The Good Delivery specification is a set of rules issued by the

London Bullion Market Association The London Bullion Market Association (now known simply as LBMA), established in 1987, is the international trade association representing the global Over The Counter (OTC) bullion market, and defines itself as "the global authority on precious ...

(LBMA) describing the physical characteristics of

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile ...

and

silver Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...

bars used in

settlement Settlement may refer to: * Human settlement, a community where people live *Settlement (structural), the distortion or disruption of parts of a building *Closing (real estate), the final step in executing a real estate transaction *Settlement (fin ...

in the wholesale London bullion market. It also puts forth requirements for listing on the LBMA Good Delivery List of approved

refineries A refinery is a production facility composed of a group of chemical engineering unit processes and unit operations refining certain materials or converting raw material into products of value. Types of refineries Different types of refinerie ...

. Good Delivery bars are notable for their large size and high purity. They are the type normally used in the major international markets (

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mounta ...

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.46 ...

, and

Zürich , neighboring_municipalities = Adliswil, Dübendorf, Fällanden, Kilchberg, Maur, Oberengstringen, Opfikon, Regensdorf, Rümlang, Schlieren, Stallikon, Uitikon, Urdorf, Wallisellen, Zollikon , twintowns = Kunming, San Francisco Z ...

) and in the

gold reserve A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store ...

s of governments,

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

s, and the

IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glob ...

''The Good Delivery Rules for Gold and Silver Bars''

The entire Good Delivery specification is contained in the LBMA document titled ''The Good Delivery Rules for Gold and Silver Bars: Specifications for Good Delivery Bars and Application Procedures for Listing''. The document includes specific requirements regarding the fineness, weight, dimensions, appearance, marks, and production of gold and silver bars. It specifies procedures for weighing, packing, and delivery. It also describes policies for ensuring refiners' compliance with the specifications. The current edition of the ''Good Delivery Rules'' was published in January 2019.

Basic specifications

Gold bars

* Fineness: minimum of 995.0 parts per thousand fine gold * Marks:

serial number A serial number is a unique identifier assigned incrementally or sequentially to an item, to ''uniquely'' identify it. Serial numbers need not be strictly numerical. They may contain letters and other typographical symbols, or may consist enti ...

, refiner's

hallmark A hallmark is an official mark or series of marks struck on items made of metal, mostly to certify the content of noble metals—such as platinum, gold, silver and in some nations, palladium. In a more general sense, the term '' hallmark'' can a ...

, fineness, year of manufacture * Gold content: * Recommended dimensions ** Length (top): ** Width (top): ** Height:

Silver bars

* Fineness: minimum of 999.0 parts per thousand silver * Marks: serial number, refiner's hallmark, fineness, year of manufacture * Silver content: (Bars manufactured after January 1, 2008); (Bars manufactured prior to January 1, 2008); recommended * Recommended dimensions ** Length (top): ** Width (top): ** Height: Weight is not recommended to be stamped on bars of either gold or silver, because bars will be officially weighed on delivery, and this weight, which may be different from that originally marked, will prevail. A bar's weight may also change by handling or sampling, thus invalidating the original mark.

Non–Good Delivery

Bars that do not comply with Good Delivery rules are termed Non–Good Delivery. If they are similar to Good Delivery bars but do not fully meet the requirements, they must be stamped with "NGD" to distinguish them from conforming bars.

LBMA Good Delivery List

The LBMA maintains two Good Delivery Lists of approved

(one for gold and one for silver) that meet certain minimum criteria (age, net worth, and production volume) and have demonstrated their ability to produce Good Delivery bars. Listed companies agree to submit to monitoring by the LBMA. Those listed companies that refuse to participate in regular monitoring are removed from the Good Delivery List and added to the Former List.

Good Delivery Referees

Five companies are accredited by the LBMA as Good Delivery RefereesLondon Bullion Market Association
LBMA Referees
/ref> in order to supervise the Good Delivery System and monitor the companies with Good Delivery certification. The referees' main functions are: * Technical assessment of applicants for listing * Proactive monitoring of refiners on the Good Delivery List * Provision of technical advice on a range of topics The companies accredited as referees are: * Argor-Heraeus SA (Switzerland) * Metalor Technologies SA (Switzerland) * PAMP SA (Switzerland) * Rand Refinery (PTY) Ltd (South Africa) *

Tanaka Kikinzoku The Tanaka Kikinzoku Group, founded in 1885, is a Japanese manufacturer of precious metals materials focusing mainly on products for the electronics, semiconductor and automotive industries. Tanaka's European subsidiary is Tanaka Kikinzoku Inter ...

Kogyo K.K. (Japan)

References

External links

LBMA - Good Delivery Explained

LBMA - Good Delivery Rules
{{DEFAULTSORT:Good Delivery Gold Silver Commodity markets