I’m not sure 100% sure, but I imagine the cost of transporting to Europe is probably higher than the cost of refining to the European standard.
Switzerland has 4 of the 15 biggest gold refineries in the world in 2026
https://vinodvsharma.com/top-15-biggest-gold-refineries-in-t...
Switzerland has 4 of the 15 biggest gold refineries in the world in 2026
https://vinodvsharma.com/top-15-biggest-gold-refineries-in-t...