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Switzerland seeks more detail in international trading of gold
Switzerland Wants Gold Segregation by Customs for More Transparency
From Swiss Info
Swiss Broadcasting Corp., Bern
Thursday, September 24, 2020
The world's gold refining hub wants international customs to differentiate between mined and bank gold to help improve supply chain transparency and traceability.
The Alpine nation today submitted a proposal to the World Customs Organization (WCO) to amend the current classification of gold for international customs duty. Currently the WCO's harmonised system has a single code for unwrought gold (impure gold that needs further processing). This means that it is not possible for the system to differentiate if the gold imported into a country was refined or unrefined.
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By getting customs services around the world to differentiate between mined gold and bank gold, Switzerland "wishes to improve the traceability of supply chains and to obtain more accurate statistics." A fifth of the world's gold trade passes through Switzerland. ...
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