LBMA Good Delivery List: how to check a gold refiner
By the Vanguard Verify desk · Published 2026-10-25 · Updated 2026-10-25
Short answer: the LBMA Good Delivery List is the London Bullion Market Association's list of refiners whose bars it has accredited for the global over-the-counter market. Search the refiner named on the bar on the current list at lbma.org.uk, check the former list too, and compare the bar's marks with the LBMA specifications. The list accredits refiners — it does not prove that a seller owns any gold.
LBMA owns and manages the Good Delivery Lists for gold and silver. Every listed refiner must follow LBMA's Responsible Sourcing Programme, which includes annual independent audits and public reporting.
Steps to check
- Get the bar details in writing: refiner name, serial numbers, fineness and year of manufacture, plus the weight list.
- Search the current list on the LBMA website for the refiner.
- Check the former list. LBMA also publishes refiners that are no longer on the current list. If the refiner appears only there, check the bar's year of manufacture against the date it left the list and ask your bank or vault whether they will accept the bars.
- Compare the bar with the specification. Under the LBMA Good Delivery Rules a gold bar contains 350 to 430 fine troy ounces (about 10.9 to 13.4 kg), has a minimum fineness of 995.0, and is marked with a serial number, the refiner's stamp, fineness to four significant figures and, for bars made from January 2019, the month and year of manufacture.
- Verify custody. Ask where the bars are held, then contact the vault or custodian directly using details from its own website — not those given by the seller.
- Assay before payment. Use an independent assayer or your bank's process. See how to verify a gold seller.
What the list proves and what it does not
| Claim | Does the Good Delivery List prove it? |
|---|---|
| The refiner is LBMA-accredited | Yes, if it is on the current list |
| These specific bars are genuine | No — check marks, custody and assay |
| The seller owns the bars | No — confirm with the custodian |
| The seller is "LBMA certified" | No — the list covers refiners, not trading intermediaries |
| Doré or kilobars are Good Delivery bars | No — Good Delivery bars are the 350–430 oz large bars |
Red flags
- A seller calls itself "LBMA certified" or "LBMA approved" but is not a refiner on the list.
- Doré bars from a mine are described as "LBMA Good Delivery".
- Bar photos show no serial number, fineness or refiner stamp.
- The seller will not allow an independent assay or a direct call to the vault.
- You are asked to send proof of funds by SWIFT message before seeing any product. The buyer gives proof of funds, the seller gives proof of product — see POF vs POP.
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FAQ
Who maintains the LBMA Good Delivery List?
The London Bullion Market Association (LBMA) owns and manages the Good Delivery Lists for gold and silver.
What are the specifications of a Good Delivery gold bar?
Between 350 and 430 fine troy ounces, minimum fineness 995.0, marked with serial number, refiner's stamp, fineness and, for bars from January 2019, month and year of manufacture.
Does a refiner on the list mean the seller is genuine?
No. The list accredits refiners. You still need to verify the seller, the custody of the bars and their assay.
What is the former Good Delivery List?
A list LBMA publishes of refiners that are no longer on the current Good Delivery List.
Vanguard Verify is run by Vanguard Trade Capital Goods Wholesalers DWC-LLC, Dubai South, Licence 14282. This answer is general information, not legal or financial advice.