International Gold Name (IGN)
An international gold name (IGN) is a standardized name assigned to a specific gold bar. IGNs are used to identify and track gold bars throughout the supply chain, from mining to refining and trading.
Importance of IGNs
* Transparency and Reliability: IGNs provide transparency and reliability in the gold industry. They ensure that the gold bar being traded is genuine and meets specific quality standards.
* Prevention of Fraud and Theft: IGNs help prevent fraud and theft by creating a unique identifier for each gold bar. This makes it easier to trace the ownership and movement of gold.
* Regulatory Compliance: Many countries and international organizations require the use of IGNs for gold trading. This helps meet regulatory requirements and ensure compliance with anti-money laundering and anti-terrorist financing regulations.
Structure of IGNs
IGNs typically consist of the following elements:
* Country Code: A two-letter code that identifies the country of origin of the gold.
* Assay Office Code: A two-letter code that identifies the assay office that certified the gold’s purity.
* Year of Manufacture: A four-digit number indicating the year the gold bar was produced.
* Serial Number: A unique sequential number assigned to the gold bar.
Issuance of IGNs
IGNs are issued by independent assay offices that have been accredited by international organizations such as the London Bullion Market Association (LBMA). Assay offices verify the purity and weight of gold bars and issue IGNs that certify their authenticity.
Tracking and Verification
The IGN system allows for the tracking and verification of gold bars throughout the supply chain. This is done through central databases maintained by assay offices and international organizations.
Conclusion
International gold names play a vital role in the global gold market by providing transparency, reliability, and prevention of fraud. They help ensure the integrity of the gold supply chain and facilitate the safe and efficient trading of gold.
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