Swiss Better Gold: Switzerland Takes on Artisanal Gold Challenges

In a reverse perspective, investing in and supporting artisanal mines carries substantial potential for positive impact. Various initiatives, such as Fair Trade, Fairmined, Solidaridad, and Planet Gold, are committed to fostering responsible practices on-site. Considering that around 70% of global refining capacity resides in Switzerland and driven by a desire to bolster small-scale mining, the State Secretariat for Economic Affairs (SECO) has partnered with the Swiss Better Gold Association since 2013. This association currently comprises 25 members, including around fifteen buyers—refiners, banks, and Swiss luxury watch and jewelry brands (like Audemars Piguet, Breitling, Cartier, Chopard, Metalor, Valcambi, UBS, and Raiffeisen). Presently operational in Latin America—Peru, Colombia, and Bolivia—the Swiss Better Gold initiative aims to enhance social and environmental practices in small-scale artisanal mines and dependent communities through direct field support.

The "Swiss Better Gold" label is bestowed upon mines accredited for adhering to criteria aligned with OECD due diligence guidelines and the LBMA Responsible Sourcing Programme. These mines directly sell their Swiss Better Gold to Association members in Switzerland. In 2022, Switzerland imported 3.9 tons of Swiss Better Gold (for comparison, the Fairmined initiative reported a production of 104.6 kg in 2021—1,739 tons since 2014—while global production reached 3,627.7 tons in 2022).

A fund, fueled by a $1 USD per gram premium on Swiss Better Gold, subsequently finances social and environmental projects in accredited mines. By the end of February 2023, the Swiss Better Gold Association released its inaugural impact report, highlighting a decade of action, especially in the preceding year. However, a severe fire in a Peruvian mine in early May raised numerous questions.