About us
Our History
About us
Our History

From the origins till today

The origins of our company date back to 1961 and a precious metals refinery built under the name Valori & Cambi.

Since that time our employees have remained our key asset, contributing to the growth and development of Valcambi into what and who we are today.

Throughout our entire history, Valcambi has remained solely focused on the business of precious metals refining and manufacturing.

EXPLORE OUR HISTORY
    1961 - 1966
    • 1961 - 1966
    • 1967 - 2000
    • 2001 - 2015
    • 2016 - TODAY
  • 1961 - 1966
  • 1967 - 2000
  • 2001 - 2015
  • 2016 - TODAY

1961 - 1966

The beginning - A challenging start for the company

The origins of our company date back to 1961, with the building of a precious metals refinery in Balerna, south-eastern Switzerland, by five private Swiss investors under the nameplate Valori & Cambi (literally ‘exchange of valuables’).


The business was founded on the trading of precious metals and banknotes. As with many nascent businesses, our first few years were challenging. Demand quickly outpaced available supply and the company struggled to meet the tight delivery requirements of an expanding customer base. A joint venture with a bank was the obvious next step, and Credit Suisse was a willing lender of gold to the plant. In those days the daily borrowing comprised a 200 kg physical metal loan every morning, being returned to the bank as 200 kg shiny new kilo bars in the evening.


Highlights

1965
  • Melter’s license, Hallmark Essayeur Fondeur
1962
  • First refinery building
1961
  • Valori & Cambi established
  • Receives “Patente di Fonditore”

1967 - 2000

The path to success – Credit Suisse, LBMA Good Delivery, Comex, LPPM Good Delivery, NYMEX

As the strategic relationship between Valcambi and Credit Suisse grew, in 1967 the bank acquired 50% ownership in Valcambi and a further 30% 18 months later.


In 1980 Valcambi became a wholly owned subsidiary of the bank.


Highlights

1997
  • Valcambi becomes a 100% subsidiary of Credit Suisse First Boston
  • NYMEX, CME Group for platinum and palladium
  • PPM Good Delivery for platinum and palladium
1996
  • ISO 9001 Certification
1995
  • Laboratory accreditation received – Swiss Federal Office of Metrology (Metas) Valcambi was the first refinery laboratory to receive accreditation from Metas which corresponds to ISO/IEC 17025 standards
1992
  • TOCOM, Valcambi brand, palladium
1982
  • TOCOM, CS brand, gold
1980
  • Remaining 20% of Valcambi is sold to Credit Suisse
1978
  • Joins Swiss Association of Manufacturers and Traders in Precious Metals
1974
  • COMEX, CME Group, CS brand, for gold
1968
  • LBMA Good Delivery for gold and silver
  • Another 30% of Valcambi is sold to Credit Suisse
1967
  • Refinery completion
  • 50% of Valcambi is sold to Credit Suisse

2001 - 2015

Newmont, product innovation and engagement in ASM

Despite its long and deep involvement in the bullion market, in October 2001 Credit Suisse made a strategic move and withdrew from much of its bullion business. Valcambi was sold in 2003 to European Gold Refineries (EGR), a shareholding made up of Newmont Mining Corporation and a group of Swiss investors. The business model for the newly independent refinery was simple and benefitted not only from the strong support of Newmont but also from the ongoing support of Credit Suisse, which continued to offer financing to the refinery. This took the company from strength to strength. We weathered financial storms by focusing on our core business areas, and we celebrated our 50th anniversary in 2011.


In 2008, Valcambi was the first refiner to introduce fully traceable gold from mine to client, under the brand name Valcambi GreenGold™.


In 2011, Valcambi introduced the CombiBar™, the most innovative investment product that offers the possibility of breaking the bar into groups of small bars of 1 g pieces.


From 2014 onwards, Valcambi has engaged in Artisanal and Small-Scale Mining (ASM), supporting miners to adopt responsible practices, and has sourced from mines in South America.


Till July 2015 EGR was owned by Newmont Mining (60.6%) and private investors (39.4%).


Today Valcambi is fully owned by Global Gold Refineries Ltd (GGR) incorporated in Switzerland.

GGR belongs to REL Singapore PTE Ltd in Singapore (95%) and Rajesh Exports Limited (5%) a stock market listed company (NSE / BSE) in Bangalore, India.


Highlights

2015
  • Fairtrade Certification
  • Global Gold Refineries Ltd acquires 100% of EGR Holding
  • Joined the Swiss Better Gold Association (SBGA)
2014
  • Responsible Jewellery Council (RJC) Code of Practices (COP) and Chain of Custody (CoC) Certifications
2013
  • LBMA Responsible Gold Certificate
  • LPPM Good Delivery Referee Certification
2011
  • Introduction of CombiBarTM
2010
  • ISO 14001 Certification
2008
  • TOCOM, Valcambi brand, platinum
  • Registration and Production of Valcambi Green GoldTM
2006
  • Expansion of the Electrolytic Gold Refinery and doubling of the Gold refining capacity
  • Implementation of Miller Refining Process
  • Capacity increases by 400%
2005
  • DMCC, Valcambi brand, gold and silver
2004
  • MCX for gold and silver
  • TOCOM, Valcambi brand, gold
2003
  • 100% owned by European Gold Refineries (EGR) Holding sa
  • New Electrolytic Gold Refinery
  • IGE, Valcambi brand, gold, silver, platinum, palladium

2016 - TODAY

Further success

Valcambi has continued to further commit to ASM, has obtained Fairmined and Fairtrade Certification, and has joined the Swiss Better Gold Association (SBGA) and the European Partnership for Responsible Minerals (EPRM).


In 2017 Valcambi started to search for a solution to protect its products against the growing threat from counterfeiting and adopted the new authentication technology developed in Switzerland by paira suisse ag.


Since beginning of 2019 Valcambi is using this new technology and the added security of this system. A unique and encrypted digital fingerprint for each bar has been created and does therefore not require any physical or chemical changes or additions to the kilo bars produced.


In 2019 Valcambi started to work together with a startup called aXedras and asked them to program two new modules called aXCirculation and aXProvenance to increase the traceability for Valcambi’s new bullion bars.


In 2020 we adopted a new Secured Data Storage (SDS) system that strengthens and automates our precious metals sourcing process and allows increased transparency and sharing of information based on block chain technology and accessible to all appropriate auditing parties.


In 2022 Valcambi started to search for a local partner in Saudi Arabia with the target to build a new LBMA Good Delivery Refinery in Saudi Arabia, Riyadh.


In the same year we have introduced a new Risk Management Application (RMA) in order to create and receive a better pre warning of situations which are relevant and are going to happen.


After years of being at variance with ASCFMP regarding transparent sourcing Valcambi leaves ASFCMP in 2023.


Highlights

2024
  • Valcambi’s third party assessment of REGULATION (EU) 2017/821 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 17 May 2017
  • Joint Venture in Kuwait to build a mint
  • ISO 17034 Certification
2022
  • ISO 14021 Certification
  • Joint Venture with Ajlan & Bros for Precious Metals to build a refinery in Saudi Arabia
  • Implementation of the Risk Management Application (RMA)
  • Launch of the aXCirculation and the aXProvenance modules for the traceability of the bullion bars
2021
  • Shanghai Gold Exchange Membership
  • LPPM Responsible Platinum and Palladium Certificate
2019
2017
  • BS OHSAS 18001 (now ISO 45001)
  • Fairmined Certification
  • Joined the United Nations Global Compact
  • Chaired the Standard Committee on the Development of CRAFT
2016
  • Joined the Global Mercury Partnership
  • Founding member and strategic partner of the European Partnership for Responsible Minerals (EPRM) SBGA

Our logo

Our logo is a frame made of four equal triangles, singularly representing a stylised 400 oz LBMA Good Delivery gold bar, cut diagonally.

The combination of the four triangles builds into a golden square, a shape used throughout history by many different cultures, including in Tibetan mandalas, the famous 18th century Italian garden labyrinths, the chessboard, and Da Vinci’s universally known drawings of the human figure.

Four triangles drawn into a circle create a motivation typical for many universal symbols and signs, such as Yin and Yang, Olin (an Aztec cultural icon), and the mystic cross.

The four elements revolving around an empty centre symbolise openness, helpfulness, and welcome.

Like the pioneer it is, Valcambi has combined these stylised half standard bars set into the antique arch-type symbol (square) to create a unique and incomparable logo, symbolising the perfect harmony between gold and the spirit of time.