The discussions and sessions during the rest of the conference could perhaps be summarised in three words: 1) unprecedented, 2) resilient and 3) optimistic. The first word is borrowed from the keynote speaker, Ong Sin Beng. The experience over the last couple of years was unprecedented as developments in the world have led to conditions that many people have not seen in their lifetime.

As an industry, we face numerous new challenges and uncertainties and therefore have had to adapt and figure out a way to navigate them. This is captured by the second word: resilient. Throughout the conference, participants engaged in many meetings to look for synergies and ways to work together and grow their businesses, which is a testament to the precious metals market’s resilience. A common theme among many presentations not only highlighted that the global pandemic caused a dip in GDP and a decline in sales and volumes, but more importantly, that these have all recovered from the lows in the aftermath. The market has seen dislocations, but it has endured.

The final word is optimistic, perhaps cautiously optimistic, given the continued uncertainty that we faced with the ongoing recovery from the pandemic and the lingering geopolitical fears but hopeful, nonetheless. Developments in bar provenance and integrity, responsible sourcing, sustainability and Environmental, Social and Governance (ESG) goals are all moving in the right direction. The continued dialogue around these topics allows us to look forward to the industry’s future. Technology can help us towards these developments and enable the industry to evolve into the digital world. Updates on the various ASEAN gold markets detailed some positive changes and increasing regulatory support, which should help the region to grow and develop.

Following the warm welcome from SBMA’s chairman, the conference kicked off with three special addresses. David Tait, global CEO of the World Gold Council (WGC), walked us through WGC’s regional initiatives and vision for the gold market.

The third-panel session for the day, moderated by Sunil Kashyap, director of FINMET, focused on linking regional and international metals markets. Mirza provided the LBMA’s view, elaborating on the importance of having a common set of global standards, which could later be augmented to fit the regional context. Sachin Patel, senior director of metal products at CME Group, provided the perspective and insights from the CME, particularly into the unprecedented exchange for physical (EFPs) moves in 2020. Pramod Mohan, managing director of FINMET, then discussed the UAE gold market and the recent establishment of a UAE good delivery, currently with two refineries and more to come. To round up the panel, Ravi Ramakrishnan, head of precious metals trading Asia, JP Morgan, highlighted how the lack of fungibility in the gold market makes gold more of a commodity than a currency. He noted that varied demand drivers account for the key differences across the different markets. While it remains unclear how precious metals can be more fungible, it is important that the market is having the conversation.