Suisse
In a study on the trade in precious metal, the NGO explains that a large part of the gold imported into our country is of questionable origin.
As the main hub of the international gold trade, Switzerland refines and transforms two thirds of the precious world metal (archive photo).
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Switzerland, the main hub for gold, has legislation that is too lax to control the origin of precious metals. The NGO Swissaid published Thursday a study which sheds light on the flaws in the gold trade between the United Arab Emirates and our country.
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The investigation of Marc Ummel, head of raw materials at Swissaid, goes up the supply chains of Swiss refineries. The Emirates were the largest gold exporter to Switzerland in 2019: 149 tonnes of gold worth 6.8 billion francs were delivered for refining.
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According to this report, we are sometimes far from good industry practices (London Bullion Market Association). Swiss refineries claim to import only recycled gold from the United Arab Emirates. But in reality, part would come from African mines and the Dubai souk.
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Illegal exports
In 2018, half of the gold transiting through Dubai came from the African continent (402 tonnes). Much of this gold is exported illegally. Gold is processed by refineries in the Emirates with which Swiss companies have no direct link, which prevents them from tracing its origin and ensuring the good conditions for its extraction.
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At the other end of the chain, banks, industries, jewelers and watch groups do not all apply the same due diligence procedures. According to Swissaid, the vast majority of the 15 companies analyzed do not have the means to avoid having potentially problematic gold.
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Customs statistics lack transparency and do not allow us to know the real origin of the gold imported into Switzerland transiting through Dubai.
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Responsibility of refineries
“It is only by sourcing directly from mines that refineries will be able to ensure that they acquire clean gold that respects human rights and the environment,” says Marc Hummel. For the NGO, it is up to the refineries to ensure that the gold they import has not been produced in violation of human rights.
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The Federal Audit Office had already revealed a month ago “the shortcomings of the current monitoring system” of precious metals in Switzerland. As the main hub of the international gold trade, Switzerland refines and transforms two thirds of the precious world metal.
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(ats / nxp)
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