Valcambi: The Story of the World’s Largest Refinery
The Valcambi and Valcambi Green Gold bars come from a refinery that holds the title of the largest in the world. In this article we look at the history of Valcambi and two innovations with which this Swiss refinery has shaped the entire investment gold market.
Founded in 1961: Valori & Cambi
The refinery was founded in May 1961 in Balerna (canton of Ticino) under the name Valori & Cambi SA – literally “valuables and exchange” – by five private Swiss investors. The name was later shortened to Valcambi, which is now known worldwide.
The largest refinery in the world
Valcambi is not only one of the long-established precious metals refineries but above all one of the largest in the world: on its site of around three hectares in Ticino it processes more than 2,000 tonnes of gold, silver, platinum and palladium a year.
2008: Green Gold and fully traceable origin
In 2008 Valcambi became the first refinery in the world to offer gold with fully traceable origin from mine to customer – under the Valcambi GreenGold™ brand. The product line is reserved exclusively for gold from Fairtrade-certified mines. This is the line GOLDU sells as the 5g Valcambi Green Gold bar. What traceability means in practice and whether it affects the buyback price is explained in the article Valcambi Green Gold.
2011: CombiBar – the revolutionary “chocolate” bar
Another major innovation came in 2011 with the CombiBar™ – a bar designed as a grid of 1-gram pieces that can be broken off individually as needed, like squares of chocolate. An investor can sell or use a smaller part at any time without having to sell the whole bar. It was an important step for the flexibility of investment gold in small weights.
Compared with its Swiss competitors
Valcambi is one of the four big Swiss refineries. A brief comparison:
| Refinery | Founded | Based in | Signature feature |
|---|---|---|---|
| Valcambi | 1961 | Balerna | largest volume, CombiBar, Green Gold |
| Argor-Heraeus | 1951 | Mendrisio | Kinebar® hologram |
| PAMP | 1977 | Castel San Pietro | Veriscan™, Lady Fortuna series |
| Metalor | 1852 | Neuchâtel | the oldest of the four, not sold by GOLDU |
Valcambi at GOLDU
At GOLDU you will find the 1g Valcambi bar and the 5g Valcambi Green Gold bar. An overview of all manufacturers is in the article Investment gold manufacturers.
Frequently asked questions
What does “Green Gold” mean on a Valcambi bar?
It is a product line with gold of fully traceable origin from Fairtrade-certified mines – not a different chemical composition of the metal.
Does GOLDU also sell CombiBar bars?
GOLDU’s current range includes the 1g Valcambi bar and the 5g Valcambi Green Gold bar. Please check the online shop for the current availability of specific product lines.
Is Valcambi an LBMA Good Delivery refinery?
Yes, Valcambi is one of the refineries accredited under LBMA Good Delivery, which guarantees compliance with strict international standards of purity and traceability.
Who owns Valcambi today?
Since 2015 Valcambi has belonged to the Indian group Rajesh Exports, one of the world’s largest gold processors, which acquired the refinery for around USD 400 million.
About the author
Adolf Baumann, analyst at Baumann Group a.s. (GOLDU), has been working with precious metals for over 30 years. He has seen euphoria, crashes and panic on the markets – and he still enjoys it. He explains in plain language what moves the price of gold and silver and how to handle them without unnecessary mistakes. His weakness? He refuses to wear a suit.
