This is what it's all about
There is no gold in Dubai
Do you actually know where the gold in your wedding ring, necklace or bracelet comes from? If so, you are an exception among jewelry owners. This is because the gold trade has always been one of the most intransparent business fields of all. Dubai is also known as the "City of Gold" due to its function as an international hub for gold trading. This is despite the fact that the United Arab Emirates (UAE) themselves have no gold deposits. However, where exactly the gold in Dubai comes from is difficult to trace. In 2016, for example, the UAE imported over 12 tons of yellow metal from the African state of Togo. The problem with this is that Togo also has no gold deposits. How is that even possible? The precious metal was simply smuggled across the border from neighboring countries and originates from illegal gold mines. The suspicion weighs heavily that tons of "dirty gold" from conflict regions often also involved in child labour reach Dubai. There it is whitewashed and smuggled into the world market. It is odd that Switzerland, of all countries, is one of the world's largest importers of gold from the UAE, a fact that suggests that via Dubai dirty gold from Togo ends up in Swiss refineries.
"No sustainability without transparency"
Swiss entrepreneurs Anouk Hilti-Zingg and Nathalie Widmer are addressing this issue with their company Assarée, which aims to provide an alternative to traditional, non-transparent financial and luxury products. "Because without transparency, sustainable consumption or investment is simply impossible," says Hilti-Zingg. As a flagship project in line with the KYS ("Know Your Source") approach, Assarée has created Assarée Gold in collaboration with a Geneva-based consulting firm and a Swiss refinery. A product with a transparent value chain from mine to market. The gold goes via a local processing plant directly to the Swiss refinery, and from there to the market, without any intermediary trade. Specific ESG (Environment, Social, Governance) goals are targeted, such as CO2 neutrality by 2022, with the long-term goal of making gold extraction climate-positive by 2030. Already today, Assarée Gold does not use mercury in its mining operations and guarantees small-scale miners a fair wage above the typical industry standard. To finance this ESG strategy, the customer pays an affordable premium on the gold price, of which 2/3rd goes directly back into the value chain. Assarée gold is available as a physical investment product for progressive investors or as a material product for watch and jewelry brands. With a focus on the next generation of investors and luxury consumers, Assarée plans to expand its range of transparent investment products in line with their values. In particular, further asset classes will include unique fund products or venture capital.
Assarée to visit at Gstaad
If you would like to learn more about the Assarée approach, you will have the opportunity to meet the founders in person and be inspired by the Assarée Pop-Up-Experience in the Gstaad Private Airport between February 11 and 27, 2022. The experience will be divided into two themed weeks:
- Assarée Investment Week, Feb. 14-20, 2022.
- Assarée Luxury Week, February 21-27, 2022.
The overarching goal of the pop-up experience is to promote transparency in the financial and luxury world as a new industry standard and to enable clients to consume, not to mention invest, with intent and agency.
For more information on exclusive events & happenings, visit assaree.com or email salut@assaree.com.
