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Follow on Google News | Tsuen Wan International: World Gold Council considering conflict-free gold system.The body representing the gold industry has proposed a set of standards which would enable miners to certify that their gold comes from conflict free sources, similar to blood diamonds and the Kimberly Process.
By: Tsuen Wan International According to the council, the draft standards set out guidelines for tracking conflict-free gold from mine to the end of the refining process, and also for ensuring that at no stage production or transportation benefit armed groups where gold is mined in a conflict or high-risk zone. The World Gold Council (WGC) informed Tsuen Wan International that there were concerns that gold was being used to finance armed conflict in the Democratic Republic of Congo (DRC) and other nations. So-called conflict minerals from DRC, still struggling to recover from the1998-2003 war and battling rebels across its territory, are used in almost every device in the modern household. "It is difficult to track specific consignments from the mine to the end user because it is easily melted down and co-mingled with other sources of gold," WGC's chief executive Aram Shishmanian told Tsuen Wan International. "So, the success of any certification system will depend upon the co-operation and commitment of many parties in the gold supply chain," he added. The council funded by the gold mining industry and tasked with marketing the metal said it also intends working with the Organization for Economic Co-operation and Development (OECD) on guidelines for the responsible sourcing of gold. # # # Tsuen Wan International is a leading independent investment company, based in the heart of Hong Kong. Tsuen Wan International offers a variety of investment products for institutional, corporate and high net worth investors in equity debt and FX markets. End
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