International Gold Name
The International Gold Name (IGC) is a unique identifier assigned to each gold bar that meets certain international standards. The purpose of the IGC is to ensure the quality and authenticity of gold bars and to facilitate their trading and settlement on the global market.
Establishment and Governance
The IGC system was established in 1999 by the International Gold Council (IGC), which is a non-profit organization representing the interests of the global gold mining industry. The IGC sets the standards for the composition, dimensions, and weight of gold bars that can be assigned an IGC.
Scope and Requirements
The IGC is applicable to gold bars weighing between 100 ounces and 1,000 ounces that meet the following requirements:
* Purity: The gold content must be 99.5% or higher.
* Shape: The bars must be rectangular with rounded corners and have a standard size and weight.
* Stamping: The bars must be stamped with the IGC logo, the weight in troy ounces, the purity, the refiner’s mark, and a unique serial number.
Process of Obtaining an IGC
To obtain an IGC, gold bars must be submitted to an accredited assayer or refiner. The assayer or refiner will verify the weight, purity, and dimensions of the bars and assign an IGC if they meet the standards.
Benefits of the IGC
The IGC system provides several benefits:
* Assurance of Quality: The IGC verifies the quality of gold bars, ensuring that they meet international standards.
* Transparency and Traceability: The unique serial number allows gold bars to be tracked throughout the supply chain, enhancing transparency and reducing the risk of counterfeiting.
* Facilitated Trading and Settlement: The IGC system simplifies the trading and settlement of gold bars by providing standardized and verifiable information about each bar.
* Global Acceptance: The IGC is accepted and recognized by major financial institutions, central banks, and other participants in the global gold market.
Conclusion
The International Gold Name is an essential tool for ensuring the quality, authenticity, and traceability of gold bars on the global market. Its widespread adoption has significantly increased the confidence in and efficiency of the international gold trade.
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