Perth Mint, Australia’s official bullion mint, has defended the gold value and purity of its products after reports suggested that it may need to recall almost $9bn worth of gold bars sold to Chinese customers since 2018. Perth Mint, which prides itself on producing gold that is 99.99% pure, is accused of having “doped” or diluted its gold to lower its gold content. The doping process is an industry-wide accepted practice, which does not impact the purity of gold. In 2021, the Shanghai Gold Exchange informed the mint that two of the tested gold bars exceeded its specifications of non-gold content. Perth Mint responded by launching a review of its refining practices, reportedly deciding against sending the failed assays to the customer. A Perth Mint spokesperson stated that the company’s 1 kilogram (2.2 pounds) gold bars contain up to 0.01% of non-gold materials, including silver and copper, in line with industry standards and the the standards set by the London Bullion Market Association. Perth Mint is wholly owned by the Western Australian government and is the only mint in the world backed by a government guarantee.
Perth Mint confirms high purity of sold gold bars.
