Gold Purity Controversy: LBMA Reviews Antam Allegations

The London Bullion Market Association (LBMA) is reviewing claims involving Indonesia's Aneka Tambang (Antam) regarding the purity of its gold products. Antam denied accusations of circulating counterfeit gold from 2010-2021, reaffirming that their products are certified. LBMA's Incident Review Process is ongoing, without a specified timeline.

The London Bullion Market Association (LBMA) said it is reviewing allegations involving Indonesian state miner Aneka Tambang (Antam) over the purity of its gold products.

Aneka Tambang last week denied reports that there are 109 tons of counterfeit ANTAM gold circulating in the community in the period 2010-2021. "All ANTAM precious metal gold products (are) derived with official certificates, and processed at the only gold processing and refining plant in Indonesia that has been certified by the London Bullion Market Association," the miner said in the May 31 statement.

LBMA, an industry body whose rules for gold refineries require that they source gold responsibly, said on Wednesday that an Incident Review Process (IRP) has been invoked to review the current circumstances, although it is difficult to commit to a timeline, given that process involves numerous stakeholders. Aneka Tambang remains on LBMA's Good Delivery List currently, the gold refinery accreditor in London said.