Editor’s Note
This article highlights Switzerland’s pivotal position in the global gold market. While global mine production exceeds 3,300 tonnes annually, Swiss refineries process approximately one-third of all newly mined gold. When recycled and investment-grade material is included, Switzerland is estimated to handle between one-third and one-half of the world’s total refined gold supply, underscoring its enduring dominance in this critical industry.
Global mine production today stands at just over 3,300 tonnes per year (USGS). Switzerland refines roughly one-third of this newly mined gold, in addition to large volumes of recycled and investment-grade gold.
When including recycled and informal-sector material, a substantial share of the world’s refined gold supply still passes through Switzerland, with estimates ranging between one-third and one-half depending on global market conditions.
It is difficult to fathom the enormous quantity – and value – of gold that arrives in Switzerland every year.
In 2023, Switzerland imported approximately 2,372 tonnes of gold worth CHF91 billion ($114 billion), while exporting 1,564 tonnes valued at CHF88 billion, according to the Federal Customs Administration. These flows confirm Switzerland’s continuing role as the world’s largest importer and exporter of gold by value.
In 2012, Frédéric Panizzutti, spokesman for MKS (Switzerland) SA, estimated that Switzerland refined around 70% of the world’s gold. While global refining has since diversified, Switzerland remains home to several of the industry’s most important facilities.
Most major refineries are Swiss. At the time, Panizzutti noted that:
The Good Delivery List is the quality certification system of the London Bullion Market Association (LBMA), the main international authority for investment-grade gold.
It is therefore likely that the ring on your finger or the ingot stored in a safe elsewhere in the world was refined by Valcambi in Balerna, Pamp in Castel San Pietro, Argor-Heraeus in Mendrisio or Metalor in Neuchâtel.
How did Switzerland come to dominate the sector?
Switzerland is to gold what Bordeaux is to wine, notes journalist Gilles Labarthe, author of a book on African gold.
The gold market in Zurich remains one of the most important in the world. Until a few years ago the main industry lobby group, the World Gold Council, was also based in Geneva.
The reputation of the “Swiss made” label is strong in the gold sector. Refiners routinely produce bars of 99.99% purity, known as “four nines”, a benchmark accepted in vaults worldwide.
Three of the five LBMA-appointed “referees” responsible for global quality control in gold refining are based in Switzerland: Pamp, Argor-Heraeus and Metalor.
Swiss refineries largely act as service providers.
Most of the country’s refineries are located within a small area. Apart from Metalor in Neuchâtel, the three major southern refineries — Valcambi, Pamp and Argor-Heraeus — are concentrated in the Mendrisiotto region of Ticino, just across the Italian border.
The origins of this cluster are historical.
Today, the main driver is global investor demand. High-purity gold bars refined in Switzerland are stored, traded and used as financial instruments in markets such as Zurich, London, New York and across Asia.
Gold prices have reached repeated record highs, surpassing $3,500 per ounce in 2025 amid geopolitical uncertainty and inflation concerns. Gold continues to serve as a form of financial insurance: while money can be created, gold cannot.
Refined gold was a major part of the negotiations that saw United States tariffs on Switzerland lowered to 15%.
The United States has become a major destination for Swiss gold in recent years. Much of this demand comes from US-based exchange-traded funds (ETFs), private investors and financial institutions seeking safe-haven assets in times of market volatility. Switzerland’s reputation for quality and the trusted LBMA accreditation of its major refineries make Swiss bars especially attractive for American vaults and investment products.
