1 oz CombiBar Gold Bar

Valcambi's Divisible Gold Bar

The 1 oz CombiBar Gold Bar is Valcambi's patented divisible bar, configured as 10 segments of 1/10 oz each that can be separated by hand along pre-scored grooves. It contains 31.1035 grams of 999.9 fine gold in a flat, credit-card-proportioned format, produced at Valcambi SA's refinery in Balerna, Switzerland. The CombiBar concept was launched in April 2011 and remains unique in the bullion market: no other product offers the same combination of physical divisibility, LBMA-backed provenance, and multi-segment design in a single sealed package.

The practical appeal is straightforward. A buyer holding a standard 1 oz Valcambi gold bar who needs to liquidate a fraction of their position must sell the entire bar. A CombiBar holder can snap off one or more 1/10 oz segments and sell those individually, keeping the remainder. This makes the CombiBar attractive to investors who want gold exposure but also value the option of partial liquidation, and to those who see gold as a potential medium of exchange in extreme scenarios.

Valcambi holds LBMA Good Delivery accreditation for gold and silver (since 1968) and LPPM Good Delivery for platinum and palladium. The refinery's annual combined capacity is approximately 2,000 metric tonnes across all precious metals, making it one of the largest in the world. The company was founded in 1961 as "Valori & Cambi" (literally "exchange of valuables") by five Swiss private investors, and is currently owned by GGR (Global Gold Refinery).

The trade-off for divisibility is premium. A 1 oz CombiBar typically costs 5-15% more than a standard solid 1 oz bar of the same purity, reflecting the additional manufacturing cost of precision groove-cutting and individual segment stamping. Buyers should also understand that once a segment is broken off, the remaining bar and the separated piece lose their original assay certification, as the CertiPAMP-style packaging only certifies the bar as a whole.

CombiBar Specifications and Available Configurations

Each individual 1/10 oz segment, once separated, is a small square bar stamped with the Valcambi name, "SUISSE" origin mark, and weight/purity designation. The segments can be verified by their hallmark and weight, though they no longer carry the provenance of the original sealed assay package.

Other CombiBar Configurations

Valcambi produces CombiBars in several formats beyond the 1 oz gold version:

The 50 g gold CombiBar (50 x 1 g, the original 2011 product) is approximately credit-card sized at 74 x 52.5 x 0.85 mm, making it thin enough to fit in a wallet. The star-shaped 5 g version targets the gift market.

CombiBar Tax Treatment

The CombiBar is a gold bar, not a coin, and carries no face value or legal tender status. Its tax treatment follows standard investment gold bar rules, with one complication: some jurisdictions and IRA custodians may have specific policies about divisible bars.

United Kingdom

VAT-exempt on purchase as investment gold (999.9 purity exceeds the 995 threshold). Subject to CGT on disposal at the investor's marginal rate (18% or 24%), with the £3,000 annual allowance. Not CGT-exempt, as bars have no legal tender status. Eligible for SIPP inclusion. The divisibility feature has no impact on UK tax treatment.

United States

The gold CombiBar at .9999 purity from Valcambi (LBMA Good Delivery refiner) meets IRA requirements on paper. However, some IRA custodians may require bars to remain in original sealed packaging, which creates a practical tension with the CombiBar's divisibility feature. Buyers planning to hold CombiBars in an IRA should confirm acceptance with their specific custodian before purchasing. Capital gains taxed at the collectibles rate of up to 28%. State sales tax exemptions apply in approximately 35 states.

Canada

GST/HST exempt at 99.5%+ purity. Eligible for RRSP and TFSA through qualifying custodians. Capital gains taxed at a 50% inclusion rate.

Switzerland

Investment gold is VAT-exempt. Switzerland has no capital gains tax on private assets for individual investors, making it one of the most favourable jurisdictions for holding any gold product, including CombiBars.

Australia and New Zealand

Investment-grade gold at 99.5%+ purity is GST-free in both countries. The CombiBar's divisible format does not affect its investment gold classification.

European Union

VAT-exempt under Directive 98/80/EC as investment gold at 995+ fineness. Germany's one-year holding exemption from capital gains tax applies.

Singapore and Hong Kong

GST-exempt in Singapore under the IPM scheme. No tax of any kind in Hong Kong. Both markets have strong demand for Valcambi products.

CombiBar vs Standard Bars and Fractional Gold

The CombiBar competes in two directions simultaneously: against standard solid bars for the buyer who wants the lowest premium per ounce, and against fractional coins for the buyer who wants small-denomination gold. It does not beat either on their home ground, but it occupies a useful middle position.

Against a standard 1 oz Valcambi solid bar, the CombiBar carries a 5-15% premium surcharge for the divisibility feature. Both bars contain the same 31.1035 grams of 999.9 gold from the same Swiss refinery, with the same LBMA accreditation. The solid bar wins on pure cost efficiency. The CombiBar wins on flexibility: a holder can liquidate 1/10 oz at a time without selling the full ounce.

Against buying ten individual 1/10 oz gold bars separately, the CombiBar is significantly cheaper per gram. Individual small bars carry per-unit manufacturing, packaging, and assaying costs that the CombiBar consolidates into a single production run. The savings can be 15-25% compared to ten separate 1/10 oz bars.

Against fractional gold coins such as a 1/10 oz Britannia or 1/10 oz Maple Leaf, the CombiBar's segments are less immediately recognisable. A fractional Britannia or Maple Leaf has a known design, government backing, and face value; a separated CombiBar segment is a small square with Valcambi hallmarks. Coins win on individual piece liquidity and recognition. The CombiBar wins on the combined economics of buying all ten segments at once rather than ten individual fractional coins.

The PAMP Multigram product offers an alternative approach to small-denomination gold. PAMP's version contains multiple individually sealed 1 g bars that can be popped out while each retaining its own assay certification. The CombiBar's segments lose their assay certification once separated. For buyers who specifically need individually certified small bars, the PAMP Multigram preserves provenance better. For buyers who want divisibility as an option but expect to sell the whole bar most of the time, the CombiBar's lower total premium makes more sense.