PAMP vs Valcambi — which Swiss gold refiner to buy (2026)
PAMP and Valcambi are both LBMA Good Delivery Swiss refiners producing .9999 fine gold. PAMP wins on visual identity (Lady Fortuna minted design + CertiPAMP sealed assay packaging — the de-facto retail standard). Valcambi wins on raw bar economics for 100 g and 1 kg, and on the unique pre-scored CombiBar. Both are top-tier liquid worldwide.
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Side-by-side
| PAMP Suisse | Valcambi Suisse | |
|---|---|---|
| Founded | 1977 | 1961 |
| LBMA Good Delivery | Yes | Yes |
| Signature design | Lady Fortuna (minted) | Plain industrial + CombiBar |
| Packaging | CertiPAMP sealed assay | Tamper-evident assay card |
| Strength at small weights (1-10 g) | Lady Fortuna premium, strong resale | Less common at small sizes |
| Strength at large weights (100 g - 1 kg) | Solid, slight design premium | Lowest premium, highest volume |
| Unique product | Lady Fortuna design lineage since 1982 | 50 × 1 g CombiBar (snap apart) |
| Per-ounce premium (1 oz) | ~4-5% | ~3.5-4.5% |
| Per-ounce premium (1 kg) | ~3% | ~2.5% |
Which to buy when
- Gifting or small fractional positions: PAMP Lady Fortuna 1g/5g/10g — instantly recognizable, the CertiPAMP card makes it presentable.
- Lowest-cost stack of small units: Valcambi CombiBar — 50 g of gold in a single package, snappable into fifty 1 g pieces.
- Bulk holding: Valcambi 100 g or Argor-Heraeus 1 kg if you want absolute lowest premium per ounce. The 1 kg is a different refiner but same Swiss LBMA tier.
- Dubai resale: PAMP carries a slight resale premium in the gold souk thanks to CertiPAMP recognition.
What both share
Both are Swiss LBMA Good Delivery refiners. Both meet .9999 fineness on standard products. Both ship in tamper-evident sealed packaging with serial numbers and individual assay certificates. Both are universally accepted by major dealers worldwide for resale. The decision is mostly about price-per-ounce optimization, design preference, and whether you want the CombiBar feature.
Frequently asked questions
Are PAMP and Valcambi the same quality?+
Functionally yes. Both are LBMA Good Delivery refiners with virtually identical purity guarantees (.9999 fine). The differences are aesthetic (Lady Fortuna minted vs. plain industrial), packaging (CertiPAMP vs. simpler assay cards), and the unique CombiBar from Valcambi.
Which is cheaper per ounce?+
Valcambi is typically slightly cheaper on raw bars at 100 g+ thanks to higher production volume. PAMP's Lady Fortuna line carries a small design premium below 10 g. For 1 oz, they're within 1%.
Which resells more easily?+
Both are top-tier liquid globally. In Dubai's gold souk, PAMP CertiPAMP-sealed bars fetch a slight premium for the packaging. In wholesale European markets, Valcambi's volume gives it tight buy/sell spreads.
What is the CombiBar?+
A Valcambi-patented 50 g gold bar pre-scored into fifty 1 g segments that can be snapped apart by hand. Popular with privacy-focused buyers preparing for barter or partial liquidity. No PAMP equivalent.
What is KINEBAR?+
An Argor-Heraeus security feature (not PAMP or Valcambi). Don't confuse the three Swiss refiners — they each have signature features: PAMP has Lady Fortuna + CertiPAMP, Valcambi has the CombiBar, Argor-Heraeus has KINEBAR.
Sources
- LBMA Good Delivery refiner list
- LBMA precious metals prices
- FATF Recommendation 22 (DNFBP)
- EU AMLD6 (Directive 2024/1640)
- EU VAT investment-gold exemption (Directive 2006/112/EC, Article 346)
- US FinCEN Form 8300 guidance
See also how Ounceo works end-to-end, our shipping and customs notes, the AML threshold policy, and the glossary.