Published on June 13, 2024 at 6:56 p.m. / Modified on June 13, 2024 at 6:59 p.m.
On the question of the origin of gold, Switzerland is often criticized. Its refineries, which process a good third of the world’s gold, are regularly accused of processing metal extracted under scandalous conditions. This week, the Coalition for Responsible Multinationals denounces a new case, in Tanzania. A Canadian mining group, Barrick Gold, is said to have forced the displacement of 5,000 people over the past two years to expand a gold mine in this country. The metal is delivered to the Geneva group MKS Pamp. Barrick disputes these accusations and MKS Pamp says it respects the latest ethical criteria in this area.
On May 29, a report from the NGO Swissaid showed that a large part of African gold, especially when it is extracted by artisanal miners, is not declared. Contraband which often leaves for the United Arab Emirates, one of the leading importers of gold into Switzerland. We can see this as a massive problem, but we can also conclude that this gold is mainly, if not exclusively, purchased by Valcambi. This company based in Ticino was excluded in 2023 for this reason from the Swiss Association of Manufacturers and Traders of Precious Metals (ASFCMP), the umbrella body of the sector. Valcambi would be an exception, according to its competitors.
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