Gold Refineries in Switzerland: Top Swiss Refiners, LBMA Brands & Prices
Gold Refineries in Switzerland: Discover the best gold refineries in Switzerland in 2025 – Valcambi, PAMP, Metalor & Argor-Heraeus. LBMA-certified Swiss gold bars, current prices, VAT-free investment gold for European and Swiss buyers, secure storage in Zurich & EU vaults.
Switzerland remains the undisputed global capital of gold refining. In 2024–2025, Swiss refineries processed approximately 65–70% of the world’s newly mined and recycled gold, turning raw doré into the most trusted investment-grade 999.9 fine gold bars and coins on the planet. For European investors – whether in Germany, France, Austria, Italy or locally in Zurich, Geneva, Lugano or Basel – Swiss gold represents purity, liquidity, and confidence.
This comprehensive 2025 guide covers everything Swiss and European gold buyers need: the four major LBMA-accredited refineries in Switzerland, current Swiss gold bar prices, how and where to buy VAT-free gold in Switzerland or the EU, storage options in Zurich and across Europe, plus ethical and responsible sourcing standards that matter to modern European investors.
Why Switzerland Dominates Global Gold Refining in 2025
Switzerland’s centuries-old expertise, strict anti-money-laundering laws, neutral banking system, and proximity to European markets make it the preferred refining hub for central banks, institutional investors, and private European buyers alike.
Key advantages for Swiss and EU investors:
- All four major refineries are on the LBMA Good Delivery List
- 999.9 purity (four-nines) as standard – the highest in the world
- Investment gold is VAT-free in Switzerland and (for bars >99.5% purity) across the entire EU
- Unmatched liquidity – Swiss-branded bars are accepted everywhere from Frankfurt to Singapore
- Full traceability and OECD-compliant responsible sourcing
The 4 Major Gold Refineries in Switzerland (2025 Overview)
1. Valcambi SA – Balerna, Canton Ticino
Location: Balerna (Italian-speaking Switzerland, 10 minutes from Chiasso & Italian border)
Year founded: 1961
Ownership: Global Gold Refining Group (European-based) + Indian partner Rajesh Exports
Famous products:
- Classic cast and minted 1 kg, 400 oz, 100 g, 50 g, 10 oz bars
- Innovative CombiBar™ (50 × 1 g or 100 × 1 g breakable sheets)
- Kinebar® holographic bars
Valcambi is the largest Swiss refinery by volume and the most popular among private European investors in Germany, Austria, and northern Italy. In 2025, Valcambi remains the go-to refinery for online European bullion dealers.
2. PAMP Suisse (Produits Artistiques Métaux Précieux) – Castel San Pietro, Ticino
Location: Castel San Pietro (15 minutes from Lugano)
Year founded: 1977
Ownership: MKS PAMP Group
Signature product: Lady Fortuna™ series – the world’s most recognisable artistic gold bar
PAMP bars with the iconic Roman goddess Fortuna and cornucopia are instantly recognised from Paris to Munich. In 2025, PAMP introduced the new Veriscan™ blockchain-verified authenticity system embedded directly into every bar – a major selling point for Swiss and EU high-net-worth clients.
3. Metalor Technologies Switzerland – Neuchâtel
Location: Neuchâtel (French-speaking Switzerland)
Ownership: Tanaka Kikinzoku Group (Japan) since 2016
Speciality: Large institutional bars (400 oz & 1 kg kilobars)
Metalor supplies many European central banks and is the preferred refinery for London Good Delivery 400 oz bars that end up in ETF vaults. Private investors in France and Belgium frequently buy Metalor 1 kg cast bars because of the extremely low premium over spot.
4. Argor-Heraeus SA – Mendrisio, Canton Ticino
Location: Mendrisio (near Italian border)
Year founded: 1951
Ownership: Heraeus (Germany), Commerzbank (Germany), Austrian Mint, and management
Famous for: Kinebar® technology and wide retail range
Argor-Heraeus enjoys huge popularity in southern Germany, Austria, and northern Italy because of its German-speaking management and strong distribution network via Degussa and Pro Aurum.
Types of Gold Products from Swiss Refineries (2025)
|
Product |
Purity |
Popular Weights |
Best For |
|
Cast kilobars |
999.9 |
1 kg, 400 oz |
Banks, ETFs, institutional |
|
Minted investment bars |
999.9 |
1 g – 1 kg |
Private investors across Europe |
|
CombiBars (Valcambi) |
999.9 |
10 g, 20 g, 50 g, 100 g sheets |
Divisibility & gifting |
|
Lady Fortuna (PAMP) |
999.9 |
1 g – 1 kg + Rosa series |
Collectors & premium gifts |
|
Gold grains / shot |
999.9 |
250 g – 5 kg bags |
Jewellers & industrial use |
|
Swiss-minted coins |
999.9 |
Vreneli re-issues (limited) |
Swiss residents & collectors |
Current Swiss Gold Prices – November 2025 (Live Indicative)
|
Weight |
Spot Price* (CHF) |
Typical Dealer Price incl. Premium (CHF) |
Premium over spot |
|
1 kg gold bar |
≈ 98,200 |
99,200 – 100,300 |
1.0 – 2.1% |
|
100 g gold bar |
≈ 9,820 |
10,050 – 10,250 |
2.3 – 4.3% |
|
1 oz gold bar |
≈ 3,070 |
3,150 – 3,220 |
2.6 – 4.9% |
|
PAMP Fortuna 1 oz |
≈ 3,070 |
3,240 – 3,320 |
5.5 – 8.1% |
*Spot price as of 20 November 2025 ~ CHF 98.20/g (approx. €95/g, £80/g)
Swiss gold prices are quoted in CHF and remain extremely competitive for European buyers because Switzerland is outside EU VAT jurisdiction on investment gold.
How European & Swiss Residents Can Buy Gold from Swiss Refineries in 2025
Direct purchase from the refinery itself is almost impossible for private individuals – Swiss refineries sell only to authorised professional counterparties. Here’s the realistic buying process:
Step-by-step guide (tested by European investors):
- Choose your preferred brand (PAMP and Valcambi dominate retail)
- Buy from an authorised European or Swiss dealer (list below)
- Verify LBMA accreditation and serial numbers
- Pay by bank wire (credit card usually not accepted for large amounts)
- Choose insured delivery or allocated vault storage
Best places to buy Swiss gold in Switzerland & Europe (2025):
Switzerland (VAT-free for everyone)
- Philoro Schweiz – branches in Zurich, Geneva, St. Gallen, Lugano
- Degussa Goldhandel – Zurich & Geneva
- Gold Avenue (Geneva-based, official PAMP & Valcambi reseller)
- Swiss Gold Safe – Zurich & St. Margrethen
- UBS & Credit Suisse precious metals desks (minimum usually CHF 100,000+)
Germany
- Degussa, Pro Aurum, Reis Gold, Gold&Co
- Online: Geiger Edelmetalle, Gold.de
Austria
- Philoro, Münze Österreich (Argor-Heraeus partner), Gold Service Wien
France
- BDOR (Paris), Godot & Fils, Joubert Change
Italy
- Orovilla (Milan), Banca d’Italia authorised counters
Netherlands & Belgium
- The Silver Mountain, Holland Gold, Doijer & Kalff
Secure Storage Options for Swiss Gold (2025)
|
Location |
Provider |
Annual Cost (approx.) |
Notes |
|
Zurich Airport |
Swiss Gold Safe, Via Mat |
0.39 – 0.59% |
Customs-free zone, direct delivery |
|
Zurich city |
Loomis, Brinks, Malca-Amit |
0.45 – 0.70% |
Fully allocated & segregated |
|
Lugano & Chiasso (Ticino) |
Swiss Vaults, ProSegur |
0.50 – 0.80% |
Popular with Italian & German clients |
|
Outside Switzerland |
Loomis London, Brinks Singapore |
0.40 – 0.60% |
Diversification away from Swiss franc |
Swiss residents can also use bank safe deposit boxes (from CHF 150–800/year), but allocated vaulting with audit trail is strongly recommended for investment bars.
LBMA Certification – Why It Matters for European Buyers
Every major Swiss refinery (Valcambi, PAMP, Metalor, Argor-Heraeus) has been on the LBMA Good Delivery List for decades. This means:
- Minimum 995.0 purity (Swiss refineries deliver 999.9)
- Exact weight tolerance
- Independent yearly audits
- Global acceptance – you can walk into any European bank or dealer and sell instantly
Responsible & Ethical Sourcing – Crucial for EU & Swiss Investors
All four refineries are certified under:
- LBMA Responsible Gold Guidance
- RJC Chain of Custody
- Swiss Better Gold Association
- OECD Due Diligence compliance
In 2025, PAMP and Valcambi offer “Green Gold” lines sourced exclusively from certified artisanal and recycled origins – increasingly demanded by German, Dutch and Scandinavian buyers.
Can You Visit Swiss Gold Refineries?
- Valcambi: No public tours
- PAMP: Very limited invitation-only tours (usually for institutional clients)
- Argor-Heraeus: Occasional guided tours for professional partners
- Metalor: Strictly no visitor access
The closest most investors get is the PAMP showroom in Castel San Pietro or the MoneyMuseum in Zurich.
Comparison Table: Top 4 Swiss Gold Refineries (2025)
|
Refinery |
Location |
Best Known Product |
Retail Popularity (Europe) |
Institutional Preference |
Annual Capacity |
|
Valcambi |
Balerna, Ticino |
CombiBar |
★★★★★ |
★★★★ |
~2,000 tonnes |
|
PAMP |
Castel San Pietro |
Lady Fortuna |
★★★★★ |
★★★ |
~450 tonnes |
|
Argor-Heraeus |
Mendrisio, Ticino |
Kinebar |
★★★★ |
★★★★ |
~400 tonnes |
|
Metalor |
Neuchâtel |
400 oz London bars |
★★★ |
★★★★★ |
~650 tonnes |
FAQ – Gold Refineries in Switzerland (2025)
Q: Which are the top gold refineries in Switzerland?
A: The four major LBMA-accredited refineries are Valcambi (Balerna), PAMP (Castel San Pietro), Argor-Heraeus (Mendrisio), and Metalor (Neuchâtel).
Q: Can I buy gold directly from Swiss refineries?
A: No. Private individuals must purchase through authorised dealers or banks.
Q: How much is a 1 kg Swiss gold bar today (November 2025)?
A: Approximately CHF 99,200 – 100,300 including dealer premium (spot ~CHF 98,200).
Q: Is Swiss gold VAT-free for European buyers?
A: Yes – investment gold bars and coins (≥99.5% purity) are VAT-exempt throughout the EU and Switzerland.
Q: Where is the best place to store Swiss gold in 2025?
A: Allocated vaulting in Zurich (Swiss Gold Safe, Via Mat) or outside Switzerland (London, Frankfurt, Singapore) for diversification.
Q: Why do Europeans prefer Swiss gold bars?
A: Highest purity (999.9), globally recognised brands, LBMA certification, low counterfeiting risk, and excellent liquidity across the entire EU.
Switzerland’s gold refining industry continues to set the global standard in 2025. Whether you are a private investor in Zurich, Geneva, Munich, Vienna, or Paris, buying LBMA-certified Swiss gold remains one of the safest and most liquid ways to preserve wealth in uncertain times.