Istanbul Gold Refinery (IGR) – Incident Review Process Invoked

October 09, 2025 # Istanbul Gold Refinery (IGR) – Incident Review Process Invoked - [](https://www.linkedin.com/shareArticle?mini=false&url=https://www.lbma.org.uk/articles/istanbul-gold-refinery-igr-incident-review-process-invoked&title=Istanbul%20Gold%20Refinery%20%28IGR%29%20%E2%80%93%20Incident%20Review%20Process%20Invoked) Post - Copy link As an independent authority for the precious metals industry, LBMA’s role is to advance standards and promote good trading practices for banks, traders and refiners operating in the global precious metals industry. The [Incident Review Process (IRP)](https://www.lbma.org.uk/market-standards/incident-review-process) has been invoked to review matters that have been raised in connection with Istanbul Gold Refinery (IGR) regarding recent reports concerning an investigation by Turkish authorities. This process involves consultation with a range of stakeholders. LBMA remains focused on a transparent and rigorous approach and will advise of further updates in due course. ## Istanbul Gold Refinery remains a Good Delivery Refiner LBMA has requested a formal statement from IGR and will continue to engage constructively with the Refiner, its assurance provider, and relevant stakeholders to ensure that all matters are reviewed in line with the [Responsible Sourcing Programme](https://www.lbma.org.uk/responsible-sourcing/guidance-documents) and [Good Delivery Rules](https://www.lbma.org.uk/good-delivery/good-delivery-rules-and-governance). ## Background The London [Good Delivery List](https://www.lbma.org.uk/good-delivery/gold-current-list#-) of Acceptable Refiners of gold and silver is maintained by LBMA, by whom it is copyrighted. It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the required standard for acceptability in the London bullion market. - [](https://www.linkedin.com/shareArticle?mini=false&url=https://www.lbma.org.uk/articles/istanbul-gold-refinery-igr-incident-review-process-invoked&title=Istanbul%20Gold%20Refinery%20%28IGR%29%20%E2%80%93%20Incident%20Review%20Process%20Invoked) Post - Copy link ## Page shell (navigation, sharing links and footer as captured; not part of the document) ### Before the document text [Find out more Register for the Global Precious Metals Conference in Sorrento, Italy](https://www.lbma.org.uk/global-precious-metals-conference) - Global - [Global](/) - [中文網站](/cn/) - [Contact](https://www.lbma.org.uk/contact) - About ### About - [About LBMA](https://www.lbma.org.uk/about-us/about-the-lbma) - [Our Team](https://www.lbma.org.uk/about-us/our-team) - [LBMA Board](https://www.lbma.org.uk/about-us/lbma-board) - [Independent Decision-Making Committee](https://www.lbma.org.uk/about-us/independent-decision-making-committee) - [LBMA Sub-Committees](https://www.lbma.org.uk/about-us/lbma-sub-committees) - [Origins of the London Bullion Market](https://www.lbma.org.uk/market-standards/origins-of-the-london-bullion-market) - [History of Global Trade in Bullion](https://www.lbma.org.uk/market-standards/history-of-global-trade-in-bullion) - [Member login](https://portal.lbma.org.uk/) - Market Standards ## Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. ### Market Overview - [About Loco London](https://www.lbma.org.uk/market-standards/about-loco-london) - [A Guide to the Loco London Precious Metals Market](https://www.lbma.org.uk/publications/the-otc-guide) - [Training and Education](https://www.lbma.org.uk/training-and-education) ### Our Standards - [Market Standards](https://www.lbma.org.uk/market-standards) - [Global Precious Metals Code](https://www.lbma.org.uk/market-standards/global-precious-metals-code) - [Good Delivery](https://www.lbma.org.uk/good-delivery) - [Responsible Sourcing](https://www.lbma.org.uk/responsible-sourcing) - [Incident Review Process](https://www.lbma.org.uk/market-standards/incident-review-process)

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### Gold Price: LBMA Snapshot Survey of Professional Analysts Gold is forecast to price at around $4,500 at year-end according to the average of a survey of 16 professional analysts conducted by LBMA. [Find out more](https://www.lbma.org.uk/articles/gold-price-lbma-snapshot-survey-of-professional-analysts) ### LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. [Discover more](https://www.lbma.org.uk/articles/lbma-response-to-pra-consultation-paper-cp5-26-modernising-the-liquidity-policy-framework) - News ## News Read the latest news, publications and resources which outline our key initiatives. ### News and Resources - [Newsroom](https://www.lbma.org.uk/newsroom) - [Alchemist](https://www.lbma.org.uk/alchemist) - [Publications](https://www.lbma.org.uk/publications) - [LBMA Annual Precious Metals Forecast Survey](https://www.lbma.org.uk/prices-and-data/lbma-annual-precious-metals-forecast-survey) - [Centenary of the LBMA Gold Price](https://www.lbma.org.uk/centenary-of-the-lbma-gold-price) - [Wonders of Gold](https://www.lbma.org.uk/wondersofgold) - [Press Page](https://www.lbma.org.uk/press-page) ### Alchemist 122: In Gold We Trust? Our latest Alchemist explores how gold from e-waste is being recycled with new technology, examines some of the factors influencing the modern global economy, highlights governance updates within LBMA, and more. [Read now](https://www.lbma.org.uk/alchemist/issue-122) ### IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. [Find out more](https://www.lbma.org.uk/articles/iba-to-administer-lbma-platinum-and-palladium-price-benchmarks-from-1-july-2026) - Events ## Events Read the latest news, upcoming events and resources. ### Events and Webinars - [Upcoming Events](https://www.lbma.org.uk/upcoming-events) - [Past Events](https://www.lbma.org.uk/past-events) - [Webinar Series](https://www.lbma.org.uk/videos) - [Standards of Conduct at LBMA Events](https://www.lbma.org.uk/standards-of-conduct-at-lbma-events) ### Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. [Register now](https://www.lbma.org.uk/global-precious-metals-conference) [Conference 2026](https://www.lbma.org.uk/global-precious-metals-conference) - Market Standards ## Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. ### Market Overview - About Loco London - A Guide to the Loco London Precious Metals Market - Training and Education ### Our Standards - Market Standards - Global Precious Metals Code - Good Delivery - Responsible Sourcing - Incident Review Process ### Regulation Resources - Financial Regulation - Due Diligence Regulation - REACH - Review Process Case Studies ### HQLA - WGC and LBMA Launch Joint HQLA Website - Gold and HQLA: Correcting Misleading Online Information ### LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market [Discover more](https://www.lbma.org.uk/articles/lbma-precious-metals-market-report-q2-2026) - Membership ## Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. ### Overview - About Membership - Current Members - Rules for Members

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### Gold Price: LBMA Snapshot Survey of Professional Analysts Gold is forecast to price at around $4,500 at year-end according to the average of a survey of 16 professional analysts conducted by LBMA. [Discover more](https://www.lbma.org.uk/articles/gold-price-lbma-snapshot-survey-of-professional-analysts) ### LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. [Discover more](https://www.lbma.org.uk/articles/lbma-response-to-pra-consultation-paper-cp5-26-modernising-the-liquidity-policy-framework) - News ## News Read the latest news, publications and resources which outline our key initiatives. ### News and Resources - Newsroom - Alchemist - Publications - LBMA Annual Precious Metals Forecast Survey - Centenary of the LBMA Gold Price - Wonders of Gold - Press Page ### Alchemist 122: In Gold We Trust? Our latest Alchemist explores how gold from e-waste is being recycled with new technology, examines some of the factors influencing the modern global economy, highlights governance updates within LBMA, and more. [Discover more](https://www.lbma.org.uk/alchemist/issue-122) ### IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. [Discover more](https://www.lbma.org.uk/articles/iba-to-administer-lbma-platinum-and-palladium-price-benchmarks-from-1-july-2026) - Events ## Events Read the latest news, upcoming events and resources. ### Events and Webinars - Upcoming Events - Past Events - Webinar Series - Standards of Conduct at LBMA Events ### Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. [Discover more](https://www.lbma.org.uk/global-precious-metals-conference) - Global ## Global - Global - 中文網站 - [Contact](/contact) - - About ## About - About LBMA - Our Team - LBMA Board - Independent Decision-Making Committee - LBMA Sub-Committees - Origins of the London Bullion Market - History of Global Trade in Bullion - [Member login](https://portal.lbma.org.uk/) - [](https://www.lbma.org.uk/newsroom) Front page - [](https://www.lbma.org.uk/articles) News & Insights - [](https://www.lbma.org.uk/videos) Webinar Series - [](https://www.lbma.org.uk/events) Events - [](https://www.lbma.org.uk/publications) Publications - [](https://www.lbma.org.uk/alchemist) Alchemist - [](https://www.lbma.org.uk/press-page) Press ### After the document text ### Stay updated Register to access the latest LBMA news and events through our email alerts [Register at MyLBMA](https://portal.lbma.org.uk/) ### LBMA - [our team](https://www.lbma.org.uk/about-us) - [Membership](https://www.lbma.org.uk/membership) - [Current Members](https://www.lbma.org.uk/membership/current-membership) - [Contact Us](https://www.lbma.org.uk/contact) - [Our Team](https://www.lbma.org.uk/about-us/our-team) - [Newsroom](https://www.lbma.org.uk/newsroom) - [MyLBMA](https://portal.www.lbma.org.uk/) ### Quicklinks - [Prices and Data](https://www.lbma.org.uk/prices-and-data) - [LBMA Daily Trade Reporting Data](https://www.lbma.org.uk/prices-and-data/lbma-daily-trade-reporting-data) - [Good Delivery](https://www.lbma.org.uk/good-delivery) - [Alchemist](https://www.lbma.org.uk/alchemist) - [Events](https://www.lbma.org.uk/events) - [Responsible Sourcing](https://www.lbma.org.uk/responsible-sourcing) - [A Guide to the Loco London Precious Metals Market](https://www.lbma.org.uk/publications/the-otc-guide)

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