Gold
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Gold occupies a particular place in the relations between Switzerland and Africa. Switzerland is home to several of the world’s leading gold refineries, whose importance Part G recalled. It imports gold from many African countries — Ghana, Mali, Burkina Faso, South Africa, Tanzania and others — either directly or through transit hubs such as Dubai.1 Part of this gold comes from artisanal mines, whose working conditions, use of mercury and links to conflicts or trafficking raise questions.
The traceability of gold is a major issue for the reputation of the Swiss financial centre. The due diligence obligations concerning minerals from conflict-affected areas, introduced into the Code of Obligations, apply to gold.2 Refineries and traders have put in place programmes to verify origin, and sector initiatives seek to improve the conditions of artisanal mining.3 Non-governmental organisations continue to point to shortcomings, in particular for gold transiting through Dubai.4
Geneva is also a centre for the trading and storage of physical gold, significant quantities of which are held in its free ports. The relationship between African gold, Geneva trading and wealth management — gold being an asset sought after by private clients — illustrates the convergence of the pillars of the financial centre.
| Product | Main African countries | Issues for Geneva trading |
|---|---|---|
| Oil | Nigeria, Angola, Congo, Gabon, Equatorial Guinea, Cameroon, Ghana | relations with national companies, pre-financing, corruption, transparency |
| Cocoa | Côte d’Ivoire, Ghana, Nigeria, Cameroon | farmers’ incomes, child labour, deforestation, traceability |
| Coffee | Ethiopia, Uganda, Côte d’Ivoire, Kenya, Tanzania | prices, certification, producer support |
| Cotton | Mali, Burkina Faso, Benin, Côte d’Ivoire, Chad | foreign subsidies, cotton companies, rural incomes |
| Copper and cobalt | Democratic Republic of the Congo, Zambia | corruption, artisanal mining, energy transition |
| Gold | Ghana, Mali, Burkina Faso, South Africa, Tanzania | traceability, artisanal mining, transit through Dubai |
Notes
- Swissaid, “Sur la piste de l’or africain” (On the trail of African gold), report of 30 May 2024, swissaid.ch: Switzerland is among the three largest importers of African gold, with the United Arab Emirates and India, and received 21% of direct imports of African gold in 2022; the Emirates imported 2,596 tonnes of undeclared African gold between 2012 and 2022. ↩
- Art. 964j to 964l CO and the Ordinance of 3 December 2021 on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour (DDTrO), in force since 1 January 2022: obligations applicable above 100 kilograms of raw or semi-processed gold imported or processed per year; text on lexfind.ch (accessed September 2026). ↩
- Swiss Better Gold Initiative, launched and funded by the State Secretariat for Economic Affairs, active in Peru, Colombia and Bolivia, transferred in 2025 to the Swiss Better Gold Association: 16.8 tonnes of responsible gold exported, USD 13.6 million in impact premiums, 128 mines supported; SECO, “Factsheet Swiss Better Gold Initiative”, seco-cooperation.admin.ch (accessed September 2026); on the LBMA due diligence guidance, see below. ↩
- Swissaid, “Sur la piste de l’or africain”, 30 May 2024, cited above: 2,596 tonnes of undeclared African gold imported by the United Arab Emirates between 2012 and 2022, although the country has no mines. ↩
For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.