We, the Kobler Zug team, would like to respond to the report entitled ‘Undercover at the gold dealers. How family clans dominate the lucrative business’, which appeared on SRF 1, Kassensturz Espresso, on 29 April 2025.

It is a stirring report that exposes abuses in the Swiss gold trade – and that is fundamentally very welcome.

But as is so often the case, the report falls short.
While SRF points the finger at criminal structures, the perspective of reputable jewellers remains underrepresented.

Particularly irritating: the legally stipulated threshold of CHF 50,000 per year for gold purchases is mentioned – but not critically questioned. It is precisely this hurdle that makes it difficult for the authorities to take effective action against black markets and illegal dealers.
Why is this high legal limit not addressed – when it is a crucial part of the problem?

Unfortunately, other statements in the article are also incomplete or misleading:

• A stamp such as ‘SWISS 750’ does not guarantee that the piece of jewellery actually has this fineness. Only a professional examination can provide clarity here.
• A fair purchase of old gold is usually not completed within minutes. For a precise valuation, the piece of jewellery must be examined, stones removed, weight determined – and in some cases even destroyed. All this serves to protect both the buyer and the seller.
• Jewellers are legally obliged to plausibly identify the beneficial owners (owners) and to document the transaction properly – including photos and documents that must be archived for years. Violations are punished with heavy fines.

The 10% margin mentioned in the article is also unrealistic. Anyone who complies with licensing, testing and control obligations in accordance with the law can hardly operate economically. Buying gold jewellery today means complex testing procedures, expensive cleaning and analysis, documentation obligations – and a considerable liability risk.

Fairly purchasing old gold is also not a quick process, but a demanding recycling process. In addition, many Swiss jewellers already work with certified eco-gold programmes – such as OekoGold – and are committed to the responsible handling of precious metals.

Our request:
Read such reports critically. And talk to your trusted jeweller if you want to sell or buy gold. Because only transparency, fairness and personal trust will ensure that gold continues to shine in the future – for everyone involved.

We cordially invite you to visit our studio in Zug to learn more about our work as goldsmiths and get first-hand information.

With kind regards,
Andreas and Bruno Kobler