Important meeting on the Convention on the Control and Marking of Precious Metals

Sweden and Swedac hosted the spring meeting of the Convention on the Control and Marking of Precious Metals. Many important decisions were made at this meeting.

Important meeting on the Convention on the Control and Marking of Precious Metals

A total of 48 representatives from 19 of the Convention’s 20 member states attended the meeting, which took place on 20 April at the Waterfront Congress Center in Stockholm. This is the first time the Convention has ever held a meeting in Stockholm.

The purpose of the Convention on the Control and Marking of Precious Metals is to promote and facilitate trading in precious metals. Thanks to the Convention, member states are able to trade precious metals among themselves without having to have them re-stamped or re-examined.

Decisions were made at the meeting concerning changes to appendices to the Convention on the Control and Marking of Precious Metals that the member states have been discussing for a number of years. Among other things, they involve the technical regulations that have to be met for member states to be able to stamp their precious metals with the joint hallmark CCM.

Decisions were also made on a new vision and strategies in order to attain the new vision.

“The Convention came into force in 1975, and the world has changed since then. Minor adjustments have taken place over the years, but only now have decisions been made with regard to such extensive amendments to the Convention,” says Valentina Valestany at Swedac.

She represented Sweden at the meeting together with Olga Cartier and Magnus Danielsson, both from Swedac, and Dominika Szalankiewicz from the Ministry for Foreign Affairs.

Another important issue that was resolved at the meeting was that Italy can finally become affiliated to the Convention. The Czech Republic opposed this previously, but has now withdrawn its veto concerning the exclusion of Italy.

“We hope Italy will be able to attend the next meeting of the Convention on the Control and Marking of Precious Metals, which will be taking place in Riga next autumn,” says Valentina Valestany.

Sweden was a driving force in the formation of the Convention on the Control and Marking of Precious Metals, its efforts beginning several years before the Convention came into force in 1975.

“The Convention has got off to a new start again, you could say, since the meeting in Stockholm,” says Valentina Valestany.