LBMA invoked its Incident Review Process against Valcambi SA on 16 June 2026 to examine information raised in media reporting. The notice states that Valcambi SA remains a Good Delivery Refiner, that the process involves consultation with a range of stakeholders, and that matters will be reviewed in line with the LBMA Good Delivery Rules. It links Valcambi’s own statement, issued in respect of a SEBI interim order involving Rajesh Exports Ltd, and says further updates will follow.
Good Delivery is a status held by the refiner, and the 16 June notice leaves Valcambi SA’s in place while the review runs. The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by LBMA, and acceptability in the London bullion market is read off the mark a bar carries against that List. What the notice opens is a review of the documents behind the status. Under LBMA’s published Incident Review Process, LBMA asks the refiner to disclose the risks identified and the mitigation applied, and reviews the refiner’s assurance engagement report again in the context of the alleged incident — the annual output of the Responsible Sourcing Programme, produced by an auditor on LBMA’s Approved Assurance Providers List, and the refiner-level document behind a supply-chain due diligence file. The review is overseen by LBMA’s General Counsel; the final decision is taken by the Independent Decision Making Committee, comprising the independent non-executive directors, the Chief Executive and the Executive Directors of the LBMA Board, and that decision is final. Three outcomes are published: a Corrective Action Plan drawn up by an independent Assurance Provider, a special re-assurance of the activities originally reviewed, or removal from the Good Delivery List. LBMA describes the process as iterative where new information is produced and states no timetable. A bar already cast carries a refiner mark, a serial number and an assay, and those are the fields a weight list and an allocation record identify; an IRP outcome addresses the refiner’s standing on the List.
LBMA’s process reaches Good Delivery status and the Responsible Sourcing assurance behind it. The interim order that Valcambi’s statement addresses is before the Securities and Exchange Board of India, and the 16 June notice records a review, not a finding.