An investigation into possible revenue inflation and transactions between entities within the Rajesh Exports group—one of the largest companies operating in the global gold market—has drawn the attention of the global media to Valcambi, a Swiss refinery owned by the group. The producer of investment bars has also become the focus of an investigation launched by the London Bullion Market Association (LBMA). In response to these ongoing proceedings, Mennica Polska has decided to temporarily withdraw Valcambi products from sale.

According to reports published by international media and documents from the Indian securities regulator SEBI (Securities and Exchange Board of India), investigators are examining whether some of the transactions carried out between companies belonging to the Rajesh Exports group may have led to the artificial inflation of revenue. According to Reuters, the group is accused of inflating the revenue of its Swiss refinery, Valcambi, by $159 billion—an amount that did not appear in domestic accounting investigations. The investigations are ongoing, and the findings presented so far are allegations and are subject to further verification.

The case also sparked a reaction in the precious metals market because Valcambi is one of the world’s most recognizable gold refiners and is accredited by the London Bullion Market Association (LBMA)—an organization that sets the most important standards for quality, origin, and responsible sourcing of precious metals in the global market. The bars produced by Valcambi are widely available on international markets, including in Poland.

In response to the LBMA’s initiation of the Independent Review Process, Mennica Polska, a leading manufacturer and distributor of minted products, has decided to temporarily remove Valcambi products from its lineup.

– Out of concern for the well-being and safety of our customers, immediately upon receiving information from the LBMA regarding the initiation of the Independent Review Process (IRP) against Valcambi, we decided to temporarily remove products from that refinery from our offerings. We hope that any concerns will be quickly clarified and the proceedings concluded, which will allow us to resume our cooperation with Valcambi in the future - said Marta Bassani-Prusik, Director of Investment Products and Foreign Exchange at Mennica Polska.

Valcambi products were removed from the Mennica Polska catalog immediately after the company was informed that the LBMA had initiated the proceedings. Mennica Polska emphasizes that, when selecting business partners, it is guided above all by customer safety, transaction transparency, and certainty regarding the origin of the precious metals it offers.

This is not the first time Valcambi’s activities have sparked debate within the industry. In 2023, the refinery terminated its membership in the Swiss Association of Manufacturers and Traders in Precious Metals (ASFCMP), citing differences of opinion regarding the approach to sourcing gold from regions considered high-risk. In 2025, the company also left the Swiss Better Gold Association, citing a differing vision for the organization’s future development as the reason for its decision.

Mennica Polska will monitor the further course of the proceedings and the outcome of the process conducted by the LBMA. Until the matter is resolved, Valcambi products will remain withdrawn from its product lineup.