TrueGold’s technology has been recognised by the London Bullion Market Association (LBMA), an independent global authority for gold and precious metals, as the only technology and security feature provider that can invisibly mark gold bars.
LBMA has just named trueGold, along with four other companies – as a recognised and accredited security features provider.
The invisible marker allows for a complete tracking of gold from mine to marketplace, which increases trust and transparency by strengthening governance across the entire gold supply chain.
In addition, it can also track gold bars when they are recycled and reused, providing an ethical assurance to authenticate proof of quality, quantity, and the origin of gold for credible ESG reporting in real time.
Experts believe this technology is both disruptive and groundbreaking and will enhance as well as complement the current ESG framework.
“TrueGold’s tech offering will enhance, complement and promote the current ESG frameworks provided by the World Gold Council (WGC) with its Responsible Gold Mining Principles,” said Jason Waters, CEO of The Perth Mint.
“It will also complement the LBMA with its Responsible Sourcing Program, by offering its members a security feature and a blockchain platform that can promote and drive integrity, anti-counterfeiting, corporate transparency, accountability and sustainability.”
Ensuring trust in the gold supply chain
The LBMA is a recognised independent authority that ensures the highest standards of integrity and transparency for the global precious metals industry.
The initiative aims to digitally monitor gold moving through the global supply chain. Essentially, the security features provide a physical mechanism that will establish the identity and verify the authenticity of a gold bar as it changes hands.
The ultimate goal is to increase trust, thereby mitigating illicit trade risks and reducing the change of fraudulent bars entering the supply chain.
TrueGold’s technology has been hailed as a disruptive method to ensure real time assurance for gold market participants.
“TrueGold’s unique technological offering will provide credible non-destructive, real time ESG verification and digital records for stakeholders, insurance, trading platforms, logistics, financing, international customs and industry regulators,” said trueGold managing director Zeren Browne.
Uses in other precious metal
These markers are also recorded on a digital blockchain platform that spans the whole gold value chain.
Importantly, the technology can also be used on other precious metals.
“The marker technology can be applied not just to gold, but to other different precious metals such as silver and platinum, as well as diamonds,” said Grant Angwin, chairman of trueGold Industry Advisory Board.
The same trueGold reader can also be used to detect the markers in a range of different materials, as well as other security and logistical features such as barcodes and QR codes.
“And finally, the ease of implementation of the marker; operation of both the reader and the digital blockchain platform, has been designed to be efficient, lean, and easily integrated into current operations and procedures,” Angwin added.
Source: The Australian Business Review