Bar list and assay
Bar list, serials, gross/fine weight, fineness, assay certificate and refinery mark.
Metals / Precious metals
Gold Bullion
Refined gold reviewed by fineness, form, mark, serial, assay and custody.
Product identity
Refined bullion is not dore
Gold Bullion means refined gold in a declared commercial form, normally a bar or bullion product, with fineness, weight, refinery identity, number or mark and verifiable documentation. It should not be confused with Gold Dore, which is semi-refined and still needs final refining.
B2B review should separate declared purity, fine weight, physical form, serial, refinery mark, assay certificate and chain of custody. A standalone certificate does not prove title, origin, available stock or Good Delivery status.
LBMA Good Delivery refers to rules, lists and market criteria for specific refiners and bars. It does not make every gold bar acceptable and it does not support vague certification phrasing without exact documentation.
ProductRefined bullion
Key distinctionNot dore
ControlFineness + weight
RiskCustody and origin
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Refining, assay and bar marking
1Refinable feed
Dore, scrap or already refined metal enters a refinery or approved refining route.
2Refining
Impurities are separated to a declared fineness under the applicable process and standard.
3Assay
Laboratory result confirms fineness, composition and fine-weight basis.
4Casting / minting
Bar or bullion unit is weighed, marked and numbered under the refinery system.
5Verification
Custody, bar list, vault receipt and inspection connect physical metal and documents.
Quality and assay
Fineness, weight and bar verification
Bullion quality is expressed through fineness, gross weight and fine weight, form, dimensions, surface condition, refinery mark, serial and assay certificate. The contract should state which document governs if differences appear.
Good Delivery must be handled precisely: the buyer verifies refinery, current list, applicable rules, form and chain of custody. A refinery appearing on a list does not automatically prove a specific bar.
Commercial review also includes title, traceability, sanctions, responsible sourcing, insurance, secure transport and import/export documents where applicable.
Bullion, dore and other gold-bearing forms
Refined bullion answers different questions from Gold Dore. Dore contains gold and silver in variable composition; bullion points to refined metal with fineness, mark and commercial verification.
It must also be separated from concentrate, scrap, jewellery or powder. Each form uses different settlement methods, risks and documents.
Forms and distinctions
| Form | Verification |
|---|---|
| Gold Dore | Semi-refined material requiring sampling, assay and refining before final settlement. |
| Gold Bullion | Refined gold with verifiable fineness, weight, mark/serial and custody. |
| Good Delivery context | Rules/list and market-acceptance framework; not an automatic guarantee for every bar. |
| Scrap / recycled gold | Requires classification, origin, responsible sourcing and refining. |
| Gold concentrate | Mineral material settled by grade, moisture, penalties and treatment. |
Refining, vaulting and market acceptance
Useful bullion context is not only mine production; it includes refineries, vaulting centres, market rules and investment or settlement channels. Title and custody need current documents.
| Market | Role | Context |
|---|---|---|
| LBMA Good Delivery | MARKET / VAULTING | Rules and lists for Good Delivery gold; specific refiner and bar conditions apply. |
| Switzerland, London, UAE and Asia | REFINING / TRADING HUB | Relevant centres for refining, custody, transit and bullion trade. |
| Physical investment and industry | COMMERCIAL DESTINATION | Fineness, bar list, custody and responsible sourcing decide acceptance. |
Sources: LBMA Gold Good Delivery List · LBMA Good Delivery Rules · LBMA Responsible Sourcing
Documents to request for gold bullion
Custody and title
Vault receipt, chain of custody, insurance, secure transport documents and contractual proof of title.
Sourcing and cross-border trade
Origin/responsible sourcing, KYC, sanctions, export/import, proforma invoice and customs requirements.
Questions about gold bullion
What distinguishes bullion from dore?
Bullion is refined gold with verifiable fineness, weight, mark and custody; dore is semi-refined, variable in composition and still requires final refining.
What does gold fineness mean?
Fineness states the proportion of gold in refined metal. It should be verified through assay and a certificate tied to the exact bar or lot.
What does LBMA Good Delivery mean?
It is a rules-and-list framework for refiners and bars acceptable in that market. It does not mean every gold bar is Good Delivery.
How is a bullion bar verified?
Refinery mark, serial, weight, fineness, certificate, bar list, custody, vault receipt and physical inspection are compared where relevant.
Does a certificate guarantee origin or stock?
No. Origin, title, availability and responsible sourcing require additional documents and a verifiable counterparty.