The case

Thoughts on the recent tariff discussions with Trump and a potential relocation of Swiss gold activities to the USA.

Switzerland is a major hub for gold refining and trading, placing it in a pivotal position to promote transparency and ethical standards in the industry. Yet it is important to point out that the current regulatory framework remains incomplete, e.g. the law only requires knowledge of the last stop before importation but not the original source of the gold.

Source: NZZ, 24.09.2025, pp. 22–23

The commentary

Voluntary measures alone are insufficient to ensure responsible sourcing. There is broad support for legal regulations on due diligence – not only among NGOs, but increasingly within the industry itself. Under the new customs law, refineries must follow OECD guidelines and monitor the entire gold supply chain, including mining conditions. Previously, they were only obliged to oversee their direct suppliers. In addition, the Central Office for Precious Metals Control will have strengthened powers to impose sanctions.

A remaining challenge is that many mines, particularly small-scale and artisanal operations, struggle to meet these standards due to limited resources, inadequate infrastructure, or administrative burdens. As a result, certified “clean” gold still represents only a small share of the market.

To make “clean gold” a realistic goal, the following measures are essential: a) Clear legal regulations with due diligence obligations across the entire supply chain, not just retroactively. b) Mandatory independent audits and verifiable controls. c) Support for small-scale mines to help them comply with technical, financial, and administrative requirements. d) Transparent consumer information that allows the traceability of gold production conditions.

Only through such measures can Switzerland uphold its claim to global leadership in the gold trade – both economically and ethically – and maintain public trust.