All 33 World Gold Council (WGC) members with operating mines, collectively producing about 1,300 t/y of gold, have committed to enhancing transparency in the gold supply chain by publishing the names and locations of their refining partners on a yearly basis. This commitment also includes including all operations where the primary revenue comes from gold production[1][2].

“Pursuing enhanced supply chain transparency is good for the companies that produce gold; the communities that benefit from employment, training and skills; and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded,” WGC CEO David Tait said on September 19.

According to the World Gold Council (WGC), the commitment to enhanced supply chain transparency will provide the gold industry with a robust and verifiable ledger of responsibly mined gold[1]. This will open up significant opportunities for new product development and increase gold's attractiveness as a trusted asset class for both existing and new investors and customers[1].

By having a transparent and accountable supply chain, the industry can assure investors and customers that the gold they are purchasing has been responsibly produced and traded[1]. This will enhance trust and confidence in the gold market, making it a more appealing asset class. Additionally, the availability of a verifiable ledger can stimulate new product development within the gold industry, as the supply chain transparency promotes innovation and differentiation[1].

These initiatives by the WGC and its members aim to establish a credible framework for responsible gold mining and trading, further strengthening the reputation of the industry[1]. The commitment to transparency and responsible practices is expected to contribute to the sustainability and long-term growth of the gold sector[1]. The WGC is a global association of gold mining companies that works in partnership with governments and industry stakeholders to promote sustainable growth and responsible production of gold. The association has over 60 member companies from 24 countries, including some of the world’s largest gold producers[2]. The WGC’s vision is to be a trusted partner in the responsible production of gold. The association aims to ensure that its members are recognised as leaders in the industry, and works towards achieving this by focusing on three key areas:

• sustainable development in communities where its members operate, as well as through its global engagement with government and non-government stakeholders.

• to raise awareness of the benefits of responsible gold mining and trading practices

• encourage greater industry participation in initiatives that improve human rights and environmental standards throughout the supply chain[2].