Valcambi
Also: Valcambi SA, Valcambi Suisse
Valcambi is one of the world's largest and most renowned gold refineries, headquartered in Balerna in the Swiss canton of Ticino, known for its highest purity standards and the patented CombiBar system.
Valcambi SA is one of the most significant refineries in the world. The company was founded in 1961 in Balerna in the canton of Ticino and processes approximately 1,400 tonnes of precious metals annually into bars, coin blanks, and semi-finished products. Valcambi has been listed on the coveted LBMA Good Delivery List for gold and silver for decades — one of the most stringent international quality certifications in the precious metals trade.
History and Ownership Structure
Valcambi was established as a subsidiary of Crédit Suisse, which shaped the operation over many decades. In 2003, the American mining and chemicals company Newmont Mining acquired a majority stake. Since 2015, Valcambi has been fully owned by Indian conglomerate Rajesh Exports Limited — one of the largest gold processing companies in the world. Despite the change of ownership, the production site in Balerna has remained in place, and the "Valcambi Suisse" brand continues to stand for Swiss quality.
Product Range
Valcambi produces bars in virtually all common weight units for four precious metals:
| Metal | Available sizes (selection) | Typical fineness |
|---|---|---|
| Gold | 1 g, 2.5 g, 5 g, 10 g, 20 g, 1 oz, 50 g, 100 g, 250 g, 500 g, 1 kg | 999.9/1000 |
| Silver | 1 oz, 100 g, 250 g, 500 g, 1 kg, 5 kg | 999.0/1000 |
| Platinum | 1 oz, 50 g, 100 g | 999.5/1000 |
| Palladium | 1 oz, 100 g | 999.5/1000 |
Minted bars are heat-sealed in blister assay cards showing weight, fineness, serial number, and the Valcambi logo. Cast bars are available without a blister card and are primarily aimed at institutional buyers.
The CombiBar – The Divisible Bar Innovation
Valcambi's best-known unique selling point is the CombiBar (also: divisible bar). It consists of individually perforated single-gram segments that can be broken off without any tools:
- Gold CombiBar: 50 × 1 g (50 g total weight), fineness 999.9
- Silver CombiBar: 100 × 1 g (100 g total weight), fineness 999.0
- Each segment bears a fineness hallmark and Valcambi signature
The CombiBar enables flexible partial disposal without value loss through cutting, and is particularly popular with investors who value small-denomination divisibility of their physical gold or silver. The current gold price is decisive for the valuation of individual segments.
Quality Assurance and Certification
Valcambi maintains an in-house laboratory with state-of-the-art testing methods, including X-ray fluorescence analysis and wet chemical cupellation analysis. The following certifications and memberships underline the quality commitment:
- LBMA Good Delivery – for gold and silver (the world's most stringent trading venue approval)
- Responsible Gold Guidance (LBMA) – proof of conflict-free and ethically sound raw material sourcing
- ISO 9001 – quality management system
- Swiss Better Gold Association – commitment to sustainable gold mining
With the assay certificate on every packaged bar, the buyer can verify fineness and serial number at any time — important also for authenticity testing.
Market Position and Significance
Valcambi supplies central banks, commercial banks, mints, and the precious metals trade in over 100 countries. In the small investor bar segment (1–100 g), Valcambi products are among the most widely traded brands in Europe. The melt value of a Valcambi bar corresponds to the market value of the contained pure metal — the premium (agio) over the spot price varies depending on denomination and dealer.
No tax or investment advice: information on the tax treatment of precious metal purchases and sales varies by individual circumstances; please consult a tax adviser.
In Brief
Valcambi is a leading Swiss refinery with LBMA accreditation, known for precise fineness levels and the versatile CombiBar system — Valcambi bars are recognised worldwide as a liquid and reputable investment vehicle.