216 2.2.2 Institutional Layering through Cross-Recognition Figure 3 presents the cross-recognition structure among gold refiners operating at the pinch point level. Among 93 RMI participating gold facilities, 58 are assessed under the London Bullion Market 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.
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