Metalor Refinery: the Swiss Refiner Owned by TANAKA
Metalor refinery is a precious metals refiner headquartered in Marin in the Swiss canton of Neuchâtel. Its roots go back to 1852, and since 2016 it has belonged to the Japanese precious metals group TANAKA. Besides investment bars, Metalor mainly makes products for electronics, watches and jewellery.
A short history
It all began in 1852 in Le Locle in the Neuchâtel Jura: the firm Martin de Pury & Cie ran a rolling mill there that melted and rolled gold for the region’s watch case makers. In 1864 Banque du Locle took over the works, and in 1918 the Swiss Bank Corporation. In 1936 the bank founded the subsidiary Métaux Précieux, from which Metalor emerged.
In 1998 Metalor became independent of the bank. In 2009 the French private equity firm Astorg took a majority stake. In 2016 Astorg sold all its shares to Tanaka Kikinzoku Kogyo of Japan; since then Metalor has been a wholly owned subsidiary of the group, which today operates as TANAKA Precious Metals.
Sites and ownership
Metalor is headquartered in Marin and employs around 1,500 people. Five Metalor plants are on the LBMA gold list: Marin (listed before 1934), North Attleboro in the USA (since 1987), Hong Kong (since 2007), Singapore (since 2014) and Suzhou in China (since 2019).
In March 2026 Metalor completed the acquisition of the US precious metals recycler Gannon & Scott, which has since also been part of the TANAKA group. Metalor has not been renamed.
For mines and recyclers, Metalor offers the refining of raw gold and scrap material; for banks and dealers, the company supplies Good Delivery bars and investment products. In addition there are reference materials to ISO 17034, which laboratories use to calibrate their analytical instruments. The acquisition of Gannon & Scott, which Metalor had announced in October 2025, expands its recycling business in the USA.
Products and bar sizes
Metalor is organised into three business units and processes seven metals. For investors the bars are of interest; for industry, powders, coatings and semi-finished products.
- Minted gold bars: 1 g, 2 g, 5 g, 10 g, 20 g, 1 ounce, 50 g and 100 g, fineness 999.9, sealed in a card with a certificate of authenticity
- From 20 g upwards, the minted bars carry a DataMatrix code and a serial number
- Cast gold bars: 100 g, 250 g, 500 g and 1 kg at 999.9
- Good Delivery bars of around 12.5 kg (400 ounces) for the wholesale market, fineness 995 to 999.9 depending on the market
Role in the market
Metalor acts as a referee for the LBMA and the London Platinum and Palladium Market. Such referee refineries test samples from other refineries on behalf of the associations and so help ensure quality in the wholesale market.
As a Good Delivery refinery, Metalor must comply with the LBMA responsible sourcing requirements and undergo an independent audit every year.
For the headquarters in Marin, the LBMA gives the date of first listing only as ‘before 1934’; there are no more precise details for these early entries. This makes Marin one of the oldest entries on the list, as is Aurubis in Hamburg.
What sets Metalor apart from other Swiss refineries?
Unlike Argor-Heraeus, Valcambi and MKS PAMP, Metalor is not based in Ticino but in the canton of Neuchâtel. The company’s history began with gold for watch cases. To this day, Metalor supplies the watch and jewellery industry with semi-finished products and alloys.
Another special feature is its international footprint: with five plants on the LBMA gold list in Europe, Asia and North America, Metalor has more listed sites than any other refinery in this section. Since 2016 Metalor has had a Japanese owner in TANAKA.
How do you recognise Metalor bars?
Minted Metalor bars come in a credit-card-sized blister card that contains the certificate of authenticity. From 20 g upwards they carry a DataMatrix code and a serial number that allow the bar to be identified unambiguously. Cast bars are stamped with the manufacturer’s mark, fineness, weight and serial number.
