LBMA APPROVED REFINERIES
1. Why do we insist on dore Sellers holding an active account in good standing in an LBMA-certified / Dubai Reputed refinery?
There are literally 1,000's of dore Sellers in the marketplace. Some can perform with ease; many simply cannot. Others still are out-and-out fraudsters and crooks. For our part, we are only interested in working with the "best of the best" - the top 2% of dore Sellers out there. That's why we insist that Sellers open an account with any LBMA-certified refinery worldwide of the Seller's own choosing. You see, if the Seller is approved by the refinery and an account is confirmed, it means that the Seller has satisfied the refinery that he or she is a reputable Seller. And that's good enough for us!
2. How difficult is it to open a refinery account in an LBMA-certified refinery?
For a genuine Seller - it's not difficult at all. Look on our listing of LBMA refineries below. Locate the refinery in the Seller's region. Go to their website and download the account-opening package. Complete the paperwork and submit the information via e-mail. Job done. No muss. No fuss. No travel required. And it's free of charge!
3. What kind of compliance information do the refineries require?
The refineries require the normal kinds of compliance information that banks and financial institutions require in order to confirm a Seller's good standing in the business community. Of course, the refineries are especially concerned about the origin and provenance of the dore product so as not to associate themselves with any criminal activity, armed conflict or human rights abuses. Something that concerns us gravely as well.
4. How long does the refinery approval process take?
It varies on a "refinery-by-refinery" basis, but final approval of the account-opening normally takes no more than a couple of days or so. , which suits us just fine!
You can find the current listing of LBMA-certified refineries at the LBMA's website: www.lbma.org.uk