15 Chinese Gold Refineries on the LBMA Good Delivery List
Shenzhen Yuexin Precious Metals Co., Ltd. has been added to the LBMA Gold Good Delivery List, bringing the total number of Chinese refineries with this certification to 15. This refinery, located near the Hong Kong border, operates in a region known for gold smuggling and cross-border financial activities. Consequently, its addition to the LBMA list merits close monitoring by regulatory agencies both within China and internationally.
Background of Shenzhen Yuexin Precious Metals Co., Ltd.
Founded in 2011, Shenzhen Yuexin Precious Metals Co., Ltd. specializes in recycling, refining, and selling precious metals such as gold, silver, palladium, and platinum. The company’s cutting-edge technology ensures:
- A short production cycle
- High automation levels
- Consistent product quality
The refinery’s gold products boast a purity of 99.9999%, making them highly sought after in the market.
Other Chinese Refineries on the LBMA Good Delivery List
| Company Name | Refinery First Listed | Refinery Location |
|---|---|---|
| Daye Nonferrous Metals Co., Ltd | 09 June 2015 | Huangshi City |
| Dongwu Gold Group Co., Ltd | 10 November 2019 | Suzhou |
| Great Wall Precious Metals Co., LTD. of CBPM | 02 October 1961 | Chengdu, Sichuan |
| Inner Mongolia Qiankun Gold and Silver Refinery | 01 December 1999 | Shenzhen City |
| Zhongyuan Gold Smelter of Zhongjin Gold Corp | 29 July 2008 | Sanmenxia, Henan |
| Henan Yuguang Gold & Lead Co., Ltd | 20 March 2006 | Jiyuan, Henan |
| Shandong Zhaojin Gold & Silver Refinery Co., Ltd | 18 August 2003 | Zhaoyuan, Shandong |
| Zijin Mining Group Co., Ltd. Gold Refinery | 01 February 2006 | Shanghang, Fujian |
| Shandong Hengbang Smelter Co., Ltd | 09 December 2011 | Laizhou, Shandong |
| Lingbao Gold Company Ltd. | 13 December 2004 | Lingbao, Henan |
| Shandong Humon Smelting Co., Ltd | 06 July 2010 | Yantai, Shandong |
| Zhongkuang Gold Industry Co., Ltd | 27 October 2010 | Laiyang, Shandong |
| Shandong Tiancheng Biological Gold Industrial Co. | 14 June 2007 | Laizhou, Shandong |
| Shandong Jinbao Gold Industry Co., Ltd | 05 March 2004 | Laizhou, Shandong |
Why Does the LBMA Approve Chinese Refineries?
A key point of contention is the LBMA’s approval of refineries in China despite the People’s Bank of China’s (PBOC) prohibition on exporting gold from the domestic market. The strict control over gold exports raises questions about:
- The sources of gold processed by these refineries
- The reliability and frequency of audits
- The LBMA’s dependence on third-party auditing firms
Industry Audit Concerns During COVID-19
The COVID-19 pandemic disrupted global operations, including refinery audits. Questions arise regarding:
- How often these refineries were audited during the pandemic
- Whether audits conducted remotely met stringent standards
- The LBMA’s accountability in ensuring compliance
Recent audit reports, such as those linked on the LBMA’s site, suggest a reliance on external auditors whose integrity has been questioned in financial circles. This leaves room for speculation about the robustness of oversight.
Implications for the Global Gold Market
The addition of Shenzhen Yuexin Precious Metals Co., Ltd. to the LBMA list could:
- Strengthen the global credibility of Chinese gold
- Raise concerns about potential smuggling and regulatory circumvention
- Highlight the need for improved international cooperation on gold trade oversight
Conclusion
The inclusion of Shenzhen Yuexin Precious Metals Co., Ltd. in the LBMA Gold Good Delivery List underscores the growing prominence of Chinese refineries in the global gold market. However, it also emphasizes the need for rigorous auditing and monitoring to maintain trust and transparency in gold trading.
Shenzhen Yuexin Precious Metals Co., Ltd Address
3rd Floor, Building 1, Petrochemical Industrial Zone, Cuizhu North Road, Cuizhu Street, Luohu District, Shenzhen
Shenzhen Yuexin Precious Metals Co., Ltd Telephone
+86 0755-82339010
