Valcambi
Also: Valcambi SA, Valcambi Suisse
Valcambi is one of the world's largest and most renowned gold refineries, based in Balerna in the Swiss canton of Ticino, known for the highest purity standards and the patented CombiBar system.
Valcambi SA is one of the most important refineries in the world. The company was founded in 1961 in Balerna in the canton of Ticino and processes around 1,400 tonnes of precious metals annually into bars, coin blanks and semi-finished products. Valcambi has for decades been listed on the coveted LBMA Good Delivery List for gold and silver – one of the strictest international quality certifications in precious metals trading.
History and Ownership Structure
Valcambi emerged as a subsidiary of Credit Suisse, which shaped the operation for many decades. In 2003 the American mining and chemicals company Newmont Mining acquired a majority stake. Since 2015 Valcambi has passed fully into the ownership of India's Rajesh Exports Limited – one of the largest gold-processing companies worldwide. Despite the change of ownership, the Balerna production site was retained, and the "Valcambi Suisse" brand continues unchanged to stand for Swiss quality.
Product Range
Valcambi produces bars in almost 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 sealed into blister cards (assay cards) showing weight, fineness, serial number and the Valcambi logo. Cast bars are available without a blister and are aimed primarily at institutional buyers.
The CombiBar – the Tablet-Bar Innovation
Valcambi's best-known unique feature is the CombiBar (also: tablet bar). It consists of individually perforated single-gram segments that can be broken out without 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 carries a fineness stamp and the Valcambi signature
The CombiBar enables flexible partial disposal without loss of value through cutting and is especially popular with investors who value the fine divisibility of their physical gold or silver. The current gold price is decisive for valuing 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 its quality commitment:
- LBMA Good Delivery – for gold and silver (the strictest trading-venue accreditation worldwide)
- Responsible Gold Guidance (LBMA) – proof of conflict-free and ethically defensible raw-material origin
- 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 – also important for the authenticity check.
Market Position and Significance
Valcambi supplies central banks, commercial banks, mints and the precious metals trade in over 100 countries. In the segment of small investor bars (1–100 g), Valcambi products are among the most traded brands in Europe. The melt value of a Valcambi bar corresponds to the market value of the pure metal it contains – the premium (agio) over the spot price varies according to denomination and dealer.
No tax or investment advice: statements on the tax treatment of precious metal purchases and sales differ individually; please consult a tax adviser. Sources: cfr.gov.mt, legislation.mt, eur-lex.europa.eu.
In Brief
Valcambi is a leading Swiss refinery with LBMA accreditation, known for precise finenesses and the versatile CombiBar system – Valcambi bars are regarded worldwide as a liquid and recognised investment vehicle.