6 key takeaways from Bullion Integrity Forum 2026

Over 90+ leading industry peers from across the supply chain were brought together in Zurich to discuss the pivotal role of precious metals and the latest digitalisation trends.

This 7th edition of the Bullion Integrity Forum highlighted the industry’s sustained commitment to strengthening trust, with clear, practical strides made through the deployment of digitalisation initiatives.

Key takeaway 1: LBMA onboards 100% London Good Delivery Refiners and further commits to building trust with its next phase of GBI.

In 2025, the LBMA launched the GBI Database and successfully onboarded all GDL refiners within the year. Looking ahead to 2026, the LBMA will prioritize structured, consistent, and transparent reporting across the gold and silver markets. Country of Origin disclosure will transition from voluntary to mandatory starting in FY2027. Meanwhile, custodians will be progressively onboarded for enhanced vault holding visibility, an aligned reporting framework will ensure uniform taxonomy for comparable refiner analysis, and assurance providers will submit reports directly into the GBI to strengthen audit integrity.

“I was delighted to attend and give the keynote speech at the 7th edition of the Bullion Integrity Forum alongside aXedras, our partners for the Gold Bar Integrity (GBI) project.

This year’s Forum came at a pivotal moment for the GBI database. Now live, it is not merely a technological upgrade – it represents the foundation for a more transparent and accountable market. The foundations are in place - and the opportunity now is to build on them. If you want to drive that change with us, now is the time to engage.” Ruth Crowell (CEO, LBMA).

Key takeaway 2: The future of artisanal & small-scale gold mining (ASGM) depends on a collective effort from across the supply chain to succeed.

Andrew Hayes, Senior Advisor to the World Gold Council discussed their ASGM strategy by sharing some insights on not only the significance of ASGM but it’s impact - for instance, only 15% of ASGM production is formalized legally with 20 million households depending directly on ASGM.

To further support the overall WGC strategy, Andrew emphasized the key role of Origin Verification Technology (OVT) such as xTrace in managing risks and providing assurance to buyers. In terms of how it works - the OVT relies on the precise chemical composition of the material (i.e. mined material in the form of milled ore or doré bars), today, over 30 different chemical elements are analysed with each deposit having an identifiable signature.

The panel “Enhancing Integrity with xTrace: Perspectives from the Early Adopters”, featuring Dr. Robin Kolvenbach (Co-CEO, Argor-Heraeus), Daniel Misiano (COO, Dynacor), Vanessa Hungerbühler (Head of Legal and Compliance, OCIM Metals & Mining), and Madeleine Theron (Manager of Data Science and Analytics, Rand Refinery), further showcased how technologies like xTrace can drive broader impact.

The discussion highlighted that xTrace can be seamlessly implemented on site and that the benefit of identifying the actual source of the supplied material outweighs the hardware and other implementation costs. Furthermore, the panelists emphasized that compliance teams can gain direct access to near real-time material data, strengthening transparency and decision-making. Likewise, decision-makers who are not necessarily on site also benefit from real-time access to the validation results provided by xTrace.

Key takeaway 3: The Swiss Precious Metals Association (ASMP) turns its commitments into tangible initiatives.

What was particularly interesting was hearing from Roger Hafner (Head Surveillance, Swiss Precious Metals Control), alongside Phaedon Stamatopoulos (Managing Director, MKS PAMP Ticino)  and Alexandre Fellay (Group General Counsel, Metalor Technologies), on how they were able to collaborate effectively, despite being competitors - to help shape Switzerland’s digital precious metals future.

“Our ambition is clear: to contribute to a system where transparency is not optional, fragmented, or interpretative but structured, shared, and actionable. Each phase builds on the last, deepening the platform's reach, its institutional connections, and its relevance across borders. This is not a closed initiative; it is an open architecture. We invite industry leaders, standards, institutions, and stakeholders committed to integrity to join us in shaping a system that works not only for today, but for the future of our sector.” Dr. Sabrina Karib (Executive Director, ASMP).

A demonstration of the Swiss Precious Metals Transparency Platform (SPMTP), developed by aXedras, was showcased. Dr. Sabrina Karib exclusively presented the 2025 reporting data, highlighting that this data will be publicly available by the end of April 2026. This will further empower stakeholders to trace the origin and provenance details of gold and silver processed in Switzerland with greater confidence and transparency. Interested parties can look up all entities that delivered primary materials (either from LSM or ASM sources) to Switzerland. Furthermore, if secondary materials were imported from high-risk countries, the names of the suppliers are also disclosed. You can access the SPMTP platform using this link: https://pm-transparency.swiss/en/sourcing-data

Phaedon Stamatopoulos (Managing Director, MKS PAMP Ticino) highlighted, “Transparency in the precious metals industry cannot be achieved in isolation. It requires close collaboration between refineries, authorities, organizations and market participants. The Swiss Precious Metals Transparency Platform is the result of a multi-year collective journey, and a powerful illustration of Swiss excellence in building practical, forward-looking solutions that strengthen trust across the value chain.”

Key takeaway 4: Technology is a key driver towards the industry’s common goal – trust and integrity

We heard compelling first-hand testimonials and use cases from Dr. Diana Noecke (Corporate Development Manager, Argor-Heraeus) who demonstrated that even everyday eggs offer greater traceability than most gold bars. Dirk Steinhoff (CEO, BFI Bullion AG) then discussed Primorum, BFI Bullion's premium standard for bullion quality and security, featuring advanced verification technology that provides objective proof of product integrity, value, liquidity, and safety. This was followed by a live demonstration by Philip Derbyshire, Head of Customer Integration (GM Europe) at Alitheon of FeaturePrint, an advanced machine-vision technology that assigns items a unique, persistent identifier like a human fingerprint, enabling seamless inventory management, traceability, counterfeit elimination, and error reduction using just a standard camera photo, without barcodes, stickers, or special equipment.

“As an early adopter of xTrace, OCIM Group has had the opportunity to witness the remarkable potential of this technology. It is poised to usher in a new era for the ASM industry by enabling artisanal and small-scale miners to access and participate in the formal supply chain.” Vanessa Hungerbühler (Head of Legal and Compliance, OCIM Metals & Mining).

“True trust in gold starts with verifiable data. IdentiTrace brings mine origin, bar identity, and blockchain integrity together to create a single, reliable source of truth. The importance of transparency clearly resonated throughout the aXedras Bullion Forum — not only on stage, but also in the many open and constructive exchanges during the breaks.”Dr. Diana Noecke (Corporate Development Manager, Argor-Heraeus).

Key takeaway 5: AI is here to stay, but it’s here to help rather than take your job.

To conclude the day, we were joined by André Bieri, Markets Leader Switzerland & Liechtenstein at EY Switzerland, and Adrian Ott, Partner and Chief Artificial Intelligence Officer at EY Switzerland. Together, they explored the impact of AI across a wide range of industries, such as Creative Industries, Life Sciences & Pharma, and Banking.

“The aXedras Bullion Integrity Forum 2026 highlighted how technologies such as AI and blockchain are transforming even the traditional gold market. They drive greater transparency, efficiency and trust across the value chain. Switzerland, with its innovative start-ups and strong industry associations, is once again playing a leading role in this evolution.” André Bieri (Markets Leader Switzerland & Liechtenstein, EY Switzerland​).

In relation to their work as consultants, they emphasized that AI becomes the first advisor, while humans remain the final checkpoint. This serves as a good metaphor for software development as well: AI can significantly increase the pace of development; however, skilled software developers and product managers - such as those at aXedras for the precious metals industry - remain essential to ultimately evaluate, approve, and release software applications.

Key takeaway 6 – In pictures