What were the reasons for you wanting to join LBMA and what do you see as the key benefits of Membership?
The precious metals industry is entering a new era, characterised by significantly elevated standards of product transparency and integrity. We are convinced that sustainable progress can only be achieved through close collaboration among all market participants. Our LBMA Membership underscores our commitment to actively contributing to and supporting this ongoing transformation.
Tell us about your company’s role in the precious metals market.
BFI Bullion was established as a precious metals dealer to provide individual and institutional clients with a robust framework for direct physical precious metals ownership. Our new Primorum® standard - a tech-enhanced integrity and transparency framework - enables clients to objectively verify the quality, authenticity, provenance and storage of the products they purchase.
What’s the background and history of the company?
In 2007, as cracks began to appear in the global financial system, some of our wealth management clients started asking for the safest way to hold physical precious metals in an allocated and segregated form - outside of banks and financial institutions. No existing services met our standards for solid protection against systemic risks. So we built our own solution, combining seamless international trading and high-security logistics. Today, BFI Bullion works with clients from over 80 countries and increasingly serves the specific needs of institutional investors.
What factors do you expect to impact your business in the short to long term?
In our view, next to a combination of macroeconomic and geopolitical shifts, technological advancements will be the biggest catalyst for change. An accelerating digitalisation process, supported by key market leaders, including LBMA and the World Gold Council, as well as a growing number of top refiners, will drive the transformation of our industry toward higher levels of product integrity, transparency, innovation, and service excellence.
What are your future plans for the business?
Our future plans focus on sustainable growth and continued service excellence. We aim to grow BFI Bullion responsibly and profitably while continuing to deliver a holistic precious metals solution of the highest quality. At the same time, we intend to increase our market share among institutional clients by providing bespoke solutions for banks, wealth managers, and family offices. With these priorities in place, we very much look forward to what lies ahead.
l-r: Lars Wuffli (Head of Client Service & Trading), Frank R. Suess (Founder & Executive Chairman), Dirk Steinhoff (CEO), Scott Schamber (Head of Client Service US)