The World Gold Council (WGC) announced that four central banks have committed to signing ‘The London Principles.’ This is a set of operating principles to help structure and formalise Central Bank Artisanal and Small-Scale Gold Mining Domestic Purchase Programmes (ASGM DPP).
The inaugural signatories are Banco de la República (Colombia), Banco Central del Ecuador, Bank of Mongolia, and Bangko Sentral ng Pilipinas. The commitment of these institutions represents progress towards more responsible gold sourcing practices worldwide.
Artisanal and small-scale gold mining (ASGM) is an important source of livelihood in many gold-producing countries. Some estimates suggest that approximately 15 million people make their living from ASGM. However, it is often unfortunately associated with illicit activities, lack of environmental protection, labour abuses, and other harmful practices. ASGM DPPs offer a route to help bring responsible artisanal and small-scale gold miners into the formal supply chain.
Around the world, some central banks have launched these programmes to buy gold produced by domestic artisanal and small-scale gold miners in local currency. The schemes are mutually beneficial as small-scale miners can sell their production to a trustworthy source that offers transparent buying processes and pricing. In addition, central banks can add gold to their official reserves using their local currency, allowing them to grow their reserve assets without having to sacrifice other hard currency reserves.
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