The following anti-slavery statement is made regarding Jewellery Quarter Bullion Ltd (Company Number: 06758398) which trades as GOLD.co.uk. It has been approved for publication by the Board of Directors of Jewellery Quarter Bullion Ltd as of 26/05/2022.
The statement is published following the conclusion of the financial year 2021/22 in line with Section 54 of the Modern Slavery Act 2015, which requires organisations above a specified turnover to declare what steps are taken on an annual basis to avoid enabling modern slavery – either within their business or within their supply chain.
GOLD.co.uk is a UK bullion dealer that specifically deals in gold, silver, platinum and palladium. We work with internationally recognised mints and refiners, and buy and sell London Bullion Market Association (LBMA) approved gold, silver, platinum and palladium in order to meet the highest standards of worker rights and conditions in our supply chain. We are a point of sale for the public to buy precious metals, and we source our precious metals from the LBMA’s Good Delivery list of approved refiners.
GOLD.co.uk are proud of our commitment to be an ethical bullion dealer.
Visit our About Us page to learn more about the company.
What is Modern Slavery?
The UK Government defines modern slavery as “…a crime resulting in an abhorrent abuse of human rights. It is constituted in the Modern Slavery Act 2015 by the offences of ‘slavery, servitude and forced or compulsory labour’ and ‘human trafficking’.”
Speaking at the time of the law being passed, former Home Secretary Amber Rudd said: “It is simply not acceptable that anyone should be profiting, however indirectly, from this appalling abuse and exploitation.”
The purpose of the Modern Slavery Act is to tackle the issue of big business exploiting workers – often in poorer regions – in order to maximise profits.
How we challenge Modern Slavery
At GOLD.co.uk we take a two-pronged approach to ensure our supply chain is free from slavery. Firstly, our buying team regularly engage with our core suppliers challenging the origins of the metal, ensuring it comes from conflict-free regions and an approved refinery. These staff members are educated about different geopolitical and socioeconomic issues pertaining to regions that are common sources for precious metals, so that they can accurately assess the conduct of the refiners we buy from and whether or not their conduct is acceptable.
To date, our suppliers satisfy these expectations, but we would have no qualms about ending a partnership with a supplier if we believe their behaviour was not of the standard we demand.
Secondly, we primarily stock London Bullion Market Association approved metals. The LBMA has its own strict regulations regarding the mining and refining of precious metals, ensuring that companies along the supply chain – whether miners, refiners, or sellers – adhere to international law and do not force any person to work against their will, as well as enshrining regulations that promote training, safe working conditions, fair pay, and the education of workers as to their rights as a human and an employee.
The London Bullion Market Association is a standards organisation within the precious metals industry. The LBMA deals with the technical side of bullion, demanding high qualities of purity and form, but also requires companies to prove the origin of their metals.
To be awarded LBMA-approved status, companies must prove over a period of years that they are committed to ensuring both high standards of metal, but also high-quality work environments. This requires the collection and maintenance of explicit documentation.
You can read more about how the LBMA Responsible Sourcing programme for precious metals protects the integrity of the global supply chain for the wholesale precious metals market here - http://www.lbma.org.uk/responsible-sourcing.
It is our intention to continue to challenge our suppliers going forwards, to ensure that all of us in the bullion supply chain meet the very best ethical standards.
Ethics in the Workplace
It is not just ethics in our supply chain that matter to us. Jewellery Quarter Bullion has a code of conduct set out in every employee’s contract. This covers the expected behaviours as an employee, but also explains worker rights and human rights, as well as JQB’s commitment to be an equal opportunity employer and to crack down on any form of discrimination in the workplace. Employees can report concerns or complaints to the appropriate line manager or, if necessary, report directly and confidentially to our HR team.
As with many corporations, we realise that our greatest exposure to modern slavery implications isn't within our own company but rather within our supply chains. We believe only if corporations and business communities work together can we effectively combat modern slavery and associated risks. If you are interested in collaborating with us or have any queries about our approach please contact us at firstname.lastname@example.org.