The commercial reality for refiners in 2026
Transparency is no longer optional. It's a commercial requirement.
The precious metals refining sector's under more transparency and traceability pressure than at any point in its recent history. LBMA has accelerated its responsible sourcing requirements. Large downstream buyers — jewellery manufacturers, electronics companies, investment banks — are demanding documented supply chain due diligence that goes significantly further than what was required five years ago. Refiners that can demonstrate it are winning supply contracts that those without it aren't. and compliance infrastructure are winning supply contracts that refiners without it are losing.
At the same time, operational complexity in refining has increased. Settlement disputes, supplier KYC documentation burdens, internal reporting fragmentation, and working capital cycle management all create friction that compounds as volume grows. The refiners that'll outperform in the next decade are the ones building proper operational infrastructure now — not those continuing to run complex, high-value operations on spreadsheets and institutional memory.
The primary challenges refiners come to us with
What we build for cash-for-gold businesses
Questions from refinery operators
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For refiners, the primary advisory focus is on compliance and traceability infrastructure to meet LBMA and responsible sourcing requirements, supplier onboarding workflow digitalisation to handle KYC and documentation at scale, and operational reporting systems that give management visibility across the full refining cycle. We also work on digital presence and B2B lead generation for refiners seeking to diversify or grow their feedstock supply base.
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Refiners face increasing compliance burden driven by LBMA transparency requirements, OECD Due Diligence Guidance for responsible minerals supply chains, anti-money laundering obligations, and sanctions screening requirements. LBMA currently lists 66 gold refiners on its Good Delivery list, and accreditation requirements around responsible sourcing documentation have become significantly more demanding in recent years.
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Most refiners rely on existing relationships and word of mouth for feedstock. A digital B2B presence demonstrating LBMA compliance, settlement terms, and technical capability can meaningfully expand the addressable supplier base. Search visibility for terms like scrap gold refining services and precious metal recycling company puts the refiner in front of aggregators and scrap dealers actively seeking refining partners.