The London Bullion Market Association (LBMA) has invoked its Incident Review Process (IRP) against Swiss precious metals refiner Valcambi SA following recent media reports, while confirming that the company continues to retain its status as a Good Delivery Refiner.
In a statement issued on 16 June, LBMA said the review will involve consultations with various stakeholders and will be conducted in line with its Good Delivery Rules. The association added that it remains committed to a transparent and rigorous process and will provide updates as the review progresses.
LBMA has sought a statement from Valcambi and said it will continue to engage with the refiner and relevant stakeholders during the investigation.
Despite the review, Valcambi remains on the LBMA Good Delivery List, which comprises refiners whose gold and silver bars meet the quality standards required for acceptance in the London bullion market.
The Incident Review Process is typically triggered in response to reputational concerns and includes media and legal reviews, engagement with auditors and refiners, and consultations with market participants before any action or sanctions are considered.
Recent reports have linked the development to regulatory scrutiny involving Valcambi’s parent company, Rajesh Exports Ltd., after India’s Securities and Exchange Board of India (SEBI) issued an interim order alleging revenue overstatement by the company. No findings have been made against Valcambi, and the LBMA review remains ongoing.
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