Responsible Jewellery Council (RJC), an affiliate of the London Bullion Market Association (LBMA), has certified Ghana’s Gold Coast Refinery.
According to the Council, the refinery’s certification is in accordance with its 2019 Code of Practice, which is aligned with the Organisation for Economic Co-operation and Development’s (OECD) Due Diligence Guidance as well as the United Nations’ Guiding Principles of Business and Human Rights.
“By the authority of the Council, Gold Coast Refinery Limited is a certified member of the Responsible Jewellery Council for a duration of three years,” the JRC said in a statement.
Gold Coast Refinery’s certification to the Code of Practices of the RJC, makes it the first refinery in Ghana and the second largest refinery in Africa to be admitted as a member of the RJC, which is mandated with the responsibility of overseeing the jewelleries and watches industry.
Dr Said Deraz, Chairman and Chief Executive Officer of Gold Coast Refinery, stated that the historic certification by the RJC will help the refinery in many ways.
“Achieving RJC Code of Practices certification is a continuous improvement process that requires time and investment. All the members of the GCR team have worked tirelessly to prepare for the rigorous third-party audit.
“We have learnt a lot about our own operations, improved some of our processes and developed and implemented new ones. We have also had strong engagement with our business partners and stakeholders.”
Dr Said Deraz
Dr. Said noted that Gold Coast Refinery’s certification will help Ghana formalise gold sourcing practices with the country possessing the right to refuse gold from questionable sources. Additionally, it helps in the development of responsible supply chains of gold from artisanal and small-scale mines as well as aid the Central Bank meet its target of buying 10,000oz of gold annually under its ambitious domestic gold purchase programme.
Mr Said Deraz noted that a successful refining business must be conducted in an environmentally and socially responsible manner, not just in an economically viable way. That, he said, would help GCR to integrate the UN Sustainable Development Goals (SDGs) into its business operations in line with its vision of promoting sustainable gold supply chains, “as well as demonstrating commitment to the protection of human rights, labour rights, the prevention of environmental pollution, traceability and transparency.”
Ghana has potential to Meet Its Ambitious Domestic Gold
Mr Deraz averred that Ghana has an enormous potential and the ability to meet its ambitious domestic gold purchase programme and the development of responsible supply chains of gold from artisanal and small scale mines and that GCR’s vision is to contribute positively to the country’s programmes by adding value to precious metals.
The CEO asserted that the Company would accelerate its engagement upstream with artisanal and small scale miners to develop a robust, responsible and traceable supply chain that had a positive impact on the mining communities.
“GCR is exploring the increase of its line of product to the addition of minting of medallions and jewelry production, one of such examples is the production of Commemorative Coins of the King of Ashanti Region, HRM Otumfuo Osei Tutu II, the Asantehene in South Ghana, known as the ‘Kingdom of gold.’
“We also intend to partner with key stakeholders in Ghana such as the School of Mines to provide practical training for students, and the chamber of mines to ensure the enhancement of standards across the country.”
Dr Said Deraz
Meanwhile, Gold Coast Refinery was also awarded a product certification license by the Government of Ghana to hallmark refined bullion of over 995 purity and to market and sell its finished product, including refined gold bars and medallions on both local and international bullion markets.
The refinery’s operations are organised in line with applicable international standards and it boasts of a finished product that can be sold on the international markets.
Gold Coast Refinery’s services include smelting and assaying, refining, bar manufacturing, inspection and certification, hallmarking, vault services, logistics and export, capacity building and training.
READ ALSO: The Dollarization Of The Economy Must Be Stopped- GUTA Vice President
