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THE WORLD GOLD COUNCIL’S VISION FOR THE GOLD MARKET

By Chen Qinghan, Central Banks and Public Policy Lead, World Gold Council

THE WORLD GOLD COUNCIL’S VISION FOR THE GOLD MARKET​

As the leading market development organisation for the gold industry, the World Gold Council is committed to shaping the conversation around gold and improving understanding, access and trust for all stakeholders of the gold market.

The history of gold goes back many millennia, and given its historical connection with money, its role as a store of value has been established since antiquity. Notwithstanding the long history of gold, even today the gold industry is continually presented with new challenges in a rapidly evolving world.
Globally, digital transformation and heightened consumer and investor focus on Environmental, Social and Governance (ESG) issues have set new expectations and standards for how industries and businesses should operate. These transformations have impacted the gold industry as well. We at the World Gold Council welcome these changes, as they provide an opportunity and impetus for us to work towards a better future for gold.
In meeting these new challenges, we have a broad vision for the gold market, which is to improve integrity, accessibility and fungibility. In working towards this vision, we have various workstreams covering various aspects of the gold market. Below are some of our key focus areas and initiatives.

ARTISANAL AND SMALL-SCALE GOLD MINING (ASGM)

The World Gold Council and its member companies support the responsible mining and trading of gold from all legitimate sources, including artisanal and small-scale gold mining (ASGM).
Compared to large-scale mining operations, the great majority of ASGM takes place outside legal frameworks which makes it difficult to ensure best practices and standards. As a result of weak regulatory oversight, ASGM is sometimes associated with human and labour rights violations and the activities of organised criminal groups in some regions.
The World Gold Council recognises that government leadership is critical in formalising ASGM and in improving ASGM’s adherence to best practices in responsible mining and trading. We are currently working with a group of central banks, which actively purchase gold from domestic ASGM production, towards formalising the ASGM sector. Given the scale of their purchases, these central banks wield market power that can be used to foster lasting change through implementation of international standards and best practices.
Over two initial meetings in Paris and Vienna, the central banks involved agreed that the group would be a “trusted circle” where they can discuss best practices and learn from one another’s experiences. The World Gold Council is working with the group of central banks to finalise a set of common principles for central banks that purchase from domestic ASGM sources. The principles would require signatories to adhere to ESG best practices.
For our work with central banks in the ASGM field, the World Gold Council was awarded the Partner Initiative Award at the Central Banking Awards 2024.
As we continue to engage with and provide support for central banks, our vision is for central banks that purchase from domestic ASGM sources to exercise their market influence to foster a set of internationally recognised standards and best practices in ASGM.

GOLD BAR INTEGRITY PROGRAMME

The key to ensuring responsible gold sourcing and product integrity is the capability to ensure supply chain integrity. Recent developments in blockchain technology have put this within reach. The World Gold Council has partnered with the LBMA to develop and implement the Gold Bar Integrity (GBI) Programme, an international system of gold bar integrity.
Using distributed ledger (blockchain) technology, the programme aims to digitally monitor gold moving through the global supply chain by confirming provenance and providing transparency over the chain of custody. The goal is to expand the trusted, closed-loop ecosystem, which currently exists for the 400 oz gold bar market to also incorporate smaller bars, including kilobars. Over time, this will give consumers, investors and market participants increased confidence that their gold is authentic and has been responsibly produced and sourced.
For its pilot programme, the World Gold Council and LBMA brought together representatives from the global gold supply chain. The World Gold Council also made a strategic investment in aXedras, which will be the official service provider for the newly established GBI Database when it is launched later this year. The GBI Database aims to foster enhanced clarity, security, and stability in information-sharing across the market.
We envision that the GBI will provide consumers, investors, and market participants with greater confidence in gold as an asset class and advance standards for the common good of the global industry (see the entire value chain of the GBI below).
Entire Global Value Chain
The GBI’s Entire Global Value Chain

RETAIL GOLD INVESTMENT PRINCIPLES

For thousands of years, gold has been prized by cultures around the world as a means of accumulating and preserving wealth. Today, there are many ways to invest in gold. Besides bars, coins and jewellery, there are also products such as exchange-traded funds (ETFs).

Today, there are many ways to invest in gold. Besides bars, coins and jewellery, there are also products such as exchange-traded funds (ETFs).

While products such as ETFs are subject to financial market regulation, many other gold investment products are not. This makes it difficult for retail gold investors, particularly first-time gold investors, to feel confident about investing in gold. A consumer survey by the World Gold Council in 2019, covering 18,000 participants from the US, China, India, Russia, Germany, and Canada, highlights this issue. It shows that almost half of prospective retail gold investors cite lack of trust as a barrier to investing in gold.
To tackle this issue, in 2020 the World Gold Council launched the Retail Gold Investment Principles (RGIPs). Developed in consultation with 52 industry stakeholders from 16 countries, the RGIPs provide best practice principles for providers of all kinds of retail gold investment products.
Widespread adoption of these principles will foster the highest levels of fairness, transparency and integrity across the market so retail gold investors can feel confident when investing in gold. We believe that the retail gold industry will only fulfil its potential if it is trusted by investors. The RGIPs are now available in key markets like India, China, Singapore, Germany, and North America.
As we continue to collaborate with stakeholders in other markets to develop the RGIPs for their markets, it is envisaged that the adoption of the RGIPs will lead to greater trust, benefiting customers and product providers alike, and creating value and driving demand across the industry.
SBMA THE WORLD GOLD COUNCIL’S VISION FOR THE GOLD MARKET
Various forms of Retail Gold

Technology and the future of gold

Gold has unique properties that make it critical in the technology sector. For example, gold is found in almost all high-end electronic devices, such as tablets and smartphones. With increasing electrification and consumer demand for electronic devices, gold’s unique properties will see it benefit from these macro trends.
But gold also has uses in lesser-known domains. Medical diagnostics is one of those fields. Gold in its bulk form is inert; it is unreactive from a chemical perspective. However, in increasingly small particles, this changes. This makes gold useful in nanotechnological applications such as lateral flow assays (LFAs). Billions of tests used around the world every year rely on gold nanoparticles, such as malaria, HIV-AIDs and COVID testing.
If you have used a COVID test before, you have been looking directly at gold probably without realising it. The purple line you were peering at were made up of millions of tiny gold nanoparticles. These types of tests are a crucial medical tool, offering quick, accurate and cost-effective diagnostics, and gold is a critical component.
The World Gold Council plays an active role in exploring the application of gold in the medical sphere. One example is our support for research at the University of Toronto, focused on developing new ways of treating brain tumours using gold nanoparticles as carriers for potentially lifesaving drugs.
Gold nanoparticles have also been shown to be a highly effective catalyst in the transformation of carbon dioxide (CO2) to carbon monoxide (CO), which has transformative potential in the field of climate change if it can be developed at scale. The World Gold Council is currently working with the National Research Council of Canada on a project exploring the possibility of taking carbon dioxide out of the atmosphere and turning that into carbon monoxide which can be turned into fuels.
The World Gold Council anticipates that the involvement of gold in technological applications will grow as technology advances, and we will continue to support projects and research that aim to harness gold’s unique and dynamic capabilities.

Building Singapore as global gold hub

China and India are the largest gold consumer markets in the world, while Southeast Asian economies have also seen significant growth. The rapid rise of Asia as the largest source of gold buying has moved the centre of gravity of the market, and this has created an opportunity for an international gold hub in Asia. The World Gold Council and the Singapore Bullion Market Association are currently working with local stakeholders to explore developing Singapore’s role in the global gold market.
This is an exciting initiative and forms an important part of the World Gold Council’s global vision for the gold market. We will no doubt meet with challenges along the way, and welcome the opportunity to work with various stakeholders towards this shared vision.
CHEN QINGHAN
CHEN QINGHAN is responsible for engagement with central banks and sovereign wealth funds on topics relating to gold reserves management. She was previously an investment portfolio manager and worked on investment strategy and portfolio risk management, and worked in the Reserves and Investment division of the Singapore Ministry of Finance, responsible for monitoring asset allocation and investment returns, risk management and performance benchmarking.
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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.

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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.