Raw Materials: Switzerland Offers More Transparency in the International Gold Trade
On 24 September, Switzerland proposed the World Customs Organization (WCO) an amendment to the international customs duty classification for gold to improve transparency and traceability in the gold trade. Switzerland will implement the amendment for gold imports into Switzerland from 1 January 2021.
Now, the nomenclature of World Customs Organization’s Harmonized System (HS) has a single code for the different types of traded unwrought gold (native in lumps, lumps, grains, ingots, cast bars, pellets). Hence, it is hard to differentiate in the HS between refined and unrefined gold or between bank-grade gold and gold alloys. Switzerland supports different international and national efforts to give the gold trade more transparency. As well, Switzerland wants to improve the traceability of supply chains and to receive more accurate statistics.