Wed, Mar 6th 2024
In a significant decision, the Swiss National Council chose not to enforce stricter transparency in gold trading, sparking debates over ethical sourcing.
The Swiss National Council took a definitive stance on gold trading regulations. On Wednesday, discussions on the Customs Act concluded without stricter transparency mandates. The left-wing and GLP factions’ motion faced defeat, with a 120 to 70 vote count, leaving no room for abstentions.
A minority within the Economic Affairs and Taxation Committee (WAK-N) advocated for a change. They proposed that refined gold imports should also disclose their mining origins. This move aimed at enhancing transparency but fell short of approval.
Balthasar Glättli of the Greens/ZH raised a poignant issue. He noted that gold imported from the United Arab Emirates is tagged with its country of origin, disregarding its actual mining conditions, such as those in Mali. Glättli pointed out the gold industry’s own inclination towards greater transparency.
Contrarily, parties like the FDP, Center Party, and SVP expressed concerns over potential administrative hurdles. Beat Walti of FDP/ZH labeled the issue as complex, emphasizing the practical challenges in tracing gold origins.
The Federal Council’s need to stay aligned with international trends was also highlighted. Markus Ritter, representing the preliminary consultation committee, elaborated on the complexity, noting that a single melt product might contain gold from multiple countries.
Efforts to amplify the gold industry’s oversight and legislate specific standards and public information were similarly dismissed.
The decision underscores a delicate balance between ethical sourcing and regulatory feasibility in Swiss gold trading. The discourse around gold’s origin and ethical implications continues to evolve, reflecting broader global conversations on responsible trading practices.
©Keystone/SDA
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