Ensures acceptability of silver bars in major international markets, global banks
Mumbai, November 18, 2016: Hindustan Platinum (HP), India’s leading manufacturer and refiner of precious metal products with wide and diverse industrial applications, has received Good Delivery accreditation from the London Bullion Market Association(LBMA), an international apex body for precious metals; for silver bars produced from its HP’s Navi Mumbai refinery. The accreditation ensures that HPs silver bars will be widely accepted and traded amongst global bullion banks and trading houses in major international markets.
Apart from silver, Hindustan Platinum is the only Indian refiner in the London Platinum and Palladium Market’s (LPPM) Good Delivery List for Platinum and Palladium since May 2014.
Hindustan Platinum has satisfied the LBMA & LPPM as to its ownership, history, production capability and financial standing. It has also passed the exhaustive testing procedures, under which its bars were examined and assayed by independent referees, and its own assaying capabilities were tested.
Speaking on the Good Delivery accreditation, Mr. Gautam Choksi (Executive Director), Hindustan Platinum said “It’s a proud moment for India and Hindustan Platinum for being part of the LBMA’s and LPPM’s Good Delivery List. It showcases our capability of producing high quality precious metal bars in India with “Made in India” stamp which will be accepted in major international markets. Having a global customer base in over 50 countries, we will continue with the government’s mission of “Make in India” and continue to refine and produce high quality precious metal products for our customers globally in a cost efficient manner”.
About Hindustan Platinum:
Founded in 1961, Hindustan Platinum (HP) is a leading refiner of precious metals like platinum, palladium, rhodium and silver with an established customer base in over 50 countries across 5 continents. The company manufacturers industrial products of Gold, Silver and Platinum Group Metals (PGMs), which cater to key industries like Pharmaceutical, Oil & Gas, Automobiles, Glass, Electrical Switchgear, Fertiliser and few other sectors. HP is committed towards maintaining the highest standards & agility to meet customer requirements in an environment friendly production processes.
About The London Bullion Market Association:
The London Bullion Market Association (LBMA) is the pre-eminent body for the world’s largest and most important market for gold and silver bullion. LBMA is centered in London with a global membership and client base, including the majority of the central banks that hold gold, private sector investors, mining companies and others. The LBMA’s Membership includes more than 145 companies, including traders, refiners, producers, fabricators, as well as those providing storage and secure carrier services.
The LBMA’s Good Delivery List includes the world’s leading refiners of gold and silver, located in 30 countries. The List is widely recognized as the de facto standard for the quality of gold and silver bars and is used by precious metal exchanges around the world to define in whole or in part the refiners whose bars are accepted in their own markets. The List now includes 71 gold and 83 silver refiners worldwide.
About The London Platinum and Palladium Market
The London Platinum and Palladium Market (LPPM) is a sister organization of the LBMA and facilitates OTC trade of Platinum and Palladium. The LPPM’s membership includes large international banks, producers, refiners, fabricators, manufacturers and distributors.
It also maintains the Good Delivery List for Platinum and Palladium which is used by vaults in London and Zurich for clearing these metals. The List is widely recognized as the de facto standard for the quality of Platinum and Palladium bars and is used by precious metal exchanges around the world to define in whole or in part the refiners whose bars are accepted in their own markets. The List now includes 31 Platinum and 29 Palladium refiners worldwide.