LBMA Initiates Incident Review Process Involving Valcambi SA

The London Bullion Market Association (LBMA) has initiated its Incident Review Process (IRP) concerning Swiss precious metals refiner Valcambi SA following recent media reports, while affirming that the company continues to hold its status as a Good Delivery Refiner.

In a statement released on 16 June, the LBMA said the review will be carried out in accordance with its Good Delivery Rules and will include consultations with relevant stakeholders. The association reiterated its commitment to maintaining a transparent and thorough review process and stated that further updates will be shared as developments occur.

The LBMA has requested a formal response from Valcambi and will continue engaging with the refiner, auditors, and other stakeholders throughout the review.

Despite the ongoing assessment, Valcambi remains listed on the LBMA Good Delivery List, which includes refiners whose gold and silver bars meet the standards required for trading in the London bullion market.

The Incident Review Process is generally initiated when reputational concerns arise and involves a detailed examination of media reports, legal matters, auditor feedback, and market participant input before any potential action is considered.

The review follows reports linked to regulatory scrutiny of Rajesh Exports Ltd., Valcambi’s parent company, after the Securities and Exchange Board of India (SEBI) issued an interim order alleging revenue overstatement. However, no allegations or findings have been made against Valcambi itself, and the LBMA’s review remains ongoing.