International News
The London Bullion Market Association Releases Country of Origin (CoO) Sourcing Report
Data Highlights Overall Stability In Gold Sourcing, A Slight Contraction In Silver Volumes
The London Bullion Market Association (LBMA) released its latest seven-year Country of Origin (CoO) sourcing report for Good Delivery List (GDL) refiners. The data highlights overall stability in gold sourcing, a slight contraction in silver volumes, and a continued dominance of recycled material across both metals.
Key Data Highlights
Gold Sourcing (5,536 tonnes total | â–² 3% YoY)
Recycled Gold: Rose 7% to 3,755 tonnes, making up the bulk of overall supply.
Mined Gold: Dropped 5% to 1,782 tonnes.
Artisanal & Small-Scale Mining (ASM): Rose 24% to 54.6 tonnes (led by Bolivia at 18 t, Peru at 16 t, and the Philippines at 8 t).
Note
LBMA captures only a fraction of total global ASM production, estimated by Metals Focus at ~845 tonnes.
Silver Sourcing (33,446 tonnes total | â–¼ 3% YoY)
Recycled Silver: 18,885 tonnes; Mined Silver: 14,561 tonnes
Notable Country-Level Trends
China: Gold recycling surged by 190 tonnes to reach 908 tonnes. In silver, reported mining volume spiked to 5,272 tonnes (up 2,212 tonnes), contrasting with independent estimates showing a modest national mine output drop.
Switzerland: Maintained its status as the largest European source for gold, accounting for 743 tonnes.
International News
Cartier Romanov sapphire bracelet nets $4.9mn at Sotheby’s Geneva auction
The cushion-shaped sapphire attributed to onetime ownership of Russia’s imperial family was billed as a very rare stone, and had been expected to fetch between 850,000 and 1.7 million francs ($1 million and $2 million)
A Cartier bracelet that was previously part of the imperial Russian crown jewels more than doubled its high estimate to bring in CHF 4.1 million ($4.9 million) at a recent Sotheby’s auction in Geneva.
The cushion-shaped sapphire attributed to onetime ownership of Russia’s imperial family was billed as a very rare stone, and had been expected to fetch between 850,000 and 1.7 million francs ($1 million and $2 million) at the Geneva auction.
The piece centers the cushion-shaped, 197.80-carat Romanov sapphire with the bracelet featuring brilliant-cut diamonds and accented with modified shield-step-cut diamonds. It has an interchangeable engraved rock crystal center embellished with triangular diamonds. The lot was the top seller, beating its CHF 850,000 to CHF 1.7 million ($1 million to $2 million) estimate.
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