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JSC “Uralelektromed” reaffirmed Good Delivery status for gold

06/15/2021
JSC “Uralelektromed” reaffirmed Good Delivery status for gold

JSC “Uralelektromed” (an enterprise of UMMC metallurgical division) provided reassurance to international purchasers about high quality of refined gold bars. As per results of the proactive monitoring, the company confirmed the international Good Delivery status.

According to Alexey Batuev, Deputy Director on Quality and Precious Metals, gold bars complies with the international standard of the London Bullion Market Association (LBMA). “Following the results of the work performed, the company was granted a Proactive Monitoring Certificate for gold”, he noted.

As mandated by the LBMA Standard, GDL refiners shall be monitored once every three years to reaffirm the Good Delivery status for gold and silver. LBMA assessed the financial and economic viability of the company, gold output over the past three years and the laboratory competence. Beforehand, the laboratory received six reference gold samples and assayed them.   

Under the Good Delivery Standard, gold bars shall be of certain weight, composition and shape. The gold bar mark on surface must contain the stamp of the refiner, bar weight, serial number, metal fineness and year of manufacture. The gold bar shall be free from any physical damages and defects.

In is worth reminding that JSC “Uralelekromed” was the first Russian refiner included in the Good Delivery List for refined gold.