Shenzhen Yuexin Precious Metals Co., Ltd., Added to LBMA Good Delivery

December 21, 2024

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	Website
Daye Nonferrous Metals Co., Ltd	09 June 2015	Huangshi City	Link
Dongwu Gold Group Co., Ltd	10 November 2019	Suzhou	Link
Great Wall Precious Metals Co., LTD. of CBPM	02 October 1961	Chengdu, Sichuan	Link
Inner Mongolia Qiankun Gold and Silver Refinery	01 December 1999	Shenzhen City	Link
Zhongyuan Gold Smelter of Zhongjin Gold Corp	29 July 2008	Sanmenxia, Henan	Link
Henan Yuguang Gold & Lead Co., Ltd	20 March 2006	Jiyuan, Henan	Link
Shandong Zhaojin Gold & Silver Refinery Co., Ltd	18 August 2003	Zhaoyuan, Shandong	Link
Zijin Mining Group Co., Ltd. Gold Refinery	01 February 2006	Shanghang, Fujian	Link
Shandong Hengbang Smelter Co., Ltd	09 December 2011	Laizhou, Shandong	Link
Lingbao Gold Company Ltd.	13 December 2004	Lingbao, Henan	Link
Shandong Humon Smelting Co., Ltd	06 July 2010	Yantai, Shandong	Link
Zhongkuang Gold Industry Co., Ltd	27 October 2010	Laiyang, Shandong	Link
Shandong Tiancheng Biological Gold Industrial Co.	14 June 2007	Laizhou, Shandong	Link
Shandong Jinbao Gold Industry Co., Ltd	05 March 2004	Laizhou, Shandong	Link

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.