Swiss gold refiner Valcambi plans Hong Kong expansion

Valcambi plans to put its first overseas refinery in Hong Kong, strengthening the Swiss company’s access to Asia’s expanding bullion trade. The company has signed a letter of intent with Shiu Wing Steel, Hong Kong’s sole steelmaker, to create a precious metals refining business that will also offer vaulting services.

The planned operation would be located inside Shiu Wing Steel’s plant in northwest Hong Kong. The agreement does not yet provide a construction timetable, investment figure or production capacity. Those details will determine the project’s scale and its eventual impact on the regional market.

For Switzerland, the move carries weight beyond one corporate expansion. Swiss refiners process gold for markets around the world, and companies such as Valcambi, MKS PAMP and Argor Heraeus form a core part of the country’s precious metals industry. Establishing a site in Hong Kong would give Valcambi a physical presence closer to Asian customers, traders and financial institutions.

Chief executive Simone Knobloch said Valcambi sees Asia as a key market whose importance will continue to grow. The company announced the plan as Hong Kong intensifies efforts to attract bullion business and build a complete gold trading ecosystem.

Hong Kong is assembling the infrastructure needed to challenge Singapore’s position in Asian bullion trading. Christopher Hui, the city’s secretary for financial services and the treasury, has promoted the strategy at international industry gatherings, including the London Bullion Market Association conference in Sorrento.

The city began trial operations for a gold clearing system in July 2026 and introduced a new price benchmark. The initiative includes the participation of major Chinese banks and international bullion banks including JPMorgan Chase and HSBC Holdings. Hong Kong also plans to introduce gold futures priced in yuan and is considering preferential policies for gold traders.

Valcambi’s proposed refinery would fill an important gap in that network. Hong Kong already has a major financial centre and an established role in trade with mainland China. Adding local refining and vaulting could reduce the distance between imported metal, financial contracts and physical delivery.

Singapore remains a serious competitor, while London continues to set a global benchmark for over the counter bullion trading. Hong Kong’s officials are positioning the city as a market that combines Asian access with a broad range of services for investors and bullion companies.

The proposed plant would connect refining, storage and trading in one regional location. That combination matters because bullion markets depend on more than prices. Banks, refiners, vault operators and traders need reliable systems for assaying, clearing, custody and delivery.

Hui described Hong Kong’s objective as a whole value chain. He pointed to storage and over the counter contracts associated with London, refining associated with Switzerland, and futures trading associated with the United States. The government wants those functions to operate together in Hong Kong, with gold serving as a bridge between physical commerce and financial markets.

Valcambi’s role would give the project a direct link to Swiss refining expertise. The company’s existing reputation may help Hong Kong attract customers seeking recognised standards for processing and secure custody. The planned vaulting service could also support banks and traders that want to hold metal close to Asian trading flows.

The proposal remains at the letter of intent stage. It therefore signals direction rather than a completed investment. Regulatory approvals, technical design, financing and operating arrangements still need to be settled before the facility can begin processing bullion.