Precious Metals Commission focuses on compliance with EU and U.S. legislation

Karina Ratzlaff (second from right), the Acting Precious Metals Commission President , and Huw Daniel (right), the incoming commission president, joined on the podium by John Henn and Tiffany Stevens.

November 6, 2017

With the European Parliament passing ground-breaking legislation earlier this year, which is designed to control the flow into the EU of gold from countries beset with conflict, CIBJO’s Precious Metals Commission looked at the new regulations and their potential impact, comparing them to legislation passed in the United States seven years ago, as part of the Dodd Frank Act.

Since former Precious Metals Commission President Stella Leyton had stepped down from her position as Chief Executive at the Birmingham Assay Office, Karina Ratzlaff has taken over as Acting President.

She introduced Sakhila Mirza, Executive Board Director and General Counsel of the London Bullion Market Association (LBMA), who spoke about the LBMA’s lobbying work with legislators regarding the gold market in Europe and globally.

The LBMA has a Good Delivery List of refiners who can sell gold into the London market. A company that does not comply cannot sell in London or many other markets. “Every bar of gold has gone through a responsible sourcing programme. London has 7,500 tonnes worth $298b of gold in their vaults,” she explained.

“It is vital to us that the gold sold in London is conflict free and is not tainted by issues such as human rights, anti-money laundering or terrorism. Our guidance is based on OECD guidelines.”

Ms. Mirza spoke about the EU law regarding conflict minerals and said the LBMA’s aim is for its members to be ahead of it when it comes fully into force in 2021.

She said the law focuses on conflict and high-risk areas but has not named jurisdictions yet. The EU may put out guidance by the end of this year, she added.

Meanwhile, Tiffany Stevens, President and CEO of the Jewelers Vigilance Committee, provided the U.S. perspective on conflict minerals legislation.

She said that the Dodd-Frank Act calls for publicly listed firms to provide reports on where they were buying gold.

Francesca Angeloni, the Business Development Manager Europe Jewellery and Watch Industry of UL, described a tool that UL is developing with CIBJO to help importers of gold into Europe to become compliant with the new EU regulations.

CIBJO European Jewellery Guild President Bernadette Pinet-Couq was introduced and she provided brief details on her position, which includes her providing input on behalf of the jewellery industry to the European Union, in order to ensure that the trade’s views are taken into account.

“There will be an intervention on the ISO 9202 Platinum Standards to revise the acceptance of fineness to less than 850,” said Karina Ratzlaff.

Huw Daniel, CEO of the Platinum Guild International and new president of the Precious Metals Commission, gave a brief update on the arguments and intentions behind that intervention.

Ms. Ratzlaff updated the commission on possible changes on elements like nickel, lead and borax which are either listed in REACH or put recently on the Candidate List of REACH. There are special requirements to be followed when goods are sold in EU member states, she said.

By | 2017-11-15T10:44:25+00:00 November 7th, 2017|NEWS|0 Comments
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