Under the adjudication of the London Bullion Market Association (LBMA) and the World Gold Council (WGC), the gold industry has officially committed to the Declaration of Responsibility and Sustainability Principles pledging to operate in a responsible and sustainable way, based on a defined set of shared goals.
The official press release of the declaration gives the express intention of "advancing standards for the common good of the global industry."
This latest, monumental move towards responsible sourcing and sustainability principles is yet another indication that global industry is unequivocally moving towards sustainability models, and that as a result, procurement's function is becoming increasingly pivotal in this newly emerging paradigm.
The group has agreed ten key sustainability objectives, including commitments to responsible sourcing standards, respect for Human Rights, the advancement of the UN SDGs, and action and disclosures on climate change.
The signatories to the declaration are LBMA, World Gold Council (WGC), Singapore Bullion Market Association (SBMA), China Gold Association, Swiss Association of Precious Metals Producers and Traders, London Metal Exchange (LME), Dubai Multi Commodities Centre (DMCC), Indian Gold Policy Centre (IGPC), Indian Bullion and Jewellery Association (IBJA), Indian International Bullion Exchange (IIBX) and World Jewellery Confederation (CIBJO), Artisanal Gold Council (AGC), Responsible Jewellery Council (RJC), and the Watch and Jewellery Initiative 2030.
The declaration expresses that "gold industry participants understand that environmental and social concerns are increasingly important in shaping investment and policy decisions, as well as wider consumer and societal expectations.
"Whilst there has been significant progress in addressing many issues through industry-led initiatives and performance standards, it is important and timely that the gold sector adopts a clear collective statement of awareness and intent."
Procurement will, as a result of the declaration, move one more step up the hierarchy of responsibility and continue to become more dynamic in its ascendancy as the world become more reliant on principles of sustainable and ethical sourcing.
Triple bottom lines continue to reshape the way that bottom lines were once seen and valued, and this latest declaration of responsibility and sustainability principles in the gold industry attests to this building tempo.
Ruth Crowell, Chief Executive Officer, at the LBMA, said: “The gold supply chain is complex and global, and industry participants are on different stages of their sustainability journey. 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.”
David Tait, Chief Executive Officer at the World Gold Council, said: “It is very pleasing to see the gold industry co-operate in this way, from mine to market, to commit to these Principles of Responsibility and Sustainability.
"The gold industry has made great progress in recent years in ensuring gold is responsibly produced, but there is still plenty work to be done to ensure we work together to identify solutions and maximise our beneficial impacts.
"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.”