Register for Gold Trade: Positive Signal for More Transparency, but More Needs to Be Done

The Swiss Precious Metal Association ASMP has launched a new digital platform: 'Swiss Precious Metal Transparency Platform'. For the first time in Switzerland, the names of certain suppliers or mines from which Swiss refineries obtain their gold are published.

Efforts to increase transparency in the gold sector, where the risk of importing conflict gold is very high, are to be welcomed. According to research by SWISSAID, there is a very high risk that gold, which contributes to the financing of armed conflicts (e.g. in Sudan and Russia) and severe human rights violations and environmental destruction, also finds its way into Switzerland. This risk is further exacerbated by the ever-increasing gold prices and the resulting gold rush.

'SWISSAID welcomes this step towards greater transparency, but the new platform falls short,' says Marc Ummel, SWISSAID's raw materials expert. According to the NGO, there are several shortcomings to be lamented:

- Only supplier names from 'high-risk countries' and mines are listed, and the definition of 'high-risk countries' is too narrowly defined. Gold from mines makes up only a small portion of gold imports. In 2025, the share of mined gold was only 30% of the value of all gold imported into Switzerland. For more than 50% of gold imports into Switzerland, the supplier names remain unknown.

- Information about non-members of the association does not appear on the platform. As Switzerland's largest refinery, Valcambi, left the association in 2023, this data is not included.

- Supplier names from the United Arab Emirates (UAE), a global hub for gold of dubious origin, are also not listed. The UAE was one of the largest gold exporters to Switzerland in 2025, with exports of over 360 tonnes worth 32 billion Swiss francs (Jan.-Nov. 2025).

- The data is aggregated, meaning it cannot be attributed to Swiss refineries. This is contradictory, as, for example, refineries MKS PAMP, Argor-Heraeus, Metalor, and PX Précinox, as members of the LBMA, have to disclose supplier names from 'high-risk countries' and industrial mines that are members of the World Gold Council in their LBMA compliance reports anyway. Many business relationship details in the gold trade are already public. The 33 members of the World Gold Council must reveal the names of the refineries. This data is also published in paid databases, EITI reports, or publications from specific suppliers like central banks.

Therefore, SWISSAID demands:

- The publication of all supplier names, especially those of secondary gold suppliers, which is labeled as recycled gold for concealment purposes. Many supply chains for secondary gold are very problematic as they may involve conflict gold.

- The disclosure of supplier names must be enshrined in law to oblige all refineries. There is a unique opportunity this year with the drafting of the ordinance on the revision of the Precious Metals Control Ordinance, which was passed by parliament in June 2025.

- Refineries must take responsibility and make the names of their suppliers public (not in aggregated form).

The question of transparency regarding the origin of gold was revisited in parliament last December with the motion by Fabian Molina, SP National Councilor, and the postulate by Jean Tschopp, SP National Councilor.

Contact persons:

Marc Ummel, Head of SWISSAID's Raw Material Department,

Tel: +41 (0)79 694 49 21, m.ummel@swissaid.ch

Thaïs In der Smitten, SWISSAID’s Media Officer,

Tel: +41 (0)77 408 27 65, media@swissaid.ch

Editor's note: Image rights belong to the respective publisher.