explainer · gold
Mined at 2 g/t. Poured at 80%. Refined to 99.99%.
Gold is mined at a few grams per tonne, poured into doré on site, and refined to 99.99% in a handful of hubs. Refiners pool mined and recycled gold, so the bar rarely says which mine it came from.
5 stages
Five stages, from mine to vault and jeweller
Select a stage to see what happens there, who does it, and which record moves with the material. The bars show gold content by mass on a log scale.
Gold content is shown by mass. 1 g/t is 0.0001%. The scale runs over six orders of magnitude.
scale
Where gold comes from
of gold was mined in 2025. USGS Mineral Commodity Summaries 2026, 2025 estimate
of mined gold came from China, the largest producer. Russia and Australia came next. USGS Mineral Commodity Summaries 2026, our calculation, 2025 estimate
of mined gold came from the top five producing countries. USGS Mineral Commodity Summaries 2026, our calculation, 2025 estimate
of gold consumption was central bank buying; jewellery took 40%. USGS Mineral Commodity Summaries 2026, 2025 estimate
traceability
Where the record usually breaks
- At the mineArtisanal gold is often sold through traders before it reaches an exporter, so origin depends on the first buyer's records.
- At the refineryDoré from many mines is refined with recycled gold. The finished bar names the refiner, not the mine.
- At the end customerElectronics makers report the refiners in their supply chain under conflict minerals rules, rarely the mines behind them.
Our traceability rollouts link these records, from mine lot to finished product, so a claim about origin holds up when a customer or regulator asks for it.
Planning a traceability rollout, or one that has stalled after the pilot? Book a 30-minute call.
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The whole chain on one image
A 1080 × 1350 image of the 5 stages, sized for LinkedIn. Free to share with a link back to this page.
Sources
Production figures are USGS estimates for 2025. Stage ranges are typical industry values, rounded, not data for a specific plant.