A local supplier has attained internationally recognised accreditation that is said to rank its gold products among the highest quality in the world.
ABC Refinery, a division of Pallion, was recently appointed to the London Bullion Market Association’s (LBMA’s) Good Delivery List for gold.
According to the LBMA website, the Good Delivery List is “universally recognised as the de facto standard for the quality of gold and silver bars” due to the fact that LBMA-accredited refineries have passed “stringent assaying and bar quality criteria”.
Pallion CEO Andrew Cochineas said the Good Delivery List consisted of 73 LBMA-accredited gold refineries, and that the application process – which was years in the making – had been “very arduous”.
“LBMA accreditation is limited to the world’s largest refineries that meet the LBMA’s strict refining volume, net tangible asset, responsible gold, historical and technical requirements,” Cochineas explained.
“The addition of ABC Refinery to the illustrious LBMA Good Delivery List for gold breaks a monopoly and brings real competition to the Australian gold market. It is an international assurance of quality, which ultimately benefits the consumer.”
ABC is the only LBMA-accredited refinery in Australia apart from the Western Australian Government-owned The Perth Mint.
Jewellers to benefit
Cochineas explained that the accreditation was not only beneficial for ABC and Pallion but could also be used to the advantage of local jewellers.
“It is recognition of the international standing of Australian manufacturing,” he commented. “[All of ABC’s] product has, at its base, precious metal that has been sourced, refined and processed right here in Australia. These are excellent value propositions that Australian jewellers can use when selling to their clients.”
Continuing, he said, “In respect of refining services, [the accreditation] means that Pallion is the only Australian jewellery-focused group that provides LBMA-standard refining services – the same standard of services that are demanded by the world’s largest mines and jewellers.”
Cochineas added that he was proud that the business’ commitment to mining, refining and supplying superior gold product had been recognised at an international level.