The dark side of gold - SWISSAID
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Media release from 16 July 2020

The dark side of gold

Bern, 16 July 2020 – Where does the gold hidden in our smartphones come from? shining on our wrists, or the gold that as Ingots in the Bankvaults stacks? SWISSAID has gone the way of gold, from Africa via Dubai to Switzerland The Research brings for the first time detailed the Relations of the companies in between the United Arab Emirates and Switzerland to the light of the publicIt based on Testimonies, Literatureresearchn and a Search for clues on site

 

Dhe 80-page study reveals reveals that Valcambi, a world’s leadings Refining company based in Ticino, despite certification according to international Standards with emirati Suppliers such as Kaloti collaborates. This Business relationship with involved in scandalsn Company continues although other Players in the industry long since abandoned it andd theirr dubious Procurement practice have distanced themselves. Conflictgold, the Caloti for example in Sudan erw, can easily into the Deliverychains of banks or jewellers . The most of these companies have until today no sufficient Masmeasures taken to such problematic Goldtrade to . The research lays the Strands of a Network in which some Swiss refineries use intermediaries to disguise the origin of the gold instead of buying it directly from the source

Switzerland must act

For Marc Ummelhead of commodities at SWISSAID and author of the study of the study, is certain«Only if refineries are directly from the mines source, they can ensure that they are purchasing clean gold and thes Human rights and the environment are respected are.» Less than a month after the publication of the critical Report by the Swiss Federal Audit Office on the control of precious metals in Switzerland their Findings through the Study confirmsDhe Monitoring of imports and refineries is inadequate T he Customs statistics lack transparency – – the origin of the Gold is so impossible. As most important Hub of the gold industry switzerland refines two thirds of the globalold The Refineries must ensurethat the importeds Gold imported by them in violation of Human rightsn was produced The too lax legislation must be tightened – as the Vote on the Corporate responsibility initiative in November.  

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Keyfindings of the study The full study (EN, PDF) The full study (FR, PDF)
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