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Rand Refinery Joins aXedras: Digitally Embracing Provenance Transparency in Gold and Silver Refining

Rand Refinery, a global leader in gold and silver refining, has officially joined the aXedras ecosystem, marking another significant milestone in the precious metals industry. Rand Refinery did initially test aXedras’ solution in the global Gold Bar Integrity Pilot in 2022, however, this recent move follows the official nomination of aXedras as the software provider for the LBMA GBI Database.


Commitment to Responsible Sourcing

Rand Refinery has consistently throughout its history championed responsible sourcing practices within the precious metals sector, adhering to the stringent standards set by the London Bullion Market Association (LBMA) and the OECD Due Diligence Guidance. These guidelines ensure that sourcing practices respect human rights, prioritize environmental stewardship, and avoid conflict-related origins.

Notably, Rand Refinery shareholders are large, listed mines and sources materials exclusively from primary sources, distancing itself from secondary sources. Several mining organizations are already part of the aXedras™ Ecosystem, and Rand Refinery is committed to digitizing provenance data for the remaining suppliers within this network.

Joining the aXedras Ecosystem

Integrating into the aXedras™ Ecosystem is a digital transformative step for Rand Refinery. Utilizing aXedras' Bullion Integrity Ledger™, Rand Refinery can now digitally provide comprehensive transparency and traceability to its downstream customers across its production lines:

  • Rand Pure Brand: A segregated production line offering products from a "fine blend" of primary sources chosen by purchasers. The Rand Pure Programme allows purchasers to commission products and receive certificates confirming the provenance of the materials. This ensures full traceability based on the product's serial number throughout the value chain.

  • Rand Refinery Brand: A commingled production line.


Benefits of Integration

Customers of Rand Refinery will now enjoy enhanced product-level transparency for gold bars and grains for both the segregated production line and the commingled production line. The Bullion Integrity Ledger™ provides detailed provenance information, assuring customers of the ethical sourcing and authenticity of their gold. This capability to trace gold to its specific source meets the growing demand from consumers and investors for ethically sourced and transparently traded precious metals.


Conclusion

Rand Refinery's integration into the aXedras ecosystem signifies an era of digital transparency and accountability in the gold and silver refining industry. This strategic move reaffirms the refinery's continued dedication to responsible sourcing and provides customers with the assurance and confidence that their gold purchases are both ethical and authentic.

"At Rand Refinery, we recognise that transparency and ethical sourcing are not just industry expectations but are critical to the trust placed on us by our counterparts in the value chain. By integrating with the aXedras ecosystem, we are digitally enhancing our existing provenance system to ensure every ounce of gold is valued for its purity and authenticity. This move is a testament to our continued commitment to leading the industry towards a more transparent and responsible future," says Praveen Baijnath, CEO, Rand Refinery.

 

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About aXedras

Founded in 2018 and headquartered in Zug, Switzerland, aXedras is an independent software solutions provider dedicated to advancing the precious metals industry through innovative digital solutions. Its primary focus is on ensuring the integrity of gold bars and other precious metals. At the core of its offerings is the Bullion Integrity Ledger™️, a secure, DLT-based platform designed to digitalize global supply chains. This member-based ecosystem facilitates peer-to-peer interactions among stakeholders in the precious metals market, strengthening integrity, transparency and traceability, and confidentiality in data and business transactions. Learn more at www.axedras.com 


About the Rand Refinery

Rand Refinery is as a proudly South African Company with a global footprint and is one of the world’s leading Gold and Silver Refiners and operates one of the largest low-grade gold recovery Smelters on the African continent. With a 100-year history, we have transformed and reshaped value not only in metals but people’s lives too. We’ve spent the last century using innovation to create real competitive advantage for our partners, our communities and our business.

When it comes to gold, provenance, quality and sustainability go hand-in-hand. Which is why we are always evolving how we source our metal – from extraction to beneficiation - to ensure that we embrace legal, humanitarian and ecological principles. We meet the highest standards from the London Bullion Market Association, and then work to exceed them because reshaping value through trusted partnerships is the foundation of what we do.

Our offering extends across the precious metals value chain and begins with responsible international sourcing, sampling, evaluation, smelting, refining, and recovery of precious metals. Acting as an agent for our precious metals depositing customers, we provide 48-hour turnaround from sampling to assaying (mine doré only) and state of the art vault and logistical services.


Press Contact

aXedras AG

Philipp Stockinger, Head of Business Development, philipp.stockinger@axedras.com, +41 (0) 58 806 2228

 

Rand Refinery

Nicola Barkway, Manager: Marketing & Communication, nicolab@gold.co.za, +27 (0) 11 418 9011

 

Note: This blogpost is for informational purposes only. The information does not constitute investment advice or an offer to invest. 

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