Argor-Heraeus: the Swiss Refinery Behind Heraeus and the Kinebar
Argor-Heraeus is a gold refinery in Mendrisio in the Swiss canton of Ticino and is wholly owned by the Heraeus Group. Since 1 July 2026 it has been an independent operating company within the group, bringing together the entire luxury and investment business in precious metals. It is best known for the Kinebar, a gold bar with a hologram.
A short history
Emilio Weiss and Elvio Zoppi founded ARGOR SA in 1951, the first precious metals foundry in Ticino. In 1961 the company became a member of the London gold market; according to the LBMA, its listing on the Good Delivery List also begins in the same year. In the 1960s Argor achieved a fineness of 999.9 and became the first Swiss refinery to strike coins and medals.
In the 1970s UBS took full ownership of the company. In 1986 the Heraeus Group came on board, and the company was renamed ARGOR-HERAEUS SA. In 1988 it moved into its current headquarters in Mendrisio, and in 1993 the Kinebar came onto the market. Subsidiaries followed in Germany (2004) and Italy (2006), and in 2022 the acquisition of Erbas SA. In 2017 Argor-Heraeus became wholly part of the Heraeus Group and was integrated into Heraeus Precious Metals.
Who owns Argor-Heraeus today?
Argor-Heraeus is wholly owned by the Heraeus Group from Hanau, which in turn is owned by the Heraeus family. The company name is unchanged; there has been no renaming. What changed in 2026 is its position within the group: until June 2026 Argor-Heraeus was a business unit within the company Heraeus Precious Metals.
On 1 July 2026 Heraeus Precious Metals was split into two operating companies. The industrial business remains with Heraeus Precious Metals in Hanau; the luxury and investment business sits with Argor-Heraeus in Mendrisio. Robin Kolvenbach, previously co-CEO, has led Argor-Heraeus as CEO since then. Both companies remain in the precious metals business area of the Heraeus Group.
What does Argor-Heraeus produce?
The company refines, processes and sells precious metals worldwide. For investors, the relevant products are the bars made under the Argor-Heraeus name and for Heraeus. According to the Austrian Mint, Argor-Heraeus also makes the Austrian Mint’s gold bars. Other business areas are precious metal coatings and master alloys.
All gold bars have a fineness of 999.9 and, according to the manufacturer, are certified by a sworn assayer.
- Cast (Classic): 50 g, 100 g, 250 g, 500 g, 1,000 g and the 400-ounce bar for the wholesale market
- Minted (Classic): 1 g, 2 g, 5 g, 10 g, 20 g, 1 ounce, 50 g and 100 g
- Kinebar: 1 g, 2 g, 5 g, 10 g, 20 g, 1 ounce, 50 g and 100 g
- Origin Traced: bars with traceable origin of the gold (1,000 g cast, 1 ounce minted)
- Goldseed: set of 10 × 1 g
What is a Kinebar?
The Kinebar is a minted gold bar with an embedded Kinegram – a hologram whose image changes with the viewing angle. It is hard to copy and is meant to make counterfeiting more difficult. Argor-Heraeus introduced the Kinebar in 1993. The bars are packed in a sealed card that shows the serial number and fineness.
According to the manufacturer, a 10 g Kinebar measures 31.5 × 18.5 × 1.0 mm and a 100 g Kinebar 49.7 × 28.5 × 3.9 mm. Such dimensions help when checking authenticity, because fake bars with a tungsten core usually have different dimensions at the same weight.
Certifications
Argor-Heraeus has been on the LBMA Good Delivery List for gold since 1961. This means the refinery is subject to the LBMA rules on minimum production, equity, regular quality checks and responsible sourcing with an annual audit. In 2003 the LBMA also appointed Argor-Heraeus as one of the referee refineries that test samples for the quality control of other refineries.
Argor-Heraeus has been a member of the Responsible Jewellery Council (RJC), an industry body for responsible supply chains in the jewellery and watch industry, since 2005.
Argor-Heraeus and the Ticino refineries
In November 2026 five Swiss refineries are on the LBMA gold list. Three of them are only a few kilometres apart in southern Ticino: Argor-Heraeus in Mendrisio, Valcambi in Balerna and MKS PAMP in Castel San Pietro. The other two are Metalor in Marin and PX Précinox in La Chaux-de-Fonds, both in western Switzerland.
Argor was founded in 1951 as the first precious metals foundry in Ticino, Valcambi followed in 1961 and PAMP in 1977. All three today process gold into bars in sizes from one gram to the Good Delivery bar.
What does ‘Origin Traced’ mean?
With the Origin Traced line, Argor-Heraeus offers bars where the origin of the gold can be traced back to its source. This is aimed at buyers for whom the supply chain matters. A 1,000 g cast bar and a 1 ounce minted bar are available, both with a fineness of 999.9.
