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Switzerland wants gold segregation by customs for more transparency

Christian Fernsby ▼ | September 25, 2020
Switzerland submitted a proposal to the World Customs Organization (WCO) to amend the current classification of gold for international customs duty.
World Customs Organization
Switzerland   World Customs Organization
Currently the WCO’s harmonised system has a single code for unwrought gold (impure gold that needs further processing).

Topics: Switzerland

This means that it is not possible for the system to differentiate if the gold imported into a country was refined or unrefined.

By getting customs around the world to differentiate between mined gold and bank gold Switzerland “wishes to improve the traceability of supply chains and to obtain more accurate statistics”.

A fifth of the world’s gold trade passes through Switzerland.