1781 Association (LBMA), 16 under the Responsible Jewellery Council (RJC), and 13 hold dual recognition. The UpSet plot further illustrates the intersection structure: 45 facilities are LBMA-only, 3 are RJC-only, 13 are dual-recognized, and 32 are assessed solely under RMI. Figure 3. RMI Cross Recognition with LBMA/RJC This partial overlap suggests a layered governance configuration in which multiple standards coexist and intersect. Cross-recognition does not resolve fragmentation but instead introduces additional layers of compliance and oversight. From a measurement perspective, such institutional layering complicates the isolation of effects attributable to any single standard. 2.2.3 Ownership Heterogeneity and Informational Visibility Ownership structures vary across both ESG-assessed facilities and cross-recognized gold refiners. Figure 4. Ownership Structure of ESG-Assessed RMI Facilities For ESG-assessed facilities, Figure 4 presents ownership distributions at both the operating entity and ultimate parent levels, disaggregated by country and metal. Both publicly listed and privately held firms
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