Swiss gold refiner leaves umbrella group after row
Valcambi will leave the Swiss Association of Precious Metals Manufacturers and Traders follwoing a disagreement.
Keystone / Martin Ruetschi
Gold refiner Valcambi is no longer part of the Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP). Following disagreements, the Ticino group has in fact left the umbrella organization with immediate effect.
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At the end of discussions, “it appeared that Valcambi and the ASFCMP had irreconcilable differences and that the continuation of their collaboration proved unthinkable,” the association said in a press release on Friday. The company therefore presented its resignation on October 26, which the association took note of.
“Valcambi disagrees with the position of some ASFCMP board members to exclude certain countries of origin, which is also an implicit confirmation of the failure to perform due diligence in depending on the inherent risks”, indicates the company.
“The ASFCMP has adopted the position of the board of directors as the official position of the association, which is not in line with other institutions such as the LBMA (London Bullion Market Association, editor’s note) and the objective of OECD guidelines”, Valcambi further accuses.
At the beginning of September, the press revealed documents indicating that contrary to its public commitments, the Ticino company had continued after 2019 to import gold from the Kaloti company, based in Dubai. The latter is at the heart of money laundering and gold trade from conflict zones.
Valcambi, the world’s leading gold refiner, is headquartered in the municipality of Balerna in Ticino. Founded in 1978, the ASFCMP brings together 14 companies active in the refining of precious metals. A code of conduct defines standards, particularly in terms of business ethics.
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