Dr. Said Deraz, Chairman and CEO – Gold Coast Refinery

The first gold refinery in Ghana, Gold Coast Refinery (the second largest refinery in Africa), has been named a certified member of the Responsible Jewellery Council (JRC), an affiliate of the London Bullion Market Association (LBMA).

Gold Coast Refinery’s certification to the Code of Practices of the JRC, makes it the first refinery in Ghana and the West African sub-region to be admitted as a member of the JRC which is mandated with the responsibility of overseeing the jewelleries and watches industry.

“By the authority of the Council, Gold Coast Refinery Limited is a certified member of the Responsible Jewellery Council for a duration of three years,” the JRC said in a statement.

According to the Council, the refinery’s certification is in accordance with its 2019 Code of Practice which is aligned with the Organisation for Economic Co-operation and Development’s (OECD) Due Diligence Guidance as well as the United Nations’ Guiding Principles of Business and Human Rights.

“Achieving RJC Code of Practices certification is a continuous improvement process, that requires time and investment. All the members of the GCR team have worked tirelessly to prepare for the rigorous third-party audit,” the Chairman of Gold Coast Refinery, Dr Said Deraz said about the historic certification by the JRC.

“We have learnt a lot about our own operations, improved some of our processes and developed and implemented new ones. We have also had strong engagement with our business partners and stakeholders.”

Gold Coast Refinery’s certification will help Ghana formalize gold sourcing practices with the country possessing the right to refuse gold from questionable sources.

Additionally, it helps in the development of responsible supply chains of gold from artisanal and small scale mines as well as aid the Central Bank meet its target of buying 10,000oz of gold annually under its ambitious domestic gold purchase programme.

Gold Coast Refinery

Gold Coast Refinery is the first state-of-the-art gold refinery in West Africa and the first in Ghana to be awarded a product certification license by the Government of Ghana to hallmark refined bullion of over 995 purity and to market and sell its finished product, including refined gold bars and medallions on both local and international bullion markets.

The refinery’s operations are organised in line with applicable international standards and it boasts of a finished product that can be sold on the international markets.

Gold Coast Refinery’s services include smelting and assaying, refining, bar manufacturing, inspection and certification, hallmarking, vault services, logistics and export, capacity building and training.

Responsible Jewellery Council

The Responsible Jewellery Council is a leading standards authority in the global watch and jewellery industry and works with members worldwide to create a sustainable supply chain.

RJC certification promotes trust in the global jewellery industry by ensuring companies are adhering to responsible business practices.

The Council’s inclusive and collaborative approach to standard setting and development, keeps RJC standards relevant and meaningful to businesses throughout the entire jewellery and watch supply chain.

To maintain the credibility of standards, RJC’s system has been independently evaluated against ISEAL’s Codes of Good Practice, conduct open formal comment periods relating to their standards, and operate the Standards Committee as of the RJC Governance Framework.