CombiBar Platinum

Valcambi's Divisible Platinum CombiBar

The Platinum CombiBar is Valcambi's application of their patented divisible bar concept to platinum. The 50g version consists of 50 individually separable 1g segments arranged in a 10 x 5 grid, each stamped with the Valcambi name, purity, and weight. The bar can be broken apart by hand along precision-cut grooves, allowing investors to liquidate in 1g increments without selling the entire position. At 999.5 fine platinum, it meets the investment-grade standard used by all major sovereign mint platinum coins.

Valcambi SA, based in Balerna, Switzerland, is one of the world's largest precious metals refineries, with LBMA Good Delivery accreditation for gold and silver since 1968 and LPPM Good Delivery accreditation for platinum and palladium. The company was founded in 1961 as "Valori & Cambi" (exchange of valuables) and has a combined annual refining capacity of approximately 2,000 metric tonnes across all metals. The CombiBar concept launched in April 2011 with the gold version; platinum followed within a few years.

Platinum is the smallest of the three main bullion metals by investment demand, accounting for roughly 8.5% of total platinum usage. Within that market, the CombiBar addresses a specific concern: how to hold platinum in a single product while retaining the flexibility to sell in small increments. A 1g platinum segment is worth considerably less than a 1g gold segment at current prices (platinum trades at roughly 30-40% of the gold price), which makes the divisibility argument less compelling in platinum than in gold. The product's appeal rests more on the Valcambi brand, the Swiss manufacturing pedigree, and the novelty of the format for collectors and those building diversified precious metals portfolios.

CombiBar Platinum Specifications

Security and Packaging

Each CombiBar is security-sealed in a PETG blister incorporating a serial-numbered assay certificate. The certificate verifies weight, purity, and authenticity, with a unique serial number linking the bar to Valcambi's production records. The blister is tamper-evident: once opened, it cannot be resealed without visible evidence. This is an important consideration because once a segment is broken off, the remaining bar can no longer be verified by its original assay. Each individual 1g segment bears the Valcambi hallmark and the CHI Essayeur Fondeur mark (Swiss assay office mark), providing authentication at the individual piece level. The overall design is approximately credit-card sized, with a minimalist grid pattern and Valcambi branding across all segments.

CombiBar Platinum Tax Treatment

The CombiBar is a bar product with no face value and no legal tender status in any jurisdiction. Its tax treatment follows the standard rules for investment-grade platinum bars.

• United Kingdom: Platinum bars are subject to 20% VAT on purchase, regardless of purity. The CombiBar's 999.5 fineness does not earn a VAT exemption (only gold qualifies for VAT-exempt treatment in the UK). CGT applies on disposal, with no legal tender exemption available. Some UK dealers offer VAT-free vault storage for platinum, where the metal remains in a bonded facility and VAT is not charged unless physical delivery is taken.
• United States: No federal sales tax. Most states exempt investment-grade precious metals. The 999.5 purity from an LPPM-accredited refiner should meet IRS requirements for inclusion in a self-directed precious metals IRA, though some custodians may have specific policies about divisible bars. Confirm with your custodian, as some require bars to remain in original sealed packaging. Capital gains are taxed at the collectibles rate, up to 28%.
• Canada: GST/HST-exempt for platinum bars at 99.5% purity or higher in bar, ingot, coin, or wafer form. The CombiBar qualifies.
• European Union: Platinum bars are subject to local VAT rates (17-27% depending on the country). In Germany, the Differenzbesteuerung (margin scheme) may apply to second-hand platinum bars, reducing the effective VAT. Gold CombiBars are VAT-exempt under Directive 98/80/EC, but platinum does not receive this treatment.
• Switzerland: Investment gold is VAT-exempt, but platinum is subject to 8.1% VAT. Switzerland has no capital gains tax on private assets for individual investors, making it one of the more favourable jurisdictions for holding platinum despite the purchase tax.
• Australia: GST-exempt for platinum at 99% purity or higher in investment form. The CombiBar qualifies.
• Singapore: GST-exempt under the Investment Precious Metals (IPM) scheme for platinum at 99% purity from an LPPM-accredited refiner. Valcambi holds LPPM accreditation. No CGT.
• Hong Kong: No sales tax, no import duty, no CGT. Fully tax-free.

Platinum CombiBar vs Standard Platinum Bars and Coins

The CombiBar's main competitor in platinum is the standard minted 1 oz bar. Products like the 1 oz PAMP Suisse Platinum Bar, Valcambi's own standard 1 oz bar, and the Heraeus 1 oz bar are the most common platinum bar products. A standard 1 oz bar carries lower premiums than the CombiBar because it requires simpler manufacturing (no precision groove-cutting or individual segment stamping). The CombiBar's premium reflects the cost of the divisibility feature.

Against the PAMP Multigram product (which contains multiple individually sealed 1g bars that pop out of a card), the CombiBar has a structural difference. Each PAMP Multigram bar retains its individual assay certification when separated; CombiBar segments lose the original assay once the blister is broken. The PAMP approach preserves per-bar provenance at the cost of higher individual bar premiums. The CombiBar offers lower per-gram cost for the trade-off of reduced provenance after separation.

Compared to sovereign platinum coins, the CombiBar lacks legal tender status, which matters for tax treatment in some jurisdictions (UK CGT exemption for the Platinum Britannia, for instance). Sovereign coins also carry stronger brand recognition in the secondary market, making resale more straightforward. The CombiBar is not a direct substitute for a Maple Leaf or Eagle; it serves investors who specifically want the divisibility feature or who are building a Swiss-branded platinum position alongside their gold CombiBar holdings.

The practical case for divisibility in platinum is weaker than in gold. At current prices, a 1g platinum segment is worth roughly 30-40 USD, compared to 100-110 USD for a 1g gold segment. The gold CombiBar's appeal as a "barter-ready" or "partial liquidation" product is stronger because each segment represents more meaningful value. The platinum version is more of a portfolio diversification product for those already invested in Valcambi's CombiBar format across gold, silver, and platinum.