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Top gold refiner exits Swiss industry group amid sourcing dispute

Section: Daily Dispatches

By Eddie Spence
Bloomberg News
Friday, October 27, 2023

Valcambi SA has resigned from the Swiss gold refining association after a disagreement over where it sources its gold.

Ticino-based Valcambi left the Swiss Association of Precious Metal Manufacturers and Traders, which coordinates communication and lobbying on behalf of the industry and requires members to sign a code of conduct, due to "irreconcilable differences," the association said in a statement.

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Valcambi confirmed its departure in a statement today, which indicated the disagreement related to the origin of its gold supplies. Sourcing and supply chains have become a key focus in the gold market, given the difficulty in determining the origin of metal that often exists outside the banking sector and can be remelted countless times.

The world's top precious metals refinery has faced scrutiny in recent years from local media and non-governmental organizations for sourcing gold from the United Arab Emirates, where opaque supply chains can make it difficult to determine whether the metal has been responsibly sourced. Other large Swiss refineries have stated policies against purchasing gold from the UAE.

"Valcambi doesn't agree on the position of some members of the ASFCMP's board to exclude certain countries of origin," the company said in the statement. "Pretending gold from dubious origin will not enter in the Swiss market by excluding direct supplies from specific countries is not the correct approach." ...

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