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Valcambi

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Valcambi
FormerlyValori & Cambi
Company typeS.A. (corporation)
IndustryRefining
FoundedBalerna, Ticino, Switzerland (May 15, 1961; 63 years ago (1961-05-15))
Headquarters
Balerna
,
Switzerland
Area served
Worldwide
Key people
ProductsPrecious metals
Number of employees
155
ParentRajesh Exports
Websitewww.valcambi.com
An example of a Valcambi minted gold bar.

Valcambi is a precious metals refining company located in Balerna, Switzerland, and a subsidiary of Rajesh Exports Limited. Valcambi is owned by European Gold Refineries, which is owned by Global Gold Refineries AG, which in turn is 95% owned by REL Singapore PTE Ltd. and 5% by Rajesh Exports Limited India. Valcambi is thus 100% controlled by Rajesh Exports, the parent company of REL Singapore.[1]

They refine gold, silver, platinum and palladium into various forms including cast and minted bars, rounds, coins, and other semi-finished casting products. It is among the world's largest precious metals refiners and refines more gold than any other.[2] Additionally, the company provides precious metals assay, transportation, and storage services.

History

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The company was formed on May 15, 1961, as Valori & Cambi by a group of 5 Swiss businessmen/entrepreneurs from Mendrisio. The name was changed to Valcambi on June 30, 1967. In 1967, Credit Suisse bought 50% of the Valcambi refinery, followed by the purchase of another 30% stake in 1968. The remaining 20% was purchased in 1980, giving Credit Suisse 100% control of the firm.[1]

In 2003, European Gold Refineries SA purchased 100% of Valcambi from Credit Suisse for approximately $400 million.[3][4][5]

In 2015, Rajesh Exports Limited, a Bengaluru-based jeweller, acquired Valcambi for $400 million in an all-cash deal. The company bought out the stakes of US miner Newmont Mining Corporation and a group of global investors to own 100% equity in Valcambi.[6]

On 10 September 2015, a Bern Declaration report, "A Golden Racket," revealed that Valcambi had purchased gold traced to artisanal mines in Burkina Faso. It claimed that Valcambi had imported seven tonnes of gold in 2014 that were smuggled into Togo and sold to Wafex Sàrl, a subsidiary of the Ammar Group. A Geneva-based company, MM Multitrade, then imported it into Switzerland and sold it to Valcambi.[7] In response to the report, Valcambi denied receiving any gold from mines mentioned by Berne Declaration and emphasized its conforming to procedures when procuring gold in a press release dated 12 September 2015.[8]

On 27 October 2023, Valcambi resigned from its 40-year membership with the Swiss Association of Precious Metal Manufacturers and Traders (ASFCMP), citing "irreconcilable differences" with some members of the ASFCMP's board regarding excluding certain countries as suppliers for its gold.[9]

References

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  1. ^ a b "Swiss Gold Refineries and the sale of Valcambi - BullionStar - Ronan Manly". BullionStar - Ronan Manly. 2015-07-31. Retrieved 2016-12-03.
  2. ^ "The World's largest Precious Metals Refineries - Inside BullionStar". Inside BullionStar. 2016-08-19. Retrieved 2016-12-03.
  3. ^ "2003 US SEC Form 10-K for Newmont Mining Corporation". Retrieved 2016-12-03.
  4. ^ "European Gold Refineries, company register, Canton of Ticino". 2003-10-12. Retrieved 2016-12-09.
  5. ^ "India's Rajesh Exports Acquires Newmont's Swiss Gold Refiner". Bloomberg.com. Retrieved 2016-12-09.
  6. ^ "Jeweller Rajesh Exports buys refiner Valcambi for $400 million". Reuters. 2015-07-27. Retrieved 2023-05-18.
  7. ^ "A Golden Racket: The True Source of Switzerland's "Togolese" Gold" (PDF). Public Eye. September 2015.
  8. ^ "Valcambi Press Release in response to Berne Declaration allegations" (PDF). Valcambi. 12 September 2015.
  9. ^ "Major Swiss gold refinery parts with national industry association". Nasdaq.com. 27 October 2023.
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