Valcambi: the Gold Refinery in Balerna That Invented the CombiBar
Valcambi refinery in Balerna in the Swiss canton of Ticino is one of the world’s large precious metals refineries. Since 2015 it has been indirectly owned by the Indian jewellery and gold group Rajesh Exports. Investors know Valcambi mainly for the CombiBar, a gold bar that can be divided into 1 g pieces.
History and ownership
In 1961 five Swiss investors built a precious metals refinery in Balerna under the name Valori & Cambi, which later became Valcambi. From 1967 Credit Suisse gradually took over the company and held all shares from 1980; later Valcambi belonged to Credit Suisse First Boston.
In 2003 Valcambi went to European Gold Refineries, a holding company of the US gold miner Newmont and Swiss investors. In 2015 Global Gold Refineries Ltd acquired 100% of this holding. Global Gold Refineries is today 95% owned by REL Singapore PTE Ltd and 5% by Rajesh Exports Limited, which is listed in India. As of November 2026 Valcambi had not been sold or renamed.
Site and capacity
The plant lies on a 3.3-hectare site in Balerna, around 15 minutes’ drive from Lugano and 30 minutes from Milan. Valcambi states its refining capacity for gold, silver and platinum group metals combined at around 2,000 tonnes a year and employs about 170 people.
Besides refining, Valcambi offers transport, receipt, assaying, processing, financing and storage of precious metals.
Products and the CombiBar
Valcambi makes cast and minted bars, round bars, grain, coins and medals as well as semi-finished products. Its best-known development is the CombiBar, which Valcambi introduced in 2011. It looks like a bar of chocolate: one bar consists of many 1 g segments that can be broken off individually. This means you can buy a larger bar and split off small amounts when needed, for example to trade or give as a gift.
There are also product lines made with sustainably sourced gold. For these, Valcambi is certified under Fairtrade (since 2015) and Fairmined (since 2017), among others.
Certifications
Valcambi lists a long range of accreditations. The most important for investors:
- LBMA Good Delivery for gold and silver since 1968
- LBMA Responsible Gold Certificate since 2013, Responsible Silver Certificate since 2019
- LPPM Good Delivery for platinum and palladium since 1997
- RJC Code of Practices and Chain of Custody since 2014
- Approvals on exchanges such as COMEX (since 1974), the Shanghai Gold Exchange (since 2021) and Hong Kong Precious Metals Central Clearing (2026)
- ISO 9001, ISO 14001, ISO 45001 and ISO/IEC 17025 for the laboratory
Valcambi and the 2026 LBMA review
In June 2026 the LBMA opened a so-called Incident Review Process for Valcambi. It followed media reports about an interim order by the Indian securities regulator SEBI against the parent group Rajesh Exports concerning its accounting. Rajesh Exports rejects the allegations; the proceedings in India were not concluded as of November 2026.
Such a review is not a sanction. Valcambi remains a Good Delivery refinery during the review and is still on the current LBMA list in November 2026. Valcambi bars therefore continue to be accepted on the London market.
