The refiner registers, joined in one place.

Valcambi

Described in press coverage as the world’s largest refiner by capacity; LBMA accredited. Suspended by Swiss Better Gold in January 2025 (no active accredited chain) and resigned in May 2025; left ASFCMP in autumn 2023. Long-running NGO scrutiny: Global Witness (2020) alleged a Kaloti/Sudan link; the company denies this and cites clean audits.

Events well corroborated; the adequacy of the company’s sourcing is contested, both sides attributed. "World’s largest by capacity" is a press description.

Metalor

Stopped all artisanal and collector business in June 2019 and re-engaged only through Swiss Better Gold channels. Runs an in-house geoforensic passport and uses BullionProtect with SICPA.

Argor-Heraeus

Swiss Better Gold co-founder; party to the Mongolia MoU (2025-06-23); runs the Small Craft and Origin Traced lines; co-author of the Earthworm ASM sourcing guidelines. Its parent Heraeus is under an open LBMA incident review.

Rand Refinery

Described by itself and by LBMA as Africa’s largest refiner; runs the RandPure single-source line. Since February 2026 it supervises Ghana’s Gold Coast Refinery under a partnership to refine up to 1,000 kg/week of ASM doré under a GoldBod agreement.

"Africa’s largest" is the refiner’s own and LBMA’s description; the Ghana partnership is well corroborated.

Heraeus Precious Metals

On 11 February 2026 LBMA invoked its Incident Review Process after FT-reported suspected fraud in the Hanau recycling business (German prosecutors, roughly 2015-2025; EUR 457.7m in provisions per Heraeus). It remains a Good Delivery refiner while the review runs; the outcome was open as of 2026-07-02.

Provisions figure per Heraeus.

Istanbul Gold Refinery

LBMA invoked its Incident Review Process on 9 October 2025 after Turkish authorities detained 21 people, including the main shareholder, over alleged export-incentive fraud (about US$540m in exports, about US$12.5m in state losses). It retains Good Delivery status; no public resolution as of 2026-07-02.

COMEX/CME

The US futures exchange, with an approved-brand regime tied to LBMA RGG since 2015. The Jan-Apr 2025 tariff-fear dislocation blew the EFP out by about US$40-60/oz, pushed lease rates to about 5.5% and lifted COMEX stocks 153% to 43.3m oz, unwinding after the 2 April bullion exemption; a Jul-Sep 2025 kilobar-tariff scare was reversed by executive order (0% from 2025-09-08).

Shanghai Gold Exchange

Expanding its international board: the first offshore vault opened in Hong Kong on 26 June 2025 (BOCHK-operated), alongside two yuan-denominated deliverable contracts, with a stated ambition toward Singapore, Zurich and Dubai.

IIBX (GIFT City)

India’s international bullion exchange and the subject of the IFSCA good-delivery consultation (closed 2025-12-31). UAE good-delivery gold is already deliverable.

Market context

Gold broke US$4,000/oz on 8 October 2025, one of 53 record highs that year. FY2025 demand exceeded 5,000 t including OTC, about US$555bn (per WGC/Metals Focus); central banks bought 863 t in 2025 (per WGC).

The price milestone is well corroborated; demand and central-bank figures are per WGC/Metals Focus.