ABC Bullion – the bullion trading and distribution division of Pallion – recently received full membership status to the LBMA after a “rigorous” application process.
The LBMA is an international trade association for gold and silver bullion. It is said to represent the industry’s “key players”, setting refining standards, trading documentation and good trading practices.
ABC Bullion is believed to be the only independent Australian business to attain full LBMA membership; the Western Australian Government-owned The Perth Mint also holds full membership.
Pallion CEO Andrew Cochineas told Jeweller the membership was an advantage to the local jewellery industry.
“When you buy your precious metal products from Pallion, you can be assured not only of internationally accredited quality and caratage, [but] you are also assured that the metal has been sourced, refined and fabricated in accordance with the strictest of international standards,” Cochineas said, adding, “It’s provenance like that retail customers are increasingly demanding when they buy.”
He also stated that the appointment provided the company with the right to represent Australian industry concerns on an international level.
Achieving recognition
Membership was granted after a more than 12-month application process that included gaining sponsorship from three existing LBMA members.
“A significant amount of information was provided and various audit checks [were] carried out by the LBMA membership board to ensure that ABC Bullion met the high standard of operation required of LBMA full members,” Cochineas explained.
He said that full membership entitled ABC Bullion to voting rights on all LBMA matters.
“ABC Bullion was the 69th organisation to become a full member of the LBMA; there are now only 70 full members in total worldwide, including the likes of Credit Suisse, JP Morgan and Westpac,” Cochineas added.
As previously reported by Jeweller, ABC Refinery – another Pallion division – was the first Australian independent refinery business to be appointed to the LBMA’s Good Delivery List for gold in December 2015.
In late 2014, Palloys Group and ABC Bullion merged to form Pallion.
Pallion incorporates the following businesses: ABC Bullion, ABC Refinery, Palloys, AGS|PJW, Regentco, A&E Metals, Custodian Vaults and GoldenAge International. It has a presence in Sydney, Melbourne, Brisbane, Perth, Hong Kong and mainland China.
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