World Gold Council Standards
Here you can find standards developed by the World Gold Council on behalf of the gold industry. Developed through consultation with market participants and stakeholders, these standards address needs of different parts of the gold market, including gold mining, retail investing and central bank gold holdings.
Gold Mining
In collaboration with our members, the world’s leading gold mining companies, we have developed standards that increase transparency into responsible mining and the economics of gold mining.
Responsible Gold Mining Principles
The Responsible Gold Mining Principles (RGMPs), launched in September 2019, are a framework that set out clear expectations for consumers, investors and the downstream gold supply chain as to what constitutes responsible gold mining. We worked with our members and sought input from key industry stakeholders to develop this standard which addresses all material environmental, social and governance issues for the gold mining sector.
We also developed an Assurance Framework and Guidance on implementing and assuring the RGMPs.
In addition, here you can also find, Guidance for investors, RGMPs & ICMM’s Mining Principles Equivalency Benchmark and Women in Mining and the RGMPs: A guide to best practice.
Conflict-Free Gold Standard
Released in 2012, the Conflict-Free Gold Standard was developed to address potential links between gold and unlawful armed conflict and operationalises the OECD’s Due Diligence Guidance for Responsible Supply Chains for Minerals from Conflict-Affected and High-Risk Areas. Conformance with the Conflict-Free Gold Standard is required as part of the Responsible Gold Mining Principles.
We also developed an Assurance Framework and Guidance on implementing the Conflict-Free Gold Standard.
Guidance Note on Non-GAAP Metrics: All-in Sustaining Costs and All-in Costs
The Guidance Note on Non-GAAP Metrics – all-in sustaining costs and all-in costs was first issued in 2013. In light of new accounting standards and to support further consistency of application, the World Gold Council published an updated Guidance Note in 2018, which includes incremental enhancements. We have worked closely with our member companies to develop these non-GAAP measures which are intended to provide further transparency into the costs associated with producing gold.
Guidance Note on Expenditure Definitions
This Guidance Note was issued as part of the World Gold Council’s work to develop common approaches which the gold mining industry can use as part of their overall reporting on the contribution made to sustainable economic development. We believe that these “Expenditure Definitions” will support and promote a systematic approach to understanding the impact that responsible gold mining can have and so support better collaboration with stakeholders which is critical to maximise the development potential. It is up to individual companies to determine how they report to the market and to decide whether their stakeholders will find these metrics of value in understanding their businesses.
Retail Gold
Catering to both providers and investors, our work to establish concise and valuable industry standards helps to drive demand across retail gold investment and foster greater confidence in the market.
Retail Gold Investment Principles (RGIPS)™
The World Gold Council’s RGIPs™ for retail gold market professionals improve trust in the global retail gold market. These principles raise the bar for gold product providers and ensure investors feel safe placing their confidence in gold.
Shari’ah Standard on Gold
The AAOFI Shari’ah Standard on Gold was developed in collaboration with the World Gold Council and offers definitive guidance on the use of gold in Islamic finance.
Accounting for Monetary Authorities
Identifying a lack of appropriate guidance, this work allows us to align the work of central banks and enhance financial statement comparability and accountability.
Guidance for Monetary Authorities on the Recommended Practice in Accounting for Monetary Gold
A common framework to help monetary authorities recognise and account for monetary gold in an appropriate and consistent manner.
