From logo to website, Kaloti projects an image brimming with glitz and glitter, yet this Emirati company is widely decried for its questionable gold sourcing. Many gold industry stakeholders have long since distanced themselves from the Kaloti Group. Nevertheless, Valcambi – the world’s leading refiner based in Ticino and certified by international standards – continues to work with questionable partners such as Kaloti. The problem? The dubious gold acquired by Kaloti, particularly in Sudan, can easily end up in the supply chains of Swiss banks or jewellers – and from thence to our wrists.
In his research, our Head of Raw Materials Marc Ummel reveals how some Swiss refiners use intermediaries to mask the origin of the gold rather than sourcing it directly. As Marc Ummel explains: “Only by sourcing directly from the mines can refineries ensure that they acquire clean gold that respects human rights and the environment.”
For fair trade gold!
Switzerland must act
The study confirms the recently published findings of the Swiss Federal Audit Office’s report on the control of precious metals: import monitoring and refinery supervision are inadequate. Customs statistics lack transparency and do not allow the origin of the gold to be properly traced.
Switzerland is a major gold trade hub that refines two-thirds of the world’s gold. Refiners must ensure that the gold they import has not been produced in violation of human rights. Legislation must be strengthened, as demanded by the Responsible Business Initiative, a referendum on which the Swiss are to vote, on 29 November 2020.
