Swiss gold refiner Valcambi plans to open a new plant in Hong Kong. This was reported by SWI swissinfo.ch in an article published on 9 October 2026 and taken from the Bloomberg news agency. The project is at the letter-of-intent stage. It will be the company's first refinery outside Switzerland.

A letter of intent with Shiu Wing Steel

According to the article, Valcambi, described as one of the world's largest gold refiners, has signed a letter of intent with Shiu Wing Steel, Hong Kong's only steel producer. The two partners want to set up a new precious metals refining company, which will also offer secure storage services ("vaulting").

The refinery will be located at Shiu Wing Steel's plant in north-western Hong Kong. The source does not specify the timetable, the amount of the investment, the planned production capacity, or how the capital of the future company will be split between the two partners.

In a statement published on Thursday, Valcambi CEO Simone Knobloch said that Asia is a key market for the precious metals industry and that it will play an increasingly important role in the company's future.

Hong Kong versus Singapore

According to swissinfo.ch, Valcambi is making this choice as Hong Kong and Singapore compete to become Asia's leading gold trading hub. On Tuesday, Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, presented the city's plans to develop its gold sector. He did so on the sidelines of the London Bullion Market Association (LBMA) conference in Sorrento, Italy.

In an interview, he explained that the priority was to put the right infrastructure in place, with a robust and credible system, in order to keep attracting investors. According to the article, he also visited Valcambi's Swiss site this week, as well as those of other major refiners, MKS PAMP and Argor-Heraeus.

What Hong Kong has already put in place

The source lists several measures. In July, Hong Kong launched, on a trial basis, a gold clearing system and a new price benchmark. China's largest banks are taking part, as are major international banks active in the gold market, such as JPMorgan Chase and HSBC Holdings. The city also plans to launch yuan-denominated gold futures contracts. It is also studying other measures favourable to gold traders.

Christopher Hui speaks of an approach that covers the entire value chain. He cites storage and over-the-counter (OTC) contracts, as in London, gold futures, as in the United States, and refineries, as in Switzerland. In his view, developing Hong Kong's gold market is a top priority until the end of his official term at the end of June. Last month, gold was also included in the city's first five-year plan. The metal is presented there as an entry point for expanding the use of the yuan in global markets.

What this says about Switzerland as a hub

These are the published facts: a Swiss refinery is setting up outside the country for the first time, and Hong Kong says it wants refineries like those in Switzerland. The rest is a matter of interpretation. It can be seen as new competition for Switzerland as a refining hub, but also as a way for a Swiss player to establish itself where demand is growing. The source gives no figures on the volumes refined in Switzerland or in Asia, and it does not say what effect the project will have on Valcambi's activities in Switzerland. It is therefore not possible, at this stage, to measure the impact of this project.

For context, swissinfo.ch refers to an investigation it published on 15 September 2023. According to that investigation, Valcambi continued after 2019 to import gold from Kaloti, a Dubai-based company linked to conflict gold. The article of 9 October 2026 does not say whether this issue plays a role in the Hong Kong project.

Sources