Valcambi is the largest refinery in the world
The Swiss refinery that processes 2,000 tons of precious metal every year
Switzerland’s Valcambi is not only one of the oldest precious metal refineries, but also the largest refinery in the world. More than 2,000 tons of gold, silver, platinum and palladium are processed annually on its Ticino site of around three hectares. Here, Valcambi manufactures rectangular cast and minted bars, round bars, medals and semi-finished products for the jewellery and watch industry. Valcambi is renowned for its innovative CombiBars®. Elsewhere, the refiner’s “Green Gold” brand has established a label strictly reserved for gold products exclusively from Fairtrade-certified mines.
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Valcambi’s history: More than 60 years of gold smelting
Valcambi SA was founded back in 1961 by a group of private investors from Switzerland under the name Valori & Cambi. The Swiss bank Credit Suisse (now UBS) and the US mining group Newmont Mining (until 2015) were initially the principal owners. Until 2017, the company belonged to European Gold Refineries Holding SA, which was then taken over by GGR. Today, Valcambi is fully owned by Global Gold Refineries Ltd. (GGR) from Switzerland.
The refinery and its headquarters are located in Balerna, which lies in the Mendrisio district of the canton of Ticino in the south-east of Switzerland. The entire operation has a footprint of 3.3 hectares with a refining capacity for gold, silver and platinum metals of around 2,000 tonnes per year (5.1 tonnes per day), and a workforce of 180 people working in the Valcambi factory and offices. In addition to the retail sale of its bullion products, Valcambi also creates, designs and produces coins, medals and blanks on behalf of its customers. Another business activity involves the development and testing of individual semi-finished products for watch-industry clients.
Most Valcambi products are marked with the classic lettering “valcambi suisse”, all in lower case. The company logo, introduced in 2012, is particularly striking. It appears as a golden square frame balanced on one point and incorporates four equal triangles. The image represents a stylised view of a 400-ounce LBMA Good Delivery gold bar cut in diagonal section. The four geometric elements surrounding an open centre symbolise the company’s open, helpful and welcoming culture.
“The company’s success and reputation are based on our philosophy of total commitment to our workforce, to our customers, and to the industry we serve,” explains Valcambi CEO Michael Mesaric.
Products for major clients and the retail market
Valcambi produces and sells minted and cast rectangular gold bars with a fineness of 999.9/1000. These are available in classic weight units from 1 gram up to 1 kilogram. The company also produces good delivery bars of 12.4 kilograms, as well as bars weighing 5 and 10 tola (the traditional Indian weight unit). In addition, Valcambi also produces CombiBars® (bars made with predetermined breaking points) and round bars in a coin design displaying no face value.
Valcambi also manufactures a range of cast and minted silver bars with a fineness of 999.0/1000 in denominations from 1 ounce (31.103 grams) up to 5 kilograms. The company can supply minted platinum and palladium bars with a fineness of 999.5/1000 in weight units from 1 ounce up to 1 kilogram. Valcambi also market minted CombiBar® bars in these three white metals, as well as Good Delivery bars precisely manufactured to LBMA specifications. These latter products are mostly purchased by industrial wholesalers and by central banks looking to protect and secure currencies.
All Valcambi products are delivered with a certificate of authenticity, either as loose, unpacked cast bars, or as minted bars in sealed blister packs. The company has certificated approvals for precious metal trading on international markets such as the London Bullion Market Association (LBMA) and the London Platinum and Palladium Market (LPPM), and for trading on global stock exchanges such as the New York Commodities Exchange (COMEX), Dubai’s Gold & Commodities Exchange, and the Tokyo Commodities Exchange (TOCOM).
Finished and semi-finished products for industry
Valcambi also produces medals and coins for various clients as well as gold granules and granulated silver for the jewellery sector. In addition, Valcambi also produces exclusive cases, bezels, base plates and monocoques in high-quality precious metal alloys for various watch manufacturers. Valcambi business clients include global mining companies, luxury watch manufacturers, as well as international banks, governments and central banks.
Valcambi: An overview
- The Swiss refinery Valcambi was founded in Switzerland in 1961. It is the largest refinery in the world and also one of the oldest precious metal processing companies.
- The company is owned by Global Gold Refineries Ltd. (GGR), based in Switzerland.
- Valcambi produces precious metal bars in gold, silver, platinum and palladium in accordance with LBMA standards for both the retail and wholesale markets.
- Valcambi also mints coins and medals on behalf of customers. Other business outputs include granules for jewellery manufacturers and semi- finished products for the watch industry.
