Raiffeisen focuses on sustainable gold
St.Gallen – Raiffeisen Schweiz plans to make the origin of its gold bars transparent in future. The cooperative bank will also be applying criteria for environmental and social compatibility to its gold procurement. To this end, Raiffeisen is cooperating with the gold refinery Argor-Heraeus.
Raiffeisen intends to improve transparency in its own gold procurement process. With immediate effect, a new approach will apply, “which enables precise traceability of the origin of gold and enhances the environmental and social compatibility of companies in the supply chain,” as the bank explained in a press release. Raiffeisen also intends to support small mines that are run in an environmentally and socially responsible manner.
Raiffeisen gold bars will be produced by Argor-Heraeus, as before. The Ticino refinery is certified as a responsible company for gold production by the London Bullion Market Association and the Responsible Jewellery Council. Raiffeisen and Argor-Heraeus are also both members of the Swiss Better Gold Association.
A program of the Swiss Better Gold Association and the Swiss State Secretariat for Economic Affairs supports small mines that are working to improve their environmental and social compatibility. Gold from these small mines is processed into Raiffeisen gold bars, as the cooperative bank explained. Raiffeisen also offers financial support to such initiatives.
In future, the whole supply chain for gold bars produced for Raiffeisen will be traceable via the production number. Each bar is also certified “responsibly sourced and traceable”. “Transparency and commitment to environmental and social responsibility are an integral part of Raiffeisen’s business model,” said Christian Hofer, Head of Corporate Responsibility & Sustainability at Raiffeisen Schweiz. The new model will enable the bank's customers to “be responsible in their gold investments”.