The Good Delivery specification is a set of rules issued by the London Bullion Market Association (LBMA) describing the physical characteristics of gold and silver bars used in settlement in the wholesale London bullion market. It also puts forth requirements for listing on the LBMA Good Delivery List of approved refineries.
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, London, New York, Sydney, Tokyo, and Zurich) and in the gold reserves of governments, central banks, and the IMF.
Sztabka złota ważąca 12,5kg Własność Narodowego Banku Polskiego.Szaaman
Gold bullion weighing 12½ kg. Property Polish National Bank Photo:Szaaman
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 October 2012.
- Fineness: minimum of 995.0 parts per thousand fine gold
- Marks: serial number, refiner’s hallmark, fineness, year of manufacture
- Gold content: 350–430 troy ounces (11–13 kg)
- Recommended dimensions
Length (top): 210–290 mm
Width (top): 55–85 mm
Height: 25–45 mm
- Fineness: minimum of 999.0 parts per thousand silver
- Marks: serial number, refiner’s hallmark, fineness, yr of manufacture, weight
- Silver content: 750–1,100 troy ounces (23–34 kg); 900–1050 oz
- Recommended dimensions
Length (top): 250–350 mm
Width (top): 110–150 mm
Height: 60–100 mm
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 refineries (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.
The LBMA claims copyright over the Good Delivery List.
Text is available under the Creative Commons Attribution-ShareAlike License