Mint of Poland joins LBMA as an Affiliate Member
What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
As a company with nearly 260 years of history, we place particular emphasis on maintaining the reputation of our brand. We are listed on the Warsaw Stock Exchange. Our investment gold products are exclusively manufactured from ethically sourced gold. Honesty, transparency, and credibility are the cornerstones of our operations, which is why we support the principles upheld by LBMA regarding responsible sourcing and industry best practices. Values related to ethical production, the purity of precious metals, and high quality have been the foundation of our operations for generations. Joining a respected association of industry professionals as an Affiliate Member offers us the opportunity to engage in high-quality dialogue. We see this as an opportunity to engage in meaningful industry discussions and contribute to the broader conversation on best practices in the precious metals sector.
Tell us about your company’s role in the precious metals market?
We take pride in saying that the Mint of Poland is not only one of the oldest but also one of the most technologically advanced mints in the world. Thanks to our state-of-the-art production facility and team of experts, we consistently expand both the scope and reach of our operations. Our comprehensive approach to production encompasses the entire process - from sourcing raw materials and design, to manufacturing the final product. This allows us to maintain strict quality standards at every stage. In 2022, we launched a new casting line, enabling the production of blanks and discs that meet domestic demand and strengthen our position in partnerships with international clients.
Katarzyna Budnicka-Filipiuk, President of the Management Board, Mint of Poland
What’s the background and history of the company?
The development of the Mint of Poland and its products has always been intricately intertwined with significant moments in Poland’s history, giving our brand exceptional value and solidifying its position as a key player on the country's economic landscape. The Mint of Poland was founded on 10 February 1766 as part of the monetary reform initiated by King Stanislaw August Poniatowski. This reform introduced a new monetary system, established a new zloty exchange rate, and removed foreign coins from circulation. After Poland’s partitions, the Mint ceased operations until 1924 when it resumed production in Warsaw following the country's regained independence. During World War II, the Mint was taken over by Nazi occupation forces, who confiscated precious metals and transported the numismatic collection. After the war, in 1952, the Mint was relocated to a new facility. Over subsequent decades, it expanded its operations, adopting modern technologies and diversifying its offerings to include collector coins and investment products. Since 1998, we have been listed on the Warsaw Stock Exchange and included in key indices such as WIG, the oldest stock index calculated since the first trading session, and WIGDIV, which comprises companies that consistently pay dividends over five consecutive years.
What factors do you expect to impact your business in the short to long term?
We view business development from a long-term perspective, focusing on our key competitive advantages while continuously adapting to the needs of our stakeholders and analysing the market environment. In Poland, we are committed to consistently expanding our sales network, both through physical outlets and online platforms. Our sales performance confirms that this strategy is yielding the desired results.
Globally, political developments in the US and shifting decisions regarding import tariffs will likely have a significant impact on the precious metals market. For companies involved in gold trading or investment, this may pose challenges related to the scarcity of this raw material. In the short term, this could result in higher gold prices and reduced availability, which would increase transaction and logistics costs. The rise in gold prices, both in US dollars and local currencies, may have a lasting influence on investment decisions.
Marta Bassani-Prusik, Head of Precious Metals Trade, Mint of Poland
What are your future plans for the business?
In the minting segment, we are consistently executing a broad growth strategy, both geographically and product-wise. Becoming an LBMA Affiliate Member provides an opportunity to engage with industry stakeholders and stay informed about developments in the global precious metals market. At the same time, we are confident that our years of experience and the highest production standards will provide a valuable source of knowledge exchange and best practices for other LBMA members.
