Singapore Bullion Market Association

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Crucible Issue 33
Singapore Bullion Market Association
The Global Centre
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ABOUT SBMA
(Singapore Bullion Market Association)

OUR VISION & MISSION

Our vision is for Singapore to emerge as a leading precious metals hub in the Asia Pacific region and a global centre of connectivity for precious metals.
Our mission is to empower member companies to flourish within Singapore and leverage its strengths as a launchpad for Asia Pacific expansion.

MEMBERSHIP

SBMA is a non-profit member-driven organisation that represents our members from the precious metals industry, including but not limited to bullion banks, exchanges, refineries, trading firms and logistics companies. Our members enjoy wide-ranging benefits from their membership.

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OUR SERVICES

ORGANISING

ORGANISING

SBMA organises conferences and networking events, providing opportunities for you to conduct business and gain valuable insights into precious metals from industry experts.

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CONSULTING

CONSULTING

Our Senior Management team and Management Committee members are esteemed leaders in the bullion industry. They offer valuable insights to assist you in establishing your precious metals business in Singapore or expanding into the Asia Pacific region.

CONTACT US
TRAINING

TRAINING

SBMA has also collaborated with our partners on developing a professional curriculum focused on gold for the region, training you and the next generation of professionals in the bullion industry.

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Mark the Dates for APPMC 2026 !

Join us back at Shangri-La Hotel Singapore from 14-16 June 2026.
The official photos and presentations for APPMC 2025 are now available. We look forward to reconnecting with everyone in APPMC 2026 at Shangri-La Hotel, Orange Grove Road, Singapore.
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Get Updated With Us

PRECIOUS METALS NEWS AND ACTIVITIES

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60 SECONDS IN PLATINUM

STRUCTURAL DEFICIT

Edward Sterck, the WPIC’s Director of Research, discusses why the platinum market is in deficit and how this contributes to platinum’s compelling investment case.

In commodities markets, a market in deficit is one where there is insufficient supply of a commodity to satisfy demand. In the case of the platinum market, supply is continuing to lag demand, leading to a structural deficit.

READ MORE
PLATINUM ESSENTALS

JUN‘25, FIVE-YEAR SUPPLY/DEMAND OUTLOOK; PLATINUM DEFICITS PERSIST, DESPITE A SHIFTING ECONOMIC LANDSCAPE

This Platinum Essentials leverages market developments seen through the first half of 2025 into our five-year forecasts for the platinum and palladium markets. The platinum investment case remains compelling, with the overriding feature being that the substantial market deficits of 2023 and 2024 are expected to persist throughout our forecast period to 2029f.
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OTHER EVENTS

SBMA DELEGATION TO SHANGHAI (JULY 2025)

The World Platinum Investment Council will be hosting the 5th Shanghai Platinum Week (SPW) from 7–10 July 2025 at the Dishui Lake Conference Center. Register and view the full agenda here

In conjunction with SPW2025, SBMA will also be organising an exclusive members-only delegation to Shanghai, which will attend the SPW events.

FOR MORE INFO
EVENTS

SBMA'S DELEGATION TO JAKARTA 2025

SBMA Delegation visit to Jakarta brought together representatives from over 18 member companies to explore Indonesia’s dynamic and fast-growing bullion market. Throughout the trip, delegates engaged with key industry players, financial institutions, and regulatory bodies to foster closer collaboration and lay the groundwork for future opportunities.

Singapore Bullion Market Association Delegation to Jakarta
ALL PHOTOS
HIGHLIGHTS
PLATINUM PERSPECTIVE

CHINESE PLATINUM JEWELLERY FABRICATION IS GROWING RAPIDLY AS CONSUMERS TURN AWAY FROM EXPENSIVE GOLD

Chinese platinum jewellery fabrication is showing signs of life after a decade long downturn. In 2024, China’s platinum jewellery reported 1% demand growth. However, with ten new platinum jewellery showrooms opening in Shuibei, China, so far in 2025, forecasts for China’s platinum jewellery fabrication demand have been revised upwards from 5% growth originally to 15% year-on-year growth to 474 koz in 2025f.
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EVENTS

First SBMA members networking event 2025

A big thank you to all who attended and made our first SBMA Member Networking Event of the year such a success! We were thrilled to welcome representatives from over 30 companies at Harry’s Boat Quay for an evening of meaningful conversations, new connections, and industry camaraderie.
PHOTOS

Crucible issue 34

Our latest edition presents you with news and stories from the precious metals industry, along with a collection of fascinating feature articles. You can either download our newsletter in PDF format or read it online today!

DOWNLOAD PDF
READ ONLINE
SIGN UP FOR SBMA NEWSLETTER
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Platinum Corner
sbma

Platinum Corner

Your Gateway to Platinum Investment Insights

EXPLORE PLATINUM CORNER
READ LATEST 60 SIP
READ LATEST PLATINUM QUARTERLY
READ LATEST PLATINUM PERSPECTIVES
READ LATEST PLATINUM ESSENTIALS
SHANGHAI PLATINUM WEEK 2025

Why set up your Precious Metals Business in Singapore?

Find out more:

SINGAPORE’S GOLD MARKET
SINGAPORE’S VALUE PROPOSITION

Looking to expand your precious metals business into the ASEAN region?

To gain insights about the region, read our Gold Market Analysis Reports.

ASEAN
INDONESIA
MALAYSIA
THAILAND
VIETNAM
PHILIPPINES
LAOS
Looking to expand your precious metals business into the ASEAN region?

OUR PROUD SPONSORS

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Stonex
Platinum Investment
ABC Bullion
Metalor
YLG Bullion
Silver Bullion

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SBMA Contact

Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.