Good Delivery Rules

The Good Delivery Rules for Platinum and Palladium Plates and Ingots

Specifications for Good Delivery Plates and Ingots and Application Procedures for Listing

January 2019

1. Introduction

The list of acceptable refiners of platinum and palladium plates and ingots in the London market, the “LPPM London / Zurich Good Delivery List”, has been developed and is maintained by the London Platinum and Palladium Market (“the LPPM”) in order to facilitate the international distribution and acceptability on technical grounds of standard plates and ingots produced by those refiners:

(a) who meet the criteria for inclusion in the list; and

(b) whose plates or ingots have passed the testing procedures laid down by the LPPM.

Standard plates or ingots are plates or ingots ranging between 1 kilogram (32.151 troy ounces) and 6 kilograms (192.904 troy ounces). Plates and ingots are listed at the discretion of the Management Committee of the LPPM, which reserves the right to make any investigations that it deems appropriate into an applicant for listing.

An entry on the List relates to one refinery at one specific location. Separate applications are required if an applicant wishes to register plates or ingots produced in refineries situated at different locations.

If a company on the List wishes to change the location of its refinery or the registered marks on its standard plates or ingots then it must inform the LPPM in advance, providing all appropriate details. Similarly, if a company on the List is subject to a substantive change in its ownership or the technology used in refining or if its financial position deteriorates significantly it must inform the LPPM accordingly. The LPPM reserves the right in such circumstances to ask the company to submit a new application.

The Good Delivery List is the copyright of the LPPM. Reproduction and dissemination of the List is permitted only with the express written permission of the LPPM and an acknowledgement of the LPPM’s copyright.

2. Criteria

The LPPM is unlikely to give favourable consideration to an application for listing unless the following criteria are met:

(a) The applicant has been in existence for not less than five years and has been involved in refining / manufacturing operations of the metal for which it is applying for Good Delivery status for not less than three years prior to the application. An applicant will be required to indicate to what extent their business is refining and / or straight through conversion processing and also in what form their platinum / palladium production is sold. For the avoidance of doubt an applicant must be able to demonstrate that they have the ability to produce Good Delivery plates / ingots of an acceptable standard;

(b) The applicant has an established annual refining production (which need not be in the form of standard plates or ingots) of not less than five hundred kilograms;

(c) The applicant has a tangible net worth of not less than the equivalent of 15 million pounds Sterling or such figure as the LPPM may from time to time determine.

The LPPM believes that the long-term viability of a refinery as well as its ability to meet the required standards of the Good Delivery List depend on it having a certain volume of production as well as a minimum tangible net worth. If a refinery suffers a substantial and sustained fall in refined / manufactured production relative to the minima mentioned in paragraph (b) above or if its tangible net worth falls significantly below that indicated in paragraph (c) above, it should inform the LPPM of the reasons for the fall and, if appropriate, the likely future development. The Management Committee of the LPPM will then determine whether the refiner’s brand should remain on the List and if so what further action, if any, is required or be moved to the Former Refiners List. For the avoidance of doubt the five hundred kilogram minimum referred to above relates to the actual platinum (or palladium as appropriate) content of the refiner’s finished product, but in this regard the LPPM will look in particular at a refiner’s production level of platinum (or palladium as appropriate) ingots, plates and sponge.

3. Procedure for Submission of an Application

An applicant company wishing to apply for Good Delivery status for its refinery must submit an application to the LPPM Chairman using the application form given in Annex A.

The application must be accompanied by a number of documents (which are described in detail in Annex A). These should give a clear description of the ownership, operating history and financial position of the refinery, together with details of the Good Delivery plates or ingots produced.

These documents are required firstly to provide a general description of the operations at the refinery and the standing of the applicant company and secondly to ascertain the ownership structure and in particular to meet the compliance requirements for the setting up of a customer account for the applicant to facilitate the subsequent provision of sample plates or ingots for testing and the settlement of the troy ounce content thereof upon completion of the application process.

The Application Form also includes declarations relating to the applicant’s willingness to (a) respond to any complaints from the market about the quality of its plates or ingots and (b) have the quality of its refining tested from time to time by the LPPM (by means of the proactive monitoring system).

Documents must be provided in English. In the case of documents originally published in the applicant’s local language, an English translation must be provided. Where copies of official documents are to be provided the LPPM may at its discretion require such documents to be notarised by a public official.

The LPPM Management Committee will treat the production data as confidential. This information will normally only be examined by the LPPM Management Committee and its consultant.

It should be noted that the application fee of £2,000 + VAT at the current rate where applicable, must be paid at the time of the application, either in the form of an accompanying cheque in favour of the London Platinum and Palladium Market or by direct bank transfer to the LPPM’s bank account including all bank charges. Details of the LPPM’s bank account are given in Annex A. The LPPM will issue a corresponding invoice/receipt when the payment has been received (or if required, an invoice in advance). The application fee is non-refundable in the event that an application is unsuccessful, irrespective of the stage reached. Details of the other charges involved are given in Section 6.

The LPPM will normally acknowledge receipt of the application within ten working days. As soon as possible after receipt of the application, the LPPM Management Committee will decide whether the application should be accepted for technical assessment.

The LPPM reserves the right, where this is considered necessary, to arrange a short inspection visit before accepting an application for technical appraisal. The costs of the inspection visit, including business class flights, local subsistence and travel, must be paid for by the applicant. The inspectors will be nominated by the LPPM Management Committee.

If, having considered all the information submitted, the LPPM Management Committee agree that the application meets all the relevant criteria and should therefore be processed further, the applicant will be so advised and will be required to pay the balance of the application fee namely £15,500 plus VAT where applicable and submit sample plates or ingots for inspection, assaying and testing.

Throughout the application process, the LPPM will act as the intermediary between the applicant and the referees (see list in Annex B) that will be used in the technical assessment stage. The LPPM will also keep accounts in respect of the charges for the technical assessment stage of the application and the plates or ingots that the applicant supplies for testing and any other costs involved. The applicant will not be informed of the identities of the referees carrying out the technical assessment and the referees will only be informed of the identity of the applicant when the application has been successfully completed and the applicant advised of the result.

4. Technical Assessment Procedure

4.1 Testing the applicant's assaying capability

The applicant will be required to assay the sample plates or ingots that it submits to the LPPM for inspection and testing and provide the LPPM with a copy of its detailed spectrographic analysis report showing the level of individual trace elements present.

A separate assay report should be produced for each individual plate or ingot and show the assay determined for each plate or ingot. Each assay report should be prepared in accordance with the procedure set out in Annex E – Proactive Monitoring – Procedures and Criteria which apply equally to Good Delivery applications.

For the purpose of rounding five-figure assays to four figures for stamping on an ingot or plate, the following principle should be observed (except in the two instances shown below).

If the fifth significant figure is a six or greater, then the fourth significant figure should be rounded up by one.

The exceptions are as follows:

a) an assay determination of between 99.946% and 99.949% should not be rounded up to 99.95% but should be reported as 99.94%.

b) an assay of 99.996% or above should not be rounded up and should be reported as 99.99%.

The assay report should also provide full details of the assaying method that has been used. If a different assaying method is used in respect of some elements then the assay report should indicate the aletnative method used and the elements to which the alternative method has been applied.

The criteria used to determine whether an applicant has passed or failed the assaying test are set out in Annex E.

4.2 Submission and testing of sample plates or ingots

The applicant will be required to ship three sample plates or ingots to the LPPM’s nominated duty and VAT-free warehouse in London (“the nominated vault”). These plates or ingots must conform generally to the specifications and standards laid down by the LPPM (see Sections 7 to 9 below). There are, however, additional requirements for plates or ingots submitted for testing

(a) One of the plates or ingots should be stamped with the identifying stamp of the refinery and other marks as listed in sections 7 to 9 below and should conform with the photographs and line drawing submitted with the application.

(b) The remaining two plates or ingots should only be stamped with an identifying code provided by the LPPM (for example LPPM 2013 -1-1 and LPPM – 1-2)

(c) The sample plates or ingots should be accompanied by a weight list showing in respect of each plate or ingot the plate or ingot number, the weight in troy ounces expressed to three decimal places (if the ingots / plates have initially been weighed in grams the weight list may additionally show that weight to one decimal place and if the initial weighing was in kilograms the weight list may additionally show the weight to four decimal places)..The weight list should also show the four figure assay of each ingot or plate.

Usually the plates or ingots must be received by the LPPM’s nominated vault within four weeks of the applicant being requested to submit them. Failure to submit the plates or ingots within this time-frame may, in the absence of specific agreement by the LPPM, result in an application being rejected with the forfeiture of the fees paid.

The applicant is required to insure the plates or ingots on a vault-to-vault basis and is recommended to use one of the carriers in the United Kingdom, nominated by the LPPM (see list at Annex D), for transporting the plates or ingots from the point of entry into the United Kingdom to the nominated vault. All transportation and insurance costs are payable by the applicant.

The LPPM should be shown on the airwaybill as the Consignee and the LPPM’s nominated vault as the Notify Party.

The LPPM’s nominated vault will check-weigh the sample plates or ingots against the accompanying weight list (see paragraph 4.2 (c) above). A representative of the LPPM will check the plates or ingots against the photograph and scale technical drawing submitted with the application (see Annex A) and, together with at least one other representative of the LPPM, will then carry out an initial visual examination of the plates or ingots. If found to be satisfactory, one of the unmarked sample plates or ingots will then be sent for testing to each of two referees appointed by the LPPM. All shipping costs in this regard will be for the LPPM’s account.

The two referees will independently examine the plates or ingots and comment on the general appearance and finish of the plates or ingots. The referees will also check-weigh the plates or ingots. For the technical testing the referees will take, by means of cutting, drilling or sawing, not less than two samples from each plate or ingot. The referees will generally use spectrographic analysis when checking the assay of the plates or ingots, conducting not less than three trials on each sample taken. Each referee will then take the average of all trial results to produce and overall assay determination for the plate or ingot. In order to pass the assaying test the applicant’s five figure assay determination (which must not be less than 99.950%) of the plate or ingot, must agree with the referees assay determination. The LPPM does not set maximum acceptable levels for impurities but seeks to ensure that they are within appropriate limits and the referees’ reports will include their evaluation of the impurities found in this regard.

A referee may if it considers it necessary melt the plate or ingot and assay a sample taken from such melt.

5. Results

An applicant must satisfy the Management Committee of the LPPM that it has met all the above criteria and testing requirements before it can be included in the list of acceptable refiners.

When the Management Committee has approved an application for listing, the LPPM will inform the applicant. The Chairman will arrange for the applicant’s details to be included on the Good Delivery List and will prepare and send to the applicant a certificate marking its acceptance onto the List.

6. Charges and Accounting

Fees are levied by the LPPM for a Good Delivery application to cover the costs of the LPPM and the work of the referees. Such fees may be reviewed by the LPPM at any time but not retrospectively once an application has commenced. Currently the total fee, excluding VAT, amounts to £17,500 for each of platinum and palladium. The fees are payable in two tranches:

Fees Payable by Good Delivery Applicants (in £ sterling – plus VAT at the then current rate)


Fees (all fees are payable to the LPPM)



On Application (plus VAT at the applicable rate)



Stage 1: Testing of Applicant’s plates or ingots (plus VAT at the applicable rate)







 The above-mentioned fees are payable in advance at each stage. In the event of an applicant not progressing to the next stage, for whatever reason, no part of the fees already paid is refundable. However, in such situations, no fees are payable for the next stage.

Once the tests have been completed, the after-testing weight in troy ounces of the sample plates or ingots supplied by the applicant will be notified to the applicant by the LPPM. The equivalent weight of platinum or palladium will be made available to the applicant (subject to the settlement of all outstanding fees) on a loco London or Zurich basis by book transfer through the London or Zurich platinum and palladium market clearing mechanism, any charges or expenses associated therewith being for the applicant’s account.

7. General Specifications for Good Delivery Plates or Ingots

The LPPM’s recommended specifications for Good Delivery plates and ingots are shown below. Detailed requirements for platinum and palladium Good Delivery plates and ingots are given in the Sections 8 and 9 respectively. The LPPM considers that the appearance of plates or ingots is important, firstly because of the technical reasons described below and secondly because the maintenance of high standards of surface finish indicates a good level of quality control in general. A poor plate or ingot appearance might, on the other hand, suggest that standards of refining or assaying are less than desired.

If ingots / plates are produced in the general form of Good Delivery ingots / plates, but due to their intended use (for example ingots / plates produced for and delivered directly to an industrial customer for use as a raw material) they do not meet the Good Delivery specifications (for example, inferior appearance or sub-standard bar marks) then the Good Delivery refiner must stamp the bars NGD (meaning Non Good Delivery) in close proximity to the LPPM’s-approved manufacturer's mark.

Weighing: Bars should be weighed in accordance with the procedure laid down by the LPPM (see section 4.2 (c) above).

Shape: Plates and ingots must be easy and safe to handle and convenient to stack and should show the plate or ingot marks as detailed below. It is important that the edges of the plates and ingots must not be sharp, so as to avoid the risk of injury during handling.

Appearance: Plates and ingots must be of good appearance. Faults that must be avoided, especially on the top surface of a ingot / plate, are irregularities such as surface cavities, cracks, holes or blisters (debris and water can accumulate in such irregularities which can affect the weight of the plate or ingot and, accumulated water can cause an explosion when the plates or ingots are melted) and excessive shrinkage (i.e. the concavity of the top face of the ingot and any concentric cooling rings must not be such that it makes it difficult to either apply or read the ingot marks or in the case of concavity ingots become unstable when stacked on top of each other). The sides and bottom surface should be smooth and free from cavities, lumps and layering.

Marks: Plates and ingots must be marked on the larger surface of the two main surfaces of the ingot. This is the surface that would normally be uppermost when the ingots are stacked. The marks should include the stamp of the refiner (which, if necessary for clear identification, should include its location), the assay mark (where used), the fineness, the serial number (which must not comprise of more than ten digits or characters), the letters PT or PLATINUM or PD or PALLADIUM (as appropriate), the year of production and the weight in grams, kilograms or troy ounces The year of manufacture should be shown as a four digit number unless incorporated as the first four digits in the plate or ingot number. If plate or ingot numbers are to be re-used each year, then the year of production must be shown as the first four digits of the plate or ingot number although a separate four digit year stamp may be used in addition. Marks should be clear and may be applied to plates or ingots either by using conventional stamping or by dot matrix (pneumatic punching), provided always that if pneumatic punching is used the marks must be no less clear and at least as durable as if conventional stamping had been used.

If plates or ingots are delivered in to the London or Swiss market and the recipient vault is of the opinion that the plates or ingots do not conform to the above requirements the recipient vault may ask the LPPM to appoint independent inspectors to examine the plates or ingots and express an opinion as to whether the plates or ingots are acceptable for Good Delivery purposes. For the avoidance of doubt, any proposed recipient of plates or ingots has, irrespective of any view expressed by an inspector on the condition of a plate or ingot, the absolute right to refuse to accept delivery of a plate or ingot if its vault manager considers that the plate or bar does not meet the Good Delivery standards as set out in these Good Delivery Rules.

8. Specifications for a Good Delivery Platinum Plate or Ingot

The physical settlement of a loco London / Zurich platinum trade is a plate or ingot conforming to the following specifications:

Weight: minimum permitted weight is 1 kilogram (32.151 troy ounces) and the maximum permitted weight is 6 kilograms (192.904 troy ounces)

The gross weight of a plate or ingot should if expressed in grams be shown to one decimal place, if expressed in kilograms be shown to four decimal places and if expressed in troy ounces shown to three decimal places. Weights should never be rounded-up.

Fineness: the minimum acceptable fineness is 99.95%

Marks: Serial number (see additional comments in section 7 above)

Assay stamp of refiner
Fineness (to four significant figures)

Year of manufacture (see additional comments in section 7 above)

Weight in grams or troy ounces as specified above

9. Specifications for a Good Delivery Palladium Plate or Ingot

The physical settlement of a loco London / Zurich palladium trade is a plate or ingot conforming to the following specifications:

Weight: minimum permitted weight is 1 kilogram (32.151 troy ounces) and the maximum permitted weight is 6 kilograms (192.904 troy ounces)

The gross weight of a plate or ingot should if expressed in grams be shown to one decimal place, if expressed in kilograms be shown to four decimal places and if expressed in troy ounces shown to three decimal places. Weights should never be rounded-up.

Fineness: the minimum acceptable fineness is 99.95%

Marks: Serial number (see additional comments in section 7 above)

Assay stamp of refiner

Fineness (to four significant figures)


Year of manufacture (see additional comments in section 7 above)

Weight in grams or troy ounces as specified above

10. Proactive Monitoring

The LPPM operates a system of monitoring the quality of the production and assaying ability of refiners on the Good Delivery List. The proactive monitoring system was introduced with effect from 1st January, 2009. The proactive monitoring will necessitate refiners providing on request a sample from a normal production run which will be check-assayed by two of the LPPM’s referees. Normally refiners will be subject to monitoring once every three years. A newly listed refiner would not normally be monitored within the first three years of being listed. A separate paper “Proactive Monitoring Procedures and Criteria” for the proactive monitoring of Good Delivery refiners describes the operation of the system in detail and is included as Annex E

10.1 Annual Monitoring Fee

In order to pay for the costs involved in the testing required for proactive monitoring each refiner on the Good Delivery List must pay an annual monitoring and testing fee to the LPPM (currently £1,000 per metal plus VAT where applicable). With effect from 1st January, 2011, the annual Associateship fee will not include the annual proactive monitoring fee which will be charged as a separate fee.

11. Retesting of Plates or Ingots

The LPPM reserves the right when appropriate to ask refiners on the Good Delivery List to submit plates or ingots for testing if, in its opinion, a refiner is unable to demonstrate the required competence in assaying (as revealed by the proactive monitoring system) or if the appearance of a refiner’s plates or ingots give cause for concern. At its discretion, the LPPM may request a refiner to send one or more plates or ingots to a London vault for inspection and testing.

11.1 Testing Method

The methods of inspection and testing specified in section 4.2 of these Rules will generally be followed.

11.2 Charges

The refiner will be required to pay for the cost of insurance and shipping the plates or ingots to the London vault. If a subsequent inspection by a panel of clearing vaults or other specialists appointed by the LPPM is satisfactory, the LPPM will charge the refiner the sum of £2,000 plus VAT as applicable. However, should the vault inspection indicate the need for further testing of the plates or ingots by the LPPM’s referees, then an additional charge of up to £8,000 plus VAT as applicable will be levied to cover the cost of shipping the plates or ingots to the referees and the testing of the plates or ingots by the referees.

11.3 Transfer to List of Former Refiners

If at anytime the Management Committee of the LPPM deems that the quality of a Good Delivery refiners plates and / or ingots falls short of the standards set out in these Rules and the refiner concerned either refuses or is unable to rectify the problem identified by the Management Committee then the LPPM Management Committee reserves the absolute right to transfer the refiner from the LPPM Good Delivery List to the list of Former Refiners

12. Further Information

Any questions or requests for further information about the Good Delivery List, specifications or application procedures should be addressed to the Chairman of the LPPM.

August 2017

To view a full pdf copy of the specifications for Good Delivery Plates and Ingots and Application Procedures for Listing please CLICK HERE


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