Page 14 - Bullion World Volume 3 Issue 11 November 2023

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Forging a Sustainable Path in the Global

Gold Industry"

Mr Frédéric Dawance, Managing Partner, De Pury Pictet Turrettini

Gold holds a historical, economic, and cultural significance in Switzerland.
The country's expertise in gold refining, financial services, and
craftsmanship, especially watches, coupled with its reputation for stability
and neutrality, contribute to its importance in the global gold industry and its
relevance for the country’s economy.
The same,

Switzerland is known for its precision, adherence to international standards,
and the quality of its products. To defend its position and reputation, it yet so different.
must propose concrete ways for the gold to become more sustainable and
impactful.

Sustainable gold: an economic Behind the undeniable qualities of
pillar and a social responsibility. gold, one must remember the less Mr Frédéric Dawance
Gold still plays a very important visible but equally crucial reality: the
role in the economy and in finance. mining industry rests largely on the
Gold trades daily more than any shoulders of artisanal miners. These
other financial assets ($130bn are men and women mine gold in often
traded every day). Despite many difficult and dangerous conditions
people believing “recycled gold” and their well-being and working
is good enough and that no more conditions are often neglected.
gold should be extracted as is hurts
the planet, the average annual Artisanal miners, faced with
production of gold ranges around precarious working conditions,
3,140 tons ($175bn every year at deserve recognition and support. conditions, the use of child labour
current price). More than half of Many people live from gold, and and, in some cases, conflict
this production is sold to financial particularly people at the base of the finance and money laundering. A
institutions, demonstrating continued pyramid. Artisanal and small-scale significant proportion of ASGM
confidence in the value of gold in the gold miners (ASGM) play a critical producers are marginalized and
global economy. role in generating direct and indirect endure a precarious financial
income for more than 20 million situation, exacerbated by gold price
For investors, Gold has a proven workers around the world. With 700 fluctuations and sales conditions
track record of improving risk- tons of gold newly mined by ASGM, imposed by intermediaries, as well
adjusted returns and has often it is the source of about 20% of the as limited or no access to basic
provided the liquidity needed to world's gold production and has the financial services.
meet liabilities in times of financial potential to be an economic driver to
turbulence. This is a vital asset foster the sustainable development Disengaging from ASGM sources
for investors as well as a shield in of mineral-rich communities. being unhelpful to not solve causes
times of uncertainty. The current of these challenges, the Swiss
geopolitical situation clearly However, the sector faces State Secretariat for Economic
increases the attractiveness of gold challenges such as the widespread Affairs, together with the Swiss
for financial players. use of mercury, unsafe working Association for Responsible Gold

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