London bullion association launches digital database for gold bars

LONDON (Reuters) - The London Bullion Market Association has launched a digital database for gold bars to improve transparency in the precious metals market, expecting all LBMA-accredited refineries to come onboard in 2025.

The LBMA's "good delivery" list currently includes 66 gold refiners and 82 silver refiners around the globe, which must source gold responsibly under the accreditation requirements that give them access to the London hub, the world's largest for over-the-counter gold trading.

Refiner data and London vaults' holdings data will now be held on the Gold Bar Integrity Database, a digital platform that uses distributed ledger technology provided by a firm aXedras.

"This means faster, more secure data collection and processing," LBMA CEO Ruth Crowell said in a statement on Wednesday.

"Beyond this, the platform's ability to automate risk identification and flag potential issues quickly will play a vital role in enhancing confidence across the market," she added.

(Reporting by Polina Devitt; Editing by Jan Harvey)