Toronto-based Bullion Management Group has joined Canada’s Social Investment Organization, reinforcing its commitment to the fight against “blood gold” resulting from illegal gold mining and refining operations.

“Anyone who monitors the gold mining and refining industry knows that with the 12-year rise of the gold price, illegal, unethical mining and refining operations have emerged across the developing world,” said Nick Barisheff, chief executive of Bullion Management.

The good news is that according to a January report by the SIO, assets managed under sustainable and socially responsible guidelines in Canada grew 16 per cent between end-June 2010 and end-December 2011. By comparison, total assets under management climbed only 9 per cent over the same period.

Bullion Management is also an associate member of the London Bullion Market Association, which runs a “responsible gold program” that requires refiners producing gold bars to comply with the LBMA responsible gold guidance.

The LBMA guidance is designed to combat systematic or widespread abuses of human rights and terrorist financing activities. Refiners are also expected to comply with high standards of anti-money laundering precautions.  

Bullion Management Group has some C$603 million ($592 million) of bullion AuM.