars.