In its study “Golden Detour – The hidden face of the gold trade between the United Arab Emirates and Switzerland”, we were able to demonstrate without the slightest doubt that Valcambi buys gold from Kaloti, an international company from the United Arab Emirates (UAE). This report is based on extensive documentary evidence, witness statements and on-site research in Dubai.
Between 2018 and 2019, Kaloti and a trading company close to it exported 83 tons of gold to the refinery Valcambi, installed in the italian part of Switzerland. Kaloti’s practices make it a very controversial player in the industry. The latter has been involved in several scandals involving dirty gold linked in particular to conflict zones. It was excluded from the standard of good practices in Dubai. Valcambi has partly acknowledged its relationship with Kaloti.
Impact of the Study on Valcambi
Following the publication of SWISSAID’s report, Cédric Léger, president of the Swiss Association of Precious Metal Manufacturers and Dealers (ASFCMP), also voiced criticism of Valcambi in the media. He notably stated that: “The SWISSAID report highlights weaknesses that need to be addressed, and we do not dispute it” (Le Temps, August 4, 2020). The CEO of the Metalor refinery, Antoine de Montmollin, stated that Kaloti “is a red flag. Given their reputation, we could never work with them” (24 heures, September 23, 2020).
Swiss refiners and the ASFCMP have demanded that Valcambi make a public commitment to sever all ties with Kaloti, including with companies that serve as fronts for the Emirati group (24 heures, September 21, 2020). To date, this statement has yet to be issued.
SWISSAID refuses to retract its study; Valcambi files a complaint
Both during the research and before the publication of the study, Valcambi had the opportunity to express his views on the criticisms made. The sources of the report can be consulted and verified.
SWISSAID stands by the research of its study and condemns the threat of a complaint, knowing that the industry shares its concerns.
Our demand remains the same: Valcambi must commit itself to human rights in the gold mines.
