Gold Industry Commits to Human Rights and Responsible Sourcing

Published on: 18 October 2022
by KnowESG
jingming-pan-iYsrkq5qq0Q-unsplash

Leading gold companies from all over the world have signed an agreement saying they will work closely with governments to make sure the industry has strong standards.

At the Global Precious Metals Conference in Lisbon, everyone agreed on the Declaration of Responsibility and Sustainability Principles.

The LBMA, the World Gold Council, the Singapore Bullion Market Association, and the Swiss Association of Precious Metals Producers and Traders are all part of the group that signed the declaration.

The China Gold Association, the Dubai Multi Commodities Centre, and the Indian Bullion and Jewellery Association are among the other companies that have agreed to the principles.

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 goals, such as committing to responsible sourcing standards, respecting human rights, moving forward with the UN's sustainable development goals, and doing something about climate change and telling people about it. 

As part of the declaration, people in the gold industry are also expected to keep working with governments, international organisations, other private sector actors, and civil society to define and support strong standards of integrity and governance.

Ruth Crowell, CEO at LBMA, said: 

"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."

Source: Arab News

For more social and governance news

Share:
esg
esg
esg
esg