Swiss Gold Ring

Voice-over: In his workshop, Laurent Gaud transforms raw metals into sparkling jewels. This Genevan craftsman holds a few grams of gold in his hands.

Voice-over: The kilo is 50,000 Swiss francs.

Voice-over: To make a ring. First, you have to design a mold. Then pour the precious metal through these furnaces. 

·         00'30 ITW Laurent Gaut, artisan foundryman, director of G Casting

Voice-over: In the world of gold, secrets aren't just about the melting temperature.

Voice-over: In Switzerland, the law does not require suppliers to indicate the actual origin of the metal. No information on mines. There is no guarantee that dirty gold, conflict gold, will end up in the vaults. Industrial refineries can keep their secret. 

Voice-over: Thanks to confidential documents obtained by RTS, we are going to remove some of this mystery. These documents reveal the dubious origin of the gold sold by Switzerland's largest refinery.

Title: 1'31 to 1'37

Dubai

Voice-over: Before you discover the contents of these documents. You have to make a detour to Dubai, the city of gold.

Voice-over: there are no mines here, but one of the most obscure intermediaries in the precious metals market: Kaloti.

SOUND

·         02'00 Source: Kaloti promotional video, 2012, Dubai

Voice-over: This company is unknown to the general public, but on the gold market, it embodies the worst excesses of the industry.

Voice-over: Several non-governmental organizations regularly denounce his actions. Marc Ummel of Swissaid has been investigating this company for years. 

·         02'32 ITW Marc Ummel, Head of Commodities, Swissaid

Voice-over: The Kaloti factory is called MTM, in homage to the initials of the founders of the Emirati group.

Voice-over: Some of the raw gold in Kaloti and its MTM factory comes from the poorest countries in Africa. Artisanal mines in terrible conditions. Child labour and the use of toxic products are common.

Voice-over: Some of its mines are in Sudan. Kaloti has a contract with the country's central bank. 

·         03’20 Source : Images d’illustration

·         ITW

Voice-over: In Sudan, armed militias are fighting for control of mines. Blood gold that plunged the country into civil war.

Voice-over: Faced with this observation. Banks and watch brands no longer dare to work with the MTM factory in Kaloti, and yet...

Valcambi and document

Voice-over: Ticino is home to the largest gold refinery in the world. Valcambi is a flagship of Swiss industry, capable of refining nearly 2000 tons of precious metals per year.

Voiceover: On December 3, 2020, federal officials inspect the refinery. Inside, they discover gold bars of suspicious provenance.

Voice-over: In a confidential document, a letter from customs sent to Valcambi, the officials note:

·         04'51 STILL: Gold bars have been delivered directly from the MTM refinery based in Dubai. In the media, this refinery is linked to money laundering and terrorist financing.

·         05'06 STILL: Valcambi has decided to continue its business relationship with MTM, despite the very significant risks to the origin of the gold.

Voiceover: The document is clear. Dirty gold, conflict gold is likely to end up in the factory. Faced with these revelations, Valcambi refuses to open the doors to us.

SOUND

Voice-over: No interview possible, they promise us an answer in writing.

Voice-over: In the meantime, we have an appointment with Olivier Müller. A former gold refinery executive, he knows the industry from the inside. 

Voice-over: That day, he was taking part in a watch fair in Geneva. A luxury sector that uses a lot of gold.

Voice-over: We submit the customs documents to him.

·         06'10 ITW Olivier R. Müller, founder of LuxeConsult, expert in the watchmaking field, Geneva

Voice-over: Why did you take that risk? Why did you buy gold bars in Dubai and melt them down again in Switzerland?

·         ITW

Voice-over: Certification makes it possible to sell at a higher price, and to access demanding buyers such as the major watch brands.

Swiss Federal Audit Office.

Voice-over: Despite this situation, the authorities made simple recommendations to Valcambi.  

Voice-over: In Bern, the Swiss Federal Audit Office has examined the means of sanctioning civil servants. And the findings are rather edifying.

·         08'08 ITW Grégoire Demaurex, Audit Expert, Swiss Federal Audit Office

Voice-over: In Switzerland, it is up to the refineries to self-regulate and guarantee ethical provenance.

·         ITW

Voice-over: Without a means of control by the authorities, Switzerland is exposed to money laundering.

Association Response

Voice-over: Almost all the responsibility lies with the manufacturers.

Voice-over: There are several large refineries in Ticino. However, it is by videoconference that the president of the umbrella association informs us of the recommendations of the industry.

·         09'56 ITW Christoph Wild, President of the Swiss Association of Precious Metals Manufacturers and Dealers

Voice-over: The members of the association have signed a code of conduct. They are committed to ethical and transparent standards. 

·         ITW

Voice-over: A reputational risk that doesn't seem to be of concern to all members of the association.

·         10'44 Source: Kaloti Event, Dubai, 2013

Voice-over: In the past, the director of Valcambi appeared alongside the founders of Kaloti. In these photos in Dubai, he is one of the prestigious guests of the Emirati group.

Voice-over: In the press, the CEO of Valcambi explained that he was doing everything possible to guarantee ethical gold. 

·         11'09 STILL: We are carrying out all the necessary checks to prevent dubious gold from entering Valcambi's value chain."

·         Source: Valcambi: article in the newspaper Le Temps, 2020

Valcambi Showdown

Voice-over: Valcambi also claimed to have stopped all business ties with Kaloti in 2019. This was contradicted by the customs inspectorate a year later.

Voice-over: There are many questions and the refinery's response is rather surprising.

·         11'33 STILL: Valcambi does not wish to speak due to ongoing legal proceedings.

Voice-over: It's the world turned upside down. This procedure is not aimed at the Ticino-based company, but at Swissaid, which is fighting against the purchase of gold in Dubai.

Voice-over: Valcambi has filed a complaint against the NGO. The latter maintains its criticisms. 

·         12'00 ITW Marc Ummel, Head of Commodities, Swissaid

Voice-over: It's impossible to know how many tons of gold come from the Kaloti group. One thing is for sure, gold from Dubai still arrives at refineries in Switzerland. 

End text 12'25

Signatures: François Ruchti, Sébastien Faure, Stéphane Saporito, Nicolas Ducret, Catherine Kala, Fanny Lelong, Benoît Mayer