Crucible 36 Archives - Singapore Bullion Market Association https://sbma.org.sg/category/media-centre/publication/crucible/crucible-36/ Singapore Bullion Market Association Tue, 10 Feb 2026 03:46:22 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://sbma.org.sg/wp-content/uploads/2016/11/cropped-site-identity-logo-32x32.jpg Crucible 36 Archives - Singapore Bullion Market Association https://sbma.org.sg/category/media-centre/publication/crucible/crucible-36/ 32 32 STRENGTHENING GLOBAL CONNECTIONS: SBMA AT THE LBMA CONFERENCE 2025 https://sbma.org.sg/media-centre/publication/crucible/crucible-36/strengthening-global-connections-sbma-at-the-lbma-conference-2025/ Wed, 26 Nov 2025 08:54:18 +0000 https://sbma.org.sg/?p=44882 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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STRENGTHENING GLOBAL CONNECTIONS: SBMA AT THE LBMA CONFERENCE 2025

By MARGARET WONG, Business Director, SBMA

The annual LBMA Conference is one of the most anticipated events in the international precious metals calendar – a global platform that brings together industry leaders, policymakers, and market participants from all corners of the world. This year, the 2025 edition in Kyoto, Japan, once again lived up to its reputation, offering exceptional content, flawless organisation, and invaluable networking opportunities.
Representing Singapore’s bullion community, Singapore Bullion Market Association (SBMA) CEO Albert Cheng and business director Margaret Wong participated actively throughout the week. Our focus was to engage key stakeholders, exchange strategic insights, and strengthen the relationships essential for the continued growth of our regional ecosystem.

Advancing Project Lion 2

A core objective for SBMA in Kyoto was to meet with international partners and provide updates on Project Lion 2. This second phase of our strategic initiative is designed to reinforce Singapore’s role as a trusted regional hub for precious metals. Building on the foundational achievements of Project Lion 1, this phase focuses on driving innovation, sustainability, and connectivity across the industry.
Project Lion 2 is driven by five strategic workstreams that define the roadmap for advancing Singapore’s bullion ecosystem and ensuring its seamlessly into the global market:
  • Workstream 1: Clearing, Settlement, Documentation and Trading Practices
  • Workstream 2: Vaulting/Logistics
  • Workstream 3: Taxation and Regulation
  • Workstream 4: Digitally Enabled Gold Products and ETFs
  • Workstream 5: Futures / ETFs / Digitally-enabled Gold Product Development
For more information about the five strategic workstreams, read page 17-18 of Crucible Issue 35.
The extensive discussions held with international partners and member companies offered valuable opportunities to brief them on these initiatives and gather feedback on the path ahead. The constructive input and encouragement received reaffirmed that Singapore’s efforts to strengthen its bullion ecosystem are strongly supported by the global community.

SBMA Champagne Roundtable: Conversations That Matter

One of the highlights of SBMA’s participation this year was our Champagne Roundtable, an engaging networking session that drew delegates keen to learn about Singapore’s latest bullion industry related developments. The atmosphere was convivial, facilitating open exchange on topics ranging from the evolution of responsible sourcing to digital gold platforms and broader opportunities for cross-border collaboration in Asia.
Singapore Bullion Market Association Revolutionising Wellness with Platinum
SBMA Champagne Roundtable at LBMA.
We were particularly pleased to connect with members and industry peers seeking a deeper understanding of Singapore’s strategy for the future of the precious metals sector. The Roundtable allowed us to effectively share updates on our initiatives while also prioritising the perspectives of our counterparts, reflecting SBMA’s commitment to fostering open dialogue and mutual industry growth.

Strengthening Industry Relationships

Beyond the formal sessions, the week was filled with important interactions at various networking events and dinners. We greatly appreciate the warm hospitality extended by our industry partners and the many invitations that allowed us to connect in more informal and personal settings.
Special thanks to JBMA for the network event and to LBB for organizing a special luncheon and to many others that we were unable to name everyone.

Note of Appreciation

We extend our sincere thanks to LBMA for hosting an exceptionally well-organised and insightful conference. From the thoughtfully curated agenda to the smooth logistics and welcoming atmosphere, every aspect of the event reflected LBMA’s dedication to advancing the global bullion market.
The high calibre of discussions, diversity of speakers, and professionalism of the overall setup were truly impressive. The LBMA Conference remains an indispensable forum for the exchange of ideas and for strengthening international cooperation, and we are proud to have been part of this year’s successful edition in Kyoto.

Looking Ahead

As the SBMA team returns from Kyoto, we do so with renewed purpose and a deep sense of optimism. The feedback and insights gained during our meetings will guide our continued efforts to develop Singapore’s position as a dynamic, transparent, and globally connected bullion hub.
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]]> GLOBAL GOLD PERSPECTIVES: INVESTMENT TRENDS, MARKETS AND SUSTAINABILITY AT KYOTO’S LBMA/LPPM GLOBAL PRECIOUS METALS CONFERENCE https://sbma.org.sg/media-centre/publication/crucible/crucible-36/global-gold-perspectives-investment-trends-markets-and-sustainability-at-kyotos-lbma-lppm-global-precious-metals-conference/ Wed, 26 Nov 2025 08:48:48 +0000 https://sbma.org.sg/?p=44873 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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GLOBAL GOLD PERSPECTIVES: INVESTMENT TRENDS, MARKETS AND SUSTAINABILITY AT KYOTO’S LBMA/LPPM GLOBAL PRECIOUS METALS CONFERENCE

By SHELLY FORD, Digital Content Editor, LBMA

As is tradition, the opening session of the LBMA/LPPM Global Precious Metals Conference in Kyoto began with opening remarks from LBMA – Dr. Paul Fisher OBE (chair) and Ruth Crowell (CEO) – and Dr. Jonathan Butler (TD Securities).

Unusually, though, this year’s opening session included a metaphorical “passing of the baton” as Paul stepped aside and welcomed Peter Zoellner as the new chair. Paul remarked that he was “more than happy to hand the reins over to someone so capable,” while Ruth took the chance to thank Paul for his “wisdom, strategy, and dedication to LBMA” over an impressive nine-year stint. Peter responded with hearty congratulations, applauding Paul’s achievements and sharing his excitement for what lies ahead.

Singapore Bullion Market Association Global Gold Perspectives
Peter Zoellner, LBMA’s new Chair, gives welcome remarks

Data-Rich Keynote

In the first keynote of the conference, Hiroshi Nakaso (Daiwa Institute of Research) explored how the shifting financial landscape is shaping the global currency system. Trends in the US dollar were discussed, how Japan’s CPI has fared, fiscal vulnerabilities, immigration flows, structural risks, and threats to central bank independence, as well as a hot topic that would echo throughout upcoming sessions – reciprocal tariffs – in this data-rich session.

Bullish Investment Session

Session Two, this year’s investment session, opened with a statement of sentiment from each panellist, who were unanimously bullish on gold. Digging down further, moderator John Reade (World Gold Council) guided the conversation between the panellists – Saad Rahim (Trafigura), Amir Ravan (Jain Global) and Wayne Gordon (UBS Wealth Management) – through topics such as GDP expectations, the relative merits of gold forecasts, how tariffs are expected to further affect goods prices, as well as key risks for global trade. The optimal amount of gold holdings was explored – “between 5% and 10%” according to Wayne Gordon – and a lively discussion followed on the circumstances required to create a bear argument for gold.

SGE Market Update

In Session Three, Dr Zeng Hui (Shanghai Gold Exchange) gave a market update covering gold prices, market volatility and its impact, consumption, and how gold bar and coins have jumped 24% to 265 tonnes in the region, overtaking jewellery for the first time in history. A look ahead to SGE’s next priorities followed, which included an emphasis on communication, contributing to a more inclusive and resilient global gold market, cross-border connectivity, and exploration of green gold in China.

Focus on Sustainability and Responsible Sourcing

A session focusing on sustainability and responsible sourcing followed, chaired by Alan Martin (LBMA) and including Enkhjin Atarbaatar (Bank of Mongolia), Dr. Robin Kolvenbach (Argor-Heraeus SA, Mendrisio), Gregory Mthembu-Salter (Phuzumoya Consulting) and Maribeth Borja (Bangko Sentral ng Philipinas). Topics included the importance and challenges of responsible sourcing and traceability, how to incorporate ASM material into the global supply chain, engagement with Good Delivery Refiners and the role of central banks.

A New Era of PGMs

Session 5 explored how critical Platinum Group Metals are being redefined as they enter a new era shaped by clean energy transitions, industrial innovation, and a growing emphasis on recycling. David Jolie (Valterra Platinum) moderated, while Lou Britton (Auris Noble), Dr. Katsuhiko Hirose (HyWealth Co), Taketomo Washida (Tokuriki Honten) and Ming Wen (Sino-Platinum Metals Co Ltd) gave presentations on various outlooks, challenges and opportunities available in this new era of PGMs.

Koo on Trump

Day Two began with a keynote from Richard Koo (Nomura Research Institute), which explored Japan’s trade relationship with the US in his session covering Trump, trade and tariffs. He touched on divisive economic developments and protectionist rhetoric that helped Trump to get into the White House, as well as the US trade deficit, how the strong dollar is killing free trade, and why Trump has opted for tariffs to correct trade imbalances.

Central Banks in the Hot Seat

Session 7 followed, exploring why gold is still essential for central banks. Moderator Peter Zoellner (LBMA) and panellists Heung-Soon Jung (Bank of Korea), Katarzyna Zajdel-Kurowska (World Bank), Jaime Cortina (Bank for International Settlements) and Joaquin Tapia (Banco de Mexico) examined why central banks have been buying gold, their views on liquidity and how central banks utilise the gold market.

Metals in Motion

Session 8 saw Adrian Ash (BullionVault) moderate a discussion on the flow of precious metals around the world and the challenges for carriers, vaults and others within the supply chain this year. The panellists – Mark Woolley (Brink’s Global Services), Tim Murray (Johnson Matthey), Joseph Stefans (MKS PAMP) and Steven Smith (HSBC) – ruminated on whether the market is “broken”, prices, dislocation, and, of course, tariffs.
The silver market was the subject of the next session, moderated by Rhona O’Connell (StoneX). Rhona and panellists Bart Melek (TD Securities), Nobuyasu Tsutsumi (Shoei Chemical Inc), and Jan Baczkiewicz (KGHM Polska Miedz SA) discussed market constraints, supply and demand, as well as the current silver landscape more broadly and its future prospects, and why the silver price is like Cinderella!
Asian gold demand was under the microscope in session 10, moderated by Nikos Kavalis (Metals Focus). Panellists Roland Wang (World Gold Council), Bruce Ikemizu (JBMA), Dileep Narayanan (Malabar Group) discussed seasonal demand, the divergence in jewellery demand compared to coin/bar demand, and Japanese investor enthusiasm for gold.

Wrapping Up

Finally, session 11 saw Suki Cooper (Standard Chartered Bank) and James Steel (HSBC) wrap up the two days in “Conference Talk”, with their top takeaways from each session. Ruth Crowell (LBMA) announced the winners of the various prizes up for grabs, kindly sponsored by Rand Refinery, MKS PAMP, and Royal Canadian Mint.
Delegates in the room forecast that the gold price at the time of the next LBMA conference in Sorrento, October 2026, would be $4,980.30.
LBMA would like to thank all our speakers for such engaging and insightful sessions, and special congratulations to Mark Woolley (Senior Vice President, BGS Europe, Brinks Global Services) for winning the Best Speaker Prize. Mark received a 1 oz. coin from the Royal Canadian Mint for his efforts.
Thanks also to our sponsors TANAKA and METALOR, CME Group, BMO, SAM Precious Metals, Osaka Exchange, LPPM, IPMI, Onsa Rafineri, Standard Chartered, MKS PAMP, Royal Canadian Mint, Rand Refinery, Women of StoneX, Women in PGMs, Ashoka Global, Uguras, Trafigura, Argor-Heraeus, Mitsui Bussan Commodities, Ishifuku, ICE Benchmark Administration, Tokuriki Honten, IBI International Logistics, Malca-Amit, Certiline, Asahi, Bank of China, and Vintage Bullion, as well as all of our exhibitors.
Singapore Bullion Market Association Global Gold Perspectives
From left: Ruth Crowell and Hitoshi Kosai

Wrapping Up

  1. Demand is broadening and deepening. Conversations across trading, refining, investment and central banking point to sustained, long term allocations from mainstream investors – not just in one region, but across jurisdictions. The question isn’t if the cycle endures, but how we build resilient market infrastructure to support it.
  2. Asian hubs are complementary, not zero sum. Hong Kong, Singapore and London each bring strengths, from access to regional liquidity to deep OTC connectivity. The thread that binds them is one trusted physical standard. As ever, the LBMA Good Delivery list remains the “golden thread” linking markets, enabling fungibility and integrity.
  3. Innovation is accelerating. From wholesale digital gold to advances in transparency and market integrity, the momentum is real. The focus now is scaling what works, responsibly.
I leave Kyoto inspired by the shared commitment to market integrity, responsible sourcing and innovation, and by the sense that we’re entering a new era for gold, powered by patient, long term investors who see gold as the liquid strategic asset it is.
Missed Kyoto? Watch our post-conference wrap up here and behind-the-scenes interviews on LBMA’s LinkedIn channel.
Register now for the LBMA/LPPM Global Precious Metals Conference 2026 in Sorrento, Italy.
SHELLY FORD is LBMA’s digital content manager and editor of its flagship publication, the Alchemist. She creates and develops content across digital channels that engages LBMA’s key stakeholders and supports the association’s vision and objectives. Shelly joined LBMA in 2021, bringing with her a wealth of experience in content, strategy and campaign creation from previous roles in publishing, professional and financial service industries, and other market associations.
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]]> LAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE FUTURE OF LAOS’ GOLD INDUSTRY https://sbma.org.sg/media-centre/publication/crucible/crucible-36/lao-gold-festival-2025-connecting-heritage-innovation-and-the-future-of-laos-gold-industry/ Wed, 26 Nov 2025 08:29:17 +0000 https://sbma.org.sg/?p=44863 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Lao Gold Festival 2025: Connecting Heritage, Innovation, and the Future of Laos’ Gold Industry

Produced in Collaboration with Lao Bullion Bank (LBB)

In 2025, Laos took a definitive step toward establishing its presence in the regional and global bullion ecosystem. The inaugural Lao Gold Festival 2025, held at the National Convention Hall in Vientiane, was a powerful celebration. It honored the nation’s deep-rooted cultural connection to gold but also its emerging role as a participant in Asia’s precious metals landscape.
Lao Bullion Bank (LBB), the festival’s visionary host, successfully brought together industry leaders, policymakers, jewellers, refiners, and regional associations. Their shared goal was clear: to transform Laos’ gold heritage into a sustainable, modern, and globally connected industry.

A Vision Beyond Gold

For generations, gold has been more than a precious metal in Laos – it is a cherished symbol of prosperity, protection, and pride. From family heirlooms to cultural ceremonies, gold carries profound emotional and economic value. In recent years, as Laos pursues greater financial stability and capital market development, gold has evolved into a strategic instrument for financial resilience.
LBB was established to institutionalise this transition from tradition to transformation. The Lao Gold Festival, therefore, was not merely an exhibition but a national platform to align culture, finance, and industry around a shared goal: building an inclusive and transparent gold ecosystem that supports Laos’ long-term economic vision.

Bridging Sectors, Building Ecosystems

The festival served as a crucial convergence point for multiple sectors, each vital to the future of Laos’ gold economy.

1. Financial Services

The prominence of LBB, the country’s first bullion banking institution, highlighted the power of financial innovation. LBB showcased products that allow individuals not only to store and save gold but also to leverage it as a sophisticated financial asset. This includes offering up to 2% annual interest on fixed gold deposits and utilising Gold Certificates as verifiable instruments for trade, collateral, or wealth preservation.
These accessible, transparent, and digitally enabled platforms are designed not only for high-net-worth investors but also for everyday citizens, enabling ordinary Lao people to participate directly in wealth preservation.

2. Jewellery, Design, and Creative Arts

Goldsmith booth at Lao Gold Festival
The Lao Gold Festival brought together goldsmith shops and jewellery makers from multiple provinces, bringing the country’s most talented artisans onto one national stage. This was a unique moment for local goldsmiths to present their signature designs and craftsmanship, each piece reflecting the distinct cultural identity of its region.
By convening these creators, the festival strengthened the local goldsmith community, fostering collaboration, creativity, and pride in local artistry. It also actively created opportunities for business development and export, connecting Lao gold products with regional markets and international buyers.
With the backing of LBB, these traditional artisans gained exposure to modern financial tools and professional networks, helping them scale their businesses while maintaining true to their cultural roots.

3. Gold & Silk: Fashioning the Future of Lao Craftsmanship

A major thematic element of the festival was weaving together heritage and modernity through a celebration of craftsmanship and confidence. Local goldsmiths and silk artisans showcased how ancient skills can evolve with the times – demonstrating how traditional weaving patterns and gold designs can speak to the style and spirit of the modern Lao woman.
Today, gold and silk have found a renewed purpose in Laos. Gold is no longer reserved for ceremonies or safekeeping; it is becoming part of everyday expression – a symbol of strength, independence, and self-worth. When paired with the nation’s legendary silk, it creates a harmony that captures both the finesse and the power of Lao femininity.
The festival’s curated exhibitions illustrated this blend beautifully: contemporary silhouettes stitched from traditional textiles, accented with light, wearable, and expressive gold jewellery. These pieces tell stories of women who move effortlessly between tradition and ambition – entrepreneurs, artists, and professionals who wear their culture with pride while embracing the future.
Through this creative exchange, LBB is working to elevate gold and silk as national assets. By actively supporting designers, goldsmiths, and weavers, LBB envisions a future where Lao design commands global attention – where gold and silk are not only cultural treasures, but also drivers of economic growth and creative export.

Driving Socioeconomic Impact

Beyond its commercial and industrial outcomes, the Lao Gold Festival was designed with a societal mission – to extend the benefits of gold-based development across communities.
  • Financial Literacy: LBB used the platform to promote financial literacy, helping the public understand how gold savings and digital gold banking can protect against inflation and currency volatility. Through workshops, interactive booths, and educational materials, the festival reached students, families, and SMEs, making finance approachable and practical.
  • Empowering SMEs: The event gave exposure to small and medium enterprises (SMEs) in jewelry, mining, and handicraft sectors – many of which operate informally. By creating direct connections between these businesses and larger institutions, the festival laid the groundwork for formalisation and access to capital.
  • Tourism and Cultural Diplomacy: The festival also positioned Laos as a destination for gold, culture, and craftsmanship. The Baci ceremony, fashion showcases, and silk exhibitions attracted both domestic and international visitors, helping to revive cultural tourism and strengthen Laos’ image as a country rich in heritage yet open to innovation.

Regional and Global Partnerships

One of the festival’s defining moments was the ASEAN Bullion Panel, jointly hosted by SBMA, featuring distinguished speakers from StoneX, Hua Seng Heng, Brinks, and LBB. The panel discussed “Integrating Laos into the Regional and Global Bullion Ecosystem”, emphasising the need for collaboration in refining standards, transparency, and digitalisation.
This dialogue symbolised Laos’ entry into the regional bullion conversation – a big step for a country that, until recently, had limited participation in formal precious metals trade.

Looking Ahead

For LBB, the Lao Gold Festival represents more than a single celebration. It is a long-term investment in the country’s creative and industrial future. The event is set to be held every year in September, marking a permanent fixture for Laos to showcase its craftsmanship, innovation, and cultural pride on the regional stage.
From left: Phongsavanh Phomkong, IFC Head of Office for Lao PDR and Dr Chanthone Sittixay, CEO of Lao Bullion Bank (LBB).
“Laotian goldsmiths are remarkably skilled. Their craftsmanship rivals the best in the region,” said Dr Chanthone Sittixay, CEO of LBB. “What they’ve lacked isn’t talent, but opportunity – a platform to be seen, to be celebrated, and to reach the world. That’s why we created the Lao Gold Festival – to give our artisans the stage they deserve.”
True to that mission, LBB has committed to funding the festival for its first five years. After this establishment phase, oversight will transition to the Lao Gold Association or national authorities, ensuring the festival continues as a public legacy project that belongs to the Lao people.
This sustained commitment reflects LBB’s fundamental belief that building a robust gold ecosystem requires a cultural movement alongside financial innovation.
The success of the Lao Gold Festival 2025 marks the beginning of a new chapter for Laos.
Through visionary leadership and cross-sector collaboration, LBB has not only built a financial institution but has also ignited a national movement to turn gold into a tool for progress, inclusion, and pride.
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]]> URBAN MINING WITH MEANING: BR METALS CHAMPIONS RESPONSIBLE PRECIOUS METALS RECOVERY https://sbma.org.sg/media-centre/publication/crucible/crucible-36/urban-mining-with-meaning-br-metals-champions-responsible-precious-metals-recovery/ Wed, 26 Nov 2025 08:19:41 +0000 https://sbma.org.sg/?p=44851 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Members Spotlight
Urban Mining with Meaning: BR Metals Champions Responsible Precious Metals Recovery

By SBMA

With a commitment to clean technologies, social impact, and transparent recycling, BR Metals is redefining what ethical value creation means in the circular economy.
As the global metals sector faces increasing scrutiny over its environmental and social impact, Singapore-headquartered BR Metals demonstrates that profitability and purpose can coexist. Named a Business for Good Champion at the 2025 Brands for Good Awards, the company is reshaping how the precious metals recycling industry defines value – moving beyond dollars and troy ounces, toward long-term, verifiable impact.

Building Trust Through Responsible Trade

At the core of BR Metals’ operations is a commitment to responsible sourcing and ethical partnerships. While it does not conduct in-house refining, the company works exclusively with reputable, audited facilities that align with its values. These partners recover platinum, palladium, rhodium, gold, and silver from spent catalytic converters, jewellery sweeps and industrial waste, materials that would otherwise contribute to landfill waste. By facilitating the return of these high-value resources to the production cycle, BR Metals supports both economic and environmental sustainability.
Leading the company’s transformation is founder Frank Chen, a two-time Entrepreneur of the Year (2019, 2024). who has expanded BR Metals’ footprint across Singapore, China, Malaysia, Vietnam, and Thailand. His focus on ethics and operational excellence has positioned BR Metals as trusted regional name in responsible secondary precious metals sourcing and trading.
BR Metals’ venture into precious metals trading evolved naturally from its recovery partnerships. What began as a means to manage recovered metals has since become a core business division, addressing the market’s demand for transparent and accountable trading channels. With its emphasis on pricing integrity, transparency and responsible sourcing, BR Metals has earned the confidence of a wide customer base and established itself as an ethical facilitator within the broader circular economy, where commercial success is tied to doing what’s right.
In a market often driven by price competition, BR Metals differentiates itself through transparency and trust. Its use of digitised assay reports, consistent sampling protocols, and open communication with clients establishes a clear framework for responsible trading. Customers can engage with the company confident that every ounce traded is ethically sourced and accurately represented — a value proposition that resonates in a marketplace increasingly defined by accountability and sustainability.
Catalytic converters recycling.

Innovating for a Cleaner, Safer Industry

Although BR Metals does not operate its own recovery facilities, its investments in upstream innovation are helping raise industry standards and reduce environmental harm. The company’s technology investments include patented bulk sampling systems designed to reduce dust pollution, cross-contamination, and worker exposure; automated laboratory processes that improve assay accuracy and safety, as well as reduces turnaround time, and significantly improves worker safety; and ongoing research into green recovery methods, such as using organic substances like sugar to replace hazardous chemicals.
“These aren’t just technical upgrades,” Chen noted. “They’re strategic moves that help elevate safety, accuracy, and sustainability across our operations and partnerships.”

Creating Shared Value Beyond Business

BR Metals views business success and social impact as interconnected. Its corporate social responsibility strategy is focused on long-term, measurable outcomes, particularly in the areas of education, inclusion, and environmental stewardship.

Through its scholarships and educational partnerships, BR Metals supports the next generation of sustainability leaders. The BR Metals Scholarship at the Singapore Institute of Technology assists undergraduates in the Bachelor of Engineering (Honours) in Sustainable Built Environment programme, while the BR Metals Sustainability Scholarship at the Singapore Management University supported students pursuing sustainability-related studies from 2022 to 2024. Together, these initiatives underscore the company’s belief in education as a catalyst for systemic change.
Beyond Singapore, BR Metals’ commitment to education extends to underserved communities in the region. In Laos, the company supported the construction of Keosamy Primary School in the Longxan District, providing access to free education for rural children who previously lacked such opportunities. To complement the new facilities, BR Metals also sponsored the installation of a running water system and sanitation infrastructure, significantly improving hygiene standards and supporting student well-being. These projects reflect a holistic approach – one that sees education, health, and dignity as interconnected aspects of community development.

During the COVID-19 pandemic, BR Metals provided supplies to quarantined migrant workers through The Migrant Centre, reflecting its readiness to step in during times of need

The company’s social initiatives also focus on promoting equity and care. BR Metals supports Pro Bono SG to enhance access to legal aid for low-income individuals, and contributes to the Bukit Gombak Senior Citizens Fund to provide nutritious meals and social programmes for elderly residents of Singapore’s Merdeka and Pioneer Generations. During the COVID-19 pandemic, BR Metals provided supplies to quarantined migrant workers through The Migrant Centre, reflecting its readiness to step in during times of need.
Environmental stewardship remains a central tenet of BR Metals’ mission. In Guangzhou, the company has donated books on sustainability, environmental protection, and urban mining to public libraries, aiming to broaden community understanding of circular resource management. Its teams have also led river rehabilitation projects involving clean-up and tree-planting activities to combat soil erosion and restore local ecosystems. Meanwhile, Shaoguan BR Metals actively participates in local environmental and sustainability networks, contributing industry expertise to drive collective progress. These initiatives highlight a consistent message: responsible industry practices must be accompanied by a broader commitment to environmental education and restoration.
As global demand for platinum group metals continues to grow – driven by clean technologies like hydrogen fuel, emissions control and renewable energy – BR Metals continues to strengthen its role in shaping sustainable supply chains through strategic sourcing, reliable sampling, ethical trading, and technical advisory, enabling the circular economy to function with integrity.
By expanding its regional presence, deepening R&D collaborations, and reinforcing social partnerships, the company is positioning itself to lead a new era of responsible resource recovery – one where economic value creation and environmental responsibility advance in tandem.
In an industry historically driven by price per ounce, BR Metals illustrates that true value lies in integrity and long-term impact. Its recognition as a Business for Good Champion reflects both its leadership and its ongoing effort to set a higher standard for the precious metals trade — one grounded in sustainability, transparency, and shared prosperity.
The message is clear: in the future of metals, doing good is not just good optics — it’s sound strategy, and it’s here to stay.

About BR Metals

BR Metals is a leading precious metals trading and recycling services provider in Asia, specialising in platinum, palladium, rhodium, gold and silver sourced from end-of-life industrial materials. Headquartered in Singapore with operations across China, Malaysia, Thailand, and Vietnam, the company collaborates exclusively with reputable, like-minded partners for recovery and refining. It was named a Business for Good Champion in 2025 and is led by Frank Chen, a two-time Entrepreneur of the Year (2019, 2024). Learn more at www.brmetalsltd.com

Singapore Bullion Market 2024 Asia Pacific Precious Metals Conference Summary

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]]> THAILAND’S GOLD MARKET AT A TURNING POINT https://sbma.org.sg/media-centre/publication/crucible/crucible-36/thailands-gold-market-at-a-turning-point/ Wed, 26 Nov 2025 08:06:49 +0000 https://sbma.org.sg/?p=44835 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Thailand’s Gold Market at a Turning Point

By TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng Group

Asia is the the heart of the global gold market, driving the majority of physical demand and trading activity. Among the region’s leading markets, Thailand stands out for both its depth and heritage.
Gold has long been embedded in the Thai way of life, valued as a store of wealth, a hedge against uncertainty, and a cultural symbol of prosperity and trust.
Today, Thailand’s gold market is more than a reflection of tradition but a dynamic ecosystem of innovation and liquidity. Supported by a nationwide network of around 9,700 gold shops, the country’s physical market connects retail, investment, and wholesale participants with exceptional efficiency. According to the World Gold Council, Thailand’s demand for gold bars and coins reached 39.8 tonnes in 2024, ranking seventh globally. In the second quarter of 2025 alone, demand rose 25% year-on-year to 11.6 tonnes.

Thailand’s gold industry has been evolving from a predominantly savings-driven market into a sophisticated financial ecosystem.

On the derivatives side, the Thailand Futures Exchange (TFEX) reports active gold futures trading of approximately 16 tonnes per day – roughly one‑third of the country’s annual physical demand. This places TFEX seventh globally and fourth in Asia for gold futures volume. This sustained appetite reflects the enduring confidence of Thai investors in gold as both a safe-haven and long-term asset.
Thailand’s gold industry has been evolving from a predominantly savings-driven market into a sophisticated financial ecosystem. Digital trading platforms, most notably GOLD NOW, developed by Hua Seng Heng, have broadened access to real-time trading and digital savings for a new generation of investors. Low entry thresholds and transparent pricing have encouraged broader participation and significantly increased liquidity within the domestic market.
This connection between physical gold and digital infrastructure has brought renewed momentum. As online trading volumes continue to rise, Thailand’s position as a key Asian gold trading hub becomes increasingly apparent.

Addressing a Regional Gap: An Asian‑Hour Benchmark

Despite the strength of Asia’s physical markets, one critical gap remains: the absence of a consistent, auditable gold reference price set during Asian trading hours. Most wholesale transactions in the region still reference London Bullion Market Association (LBMA) or COMEX benchmarks – prices set outside the region’s active hours and therefore less representative of regional liquidity patterns.
In addition, existing Asian‑hour reference prices are often denominated in local currencies, creating inconsistencies for an international market that predominantly prices gold in USD.
At the Thailand Gold Forum on 10 September 2025, TFEX, together with the Thailand Gold Traders Association and leading Thailand gold dealers, announced the development of the Thailand Gold Fixing Benchmark.
This initiative aims to provide a transparent, USD-denominated standardised reference price for wholesale gold, set during Asian trading hours. The benchmark will serve as the cornerstone of a more efficient, internationally aligned pricing mechanism, reducing reliance on benchmarks outside Asian hours, supporting domestic trades, better reflecting the supply-and‑demand dynamics of Asian markets.
Properly designed and governed, this fixing benchmark can anchor price discovery in Asian hours, complement existing global benchmarks, and support Thailand’s emergence as a regional trading hub.
MOU Signing Ceremony at Thailand Gold Forum 2025

Design, Governance & Phased Roll‑Out

The Thailand Gold Fixing Benchmark will feature regular AM and PM publications, expressed in USD per troy ounce for standard‑purity wholesale gold. Quotes will be collected from a group of approved market contributors through a standardised submission process, ensuring both consistency and fairness.

TFEX will be responsible for data submission, validation, and calculation under a transparent and auditable methodology that aligns with global best practices. Contributor identities will remain confidential, but anonymised disclosures may be published to reinforce market confidence.

Strong governance underpins the initiative. Initial contributors will include major Thai import‑export houses and leading dealers, reflecting the country’s established gold trading base.
Over time, participation may broaden to include a wider set of regional and international contributors, further strengthening representativeness and reliability.
The development follows a deliberate, phased roadmap.
  • Phase 1: Establish the USD-denominated Thailand Gold Fixing and demonstrate stability and correlation with existing global benchmarks.
  • Phase 2: Integrate the benchmark into domestic wholesale transactions and develop financial products tied to it, including structured notes and futures contracts.
  • Phase 3: Encourage cross-border adoption, positioning the Thailand Gold Fixing as a broader regional benchmark used by market participants across Asia.

Why the Benchmark Matters

Alignment with Asian trading hours
A benchmark set during Asian working hours provides regional participants with a reliable pricing anchor when they are most active. This facilitates accurate inventory valuation, real‑time risk management, and efficient pricing during the trading day, reducing exposure to overnight volatility and improving liquidity across the market.
Catalysing product innovation
A trusted benchmark supports the development of new financial products – from exchange traded derivatives (ETDs), ETFs and structured products to new futures formats, a credible fixing enables innovation in hedging, investment, and distribution. Standardisation creates opportunities for institutional investors seeking exposure to Asian gold markets under globally accepted risk‑management frameworks.
Enhancing regional competitiveness
Developing benchmark infrastructure enhances Thailand’s position within Asia’s gold value chain. The initiative will reduce transaction and hedging costs, improve transparency, and foster greater participation from international institutions. Over time, it will deepen market liquidity and contribute to a more integrated regional bullion ecosystem.

Thailand’s Golden Future

Thailand’s gold market sits at an inflection point. Long-standing cultural affinity and substantial physical liquidity now converge with digital innovation and strategic infrastructure development. The creation of the Thailand Gold Fixing Benchmark represents a pivotal step towards a more transparent, connected, and globally relevant marketplace.
By aligning local strengths with international standards, Thailand is building the foundation for sustainable growth and a better-integrated regional ecosystem. As this benchmark gains traction, it is poised to enhance market transparency, strengthen investor confidence and reinforce Thailand’s role as a vital hub within Asia’s – and the world’s – precious metals ecosystem.
TANARAT PASAWONGSE, Chief Executive Officer of Hua Seng Heng Group, leads one of Thailand’s most respected precious‑metals institutions with more than 75 years of heritage. Under his leadership, Hua Seng Heng has evolved from a family‑run gold house into a technology‑driven leader, and has propelled Hua Seng Heng into a comprehensive precious-metals solutions provider, serving clients from domestic retail to international wholesale. The group also offers exchange brokerage service for gold futures trading. Tanarat also serves as a board director of the Thailand Gold Traders Association, contributing to shaping the nation’s gold-market strategy and the industry’s broader development.
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]]> REVOLUTIONISING WELLNESS WITH PLATINUM: SMART JEWELLERY AND THE RISE OF A BILLION-DOLLAR MARKET https://sbma.org.sg/media-centre/publication/crucible/crucible-36/revolutionising-wellness-with-platinum-smart-jewellery-and-the-rise-of-a-billion-dollar-market/ Fri, 31 Oct 2025 06:58:22 +0000 https://sbma.org.sg/?p=44151 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Revolutionising Wellness with Platinum: Smart Jewellery and the Rise of a Billion-Dollar Market

By LU XIAOHUI, Founder, Shenzhen Zhijie

The convergence of precious metals and consumer technology is creating unexpected opportunities for the platinum industry. As smart rings emerge as the next generation of wearable devices, platinum’s unique properties position it as a premium material that could drive significant new demand in a rapidly expanding market segment.

The Smart Ring Revolution – A Market Overview

Singapore Bullion Market Association Revolutionising Wellness with Platinum
Figure 1: Smart wearables market size (Precedence Research)
Smart rings represent a fundamental shift in wearable technology, moving beyond the bulkier smartwatches that have dominated the market for the past decade. These compact devices now offer sophisticated health monitoring capabilities—including electrocardiogram (ECG) readings, body composition analysis, blood glucose trend tracking, and sleep management—all within a form factor that weighs as little as 3 grams.
Current-generation devices achieve medical-grade accuracy with ECG measurements showing less than 2% deviation and heart rate monitoring errors of ≤2 bpm, with sensitivity and specificity exceeding 94%. These specifications rival professional medical equipment, signalling the category’s evolution from fitness gadget to legitimate health monitoring tool.
From a market perspective, smart rings address key limitations of smartwatches: they’re discreet enough for formal settings, comfortable for 24/7 wear including sleep, and eliminate the “screen fatigue” associated with constant notifications. The global high-end smart wearable device market has maintained an average annual growth rate exceeding 20%, with projections showing continued expansion through 2030.

Platinum’s Technical Advantages in Wearable Applications

Platinum’s exceptional chemical stability, with a melting point of approximately 1,772°C and resistance to oxidation, makes it uniquely suited for devices in constant contact with skin, sweat, cosmetics, and moisture. Smart rings house precision sensors, chips, and electronic components that can degrade when exposed to corrosive substances. Comparative corrosion tests in simulated sweat environments demonstrate platinum’s superior resistance compared to conventional stainless steel, directly translating to longer device lifespans and reduced warranty claims.
Platinum’s excellent electrical conductivity, which remains stable even in low-temperature environments, is critical for optimising circuit design in space-constrained devices. More importantly, health monitoring sensors require direct skin contact, and platinum’s conductivity makes it an ideal material for sensor electrodes that must maintain consistent performance across varying conditions.

Beyond technical performance, platinum’s naturally lustrous silvery-white appearance and fine texture allow for intricate designs that elevate smart rings from functional gadgets to luxury accessories. Critically, platinum carries intrinsic value preservation and appreciation potential, transforming the product category from depreciating consumer electronics into “wearable assets” with collectible and investment dimensions. Figure 2 illustrates platinum’s price trend over the past three years, highlighting its strong value proposition for consumers viewing smart rings as long-term investments rather than disposable technology.

Singapore Bullion Market Association Revolutionising Wellness with Platinum
Figure 2: Platinum price over time (data: Johnson Matthey)

Technical Integration & Market Positioning

Pure platinum’s relatively low hardness (approximately 40 HV) can lead to wear and deformation in ring casings subjected to daily use. This limitation is addressable through platinum alloying techniques – by incorporating palladium, rhodium, or ruthenium, manufacturers can produce Pt950 alloys with hardness levels of 80–100 HV, significantly more suitable for durable applications while maintaining platinum’s beneficial properties. Advanced structural designs use composite configurations with platinum casings over high-strength titanium alloy frameworks, optimizing material usage while ensuring platinum doesn’t interfere with electromagnetic functions.
The integration of platinum enables distinct product positioning strategies across multiple consumer segments. At the luxury end, high-end jewellery smart rings target affluent consumers and jewellery collectors who prioritise aesthetics and value retention alongside functionality, positioning these products in jewellery boutiques rather than electronics retailers. Professional medical-grade devices serve healthcare providers and patients requiring continuous monitoring, where platinum’s biocompatibility and superior sensor performance justify premium pricing through improved data quality over multi-year device lifespans.
The jewellery industry itself is pursuing digital transformation, seeking to integrate technology without compromising aesthetic values. Furthermore, in an era where the emotional value of jewellery is increasingly personalized, platinum’s inherent tenacity and purity—core to its “Metal of Truth” ethos—resonate deeply with consumers. Its enduring nature positions platinum as a powerful vessel for authentic emotions.

Supply Chain Implications for the Platinum Industry

While individual rings require relatively small amounts of platinum – estimated at 2-5 grams per device for partial integration and 8-15 grams for full platinum construction – market scale transforms these modest quantities into meaningful demand. If platinum smart rings capture even 5% of the projected high-end wearables market by 2030, this could represent demand for several metric tons annually. More importantly, this demand would be relatively price-inelastic compared to automotive applications, as material cost represents a smaller proportion of total product value and serves as a key differentiator rather than a commodity input.
Smart ring manufacturing requires platinum in specific forms and alloys that differ from traditional jewellery or industrial applications. Collaboration between platinum refiners, alloy developers, and device manufacturers will be necessary to establish supply chains for Pt950 and other proprietary alloys optimized for wearable applications. These alloys must balance hardness, workability, biocompatibility, and electrical conductivity in ways that traditional platinum jewellery alloys do not address.
The “value preservation” marketing narrative that manufacturers are likely to employ could influence consumer perception of platinum more broadly, potentially creating positive spill over effects for other platinum jewellery and investment products.

CHALLENGES & PATH FORWARD

Singapore Bullion Market Association Revolutionising Wellness with Platinum
Figure 2: Platinum price over time (data: Johnson Matthey)
Several obstacles must be addressed for platinum smart rings to achieve significant market penetration. Cost control represents the most immediate challenge, as platinum’s high price substantially increases production costs. Strategic material usage – applying platinum selectively to outer rings, electrode components, and decorative bezels rather than entire device structures – can preserve premium appeal while managing costs, though this risks undermining the “investment value” narrative that justifies premium pricing.
Technology development presents challenges across multiple domains including materials science, electronic engineering, and miniaturised manufacturing.
Consumer education represents perhaps the most underestimated challenge, as awareness of “platinum smart rings” as a distinct product category remains virtually non-existent.

Outlook: A Niche with Growth Potential

Platinum-integrated smart rings represent a premium segment within an emerging product category. However, the convergence of health technology, luxury goods, and wearable computing creates conditions where this niche could scale significantly over the next decade.
For the platinum industry, smart rings offer strategic advantages: they provide demand diversification beyond automotive and traditional jewellery applications; they position platinum in a technology context that appeals to younger consumers; and they create opportunities for value-added product development in collaboration with innovative manufacturers.
The success of platinum smart rings will depend on continued technological advancement, effective cost management, and manufacturers’ ability to articulate compelling value propositions that justify premium pricing. Early indicators suggest consumer receptivity exists, particularly in Asian markets where both wearable technology adoption and platinum jewellery traditions are strong. As the product category matures, the platinum industry should monitor developments closely and engage proactively with manufacturers to ensure optimal material specifications and supply chain efficiency.
DISCLAIMER: The information in this article has been contributed by Platinum Guild International and represents the views of the contributor. This publication has not independently verified the technical specifications, performance claims, or market projections discussed herein. This article is intended for informational purposes only and should not be construed as an endorsement of any specific product or technology.
Singapore Bullion Market Association Revolutionising Wellness with Platinum
SHENZHEN ZHIJIE founded in 2023, is a high-tech company specializing in the research and development of smart jewelry products. Its business targets the international and domestic jewelry industries. The company comprises the Zhijie R&D Center (Nanshan, Shenzhen), the Algorithm and New Technology Research Institute, the Zhijie Product Design Innovation Factory, the Supply Chain Management Department, and the Delivery Center. Currently, it has applied for multiple invention patents, utility model patents, and several software copyrights. It boasts a global IoT cloud platform.
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]]> Advancing Asset Transparency in Tokenised Gold https://sbma.org.sg/media-centre/publication/crucible/crucible-36/advancing-asset-transparency-in-tokenised-gold/ Fri, 31 Oct 2025 06:51:34 +0000 https://sbma.org.sg/?p=44135 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Advancing Asset Transparency in Tokenised Gold

By CICI LU, Head of Research, Matrixdock

In today’s environment of monetary debasement fears, complex geopolitical tensions, and record central-bank purchases, demand for physical gold has surged to unprecedented levels. Against this backdrop, tokenization represents a new form of ownership that leverages blockchain technology to make access to physical bullion more transparent, verifiable, and inclusive.
A paradigm shift is underway: from the traditional model of trusting institutions to emerging systems of verifying assets independently. In the next generation of finance, where transparency and autonomy increasingly define credibility, tokenized gold offers a way to own the world’s oldest safe haven asset through the most modern form of assurance.
Tokenisation of Real-World Assets (RWAs) is one of the fastest-growing segments in onchain finance, with the potential to bring more than $400 trillion in traditional assets onto blockchain infrastructure. As the industry matures, trust and transparency in the underlying asset become critical to sustainable adoption. Commodities, particularly gold, given its long-standing role as a store of wealth, offer a clear case study of how tokenisation can modernise legacy asset classes by delivering verifiable, real-time proof of backing, enabling investors to confirm holdings with greater clarity than is typically available in traditional markets.
Matrixdock, an Asia-based RWA tokenisation platform under the Matrixport Group, is a member of both the Tokenized Asset Coalition (TAC) and the Singapore Bullion Market Association (SBMA). In July 2025, the platform completed its second independent audit of XAUm’s physical gold reserves, demonstrating how regular third-party verification can enhance transparency and investor confidence in tokenised gold.
This latest audit, conducted with institutional-level rigor and combined with modern technology, reaffirmed that each XAUm token is backed 1:1 by 99.99% purity London Bullion Market Association (LBMA)-accredited gold. It illustrates how tokenisation technology bridges the physical and blockchain worlds, making each token’s backing verifiable and traceable in real time.

Why Reserve Integrity Matters

The XAUm model integrates dual complementary verification layers: professional third-party inspections, conducted by the same auditor that serves leading gold ETFs such as SPDR Gold Shares (GLD), and a continuous, real-time blockchain-based third-party data providers such as Dune Analytics. Together, these processes provide investors with enhanced visibility into the gold holdings backing each token.
A recent semi-annual audit of the reserves backing XAUm inspected 421 pieces of LBMA-accredited 1 kg bars stored across Brink’s and Malca-Amit facilities. Each bar was individually weighed and measured to confirm its physical specifications matched vault records.
Singapore Bullion Market Association Advancing Asset Transparency
Dune data reflects the on-chain supply and reserve records as of August 16, 2025. The Audit Report verifies XALum’s reserves as of July 15th, 2025. Since then, 2 additional LBMA-accredited gold bars have been minted.
Singapore Bullion Market Association Advancing Asset Transparency
Results:
  • 421 kg of gold = 13,534.308 troy oz.
  • Matching total supply of 13,534.308 XAUm tokens.
  • Approx. US $45 million value (at $3,335/oz).
  • Full audit report publicly available on Matrixdock’s website.

Bridging Physical Audits and Onchain Verification

Matrixdock’s Gold Allocation Lookup tool enables token holders to see exactly which gold bars back their holdings, with updated vault information available in real time.
This approach demonstrates how an investor can verify the exact gold reserves backing their XAUm holdings directly from their digital wallet. The interface provides full transparency down to the bullion ID, refiner, vaulting location, and the investor’s proportional ownership of each bar.
Singapore Bullion Market Association Advancing Asset Transparency
Each XAUm token is backed by 1 troy ounce of 99.99% gold. Since a standard 1 kg gold bar equals 32.148 troy ounces, a full allocation of 32.148 XAUm corresponds to one whole bar. For example:
  • Line 1 shows 32.148 tokens fully allocated to Bar ID HS17862 with 99.99% purity, refined by Heraeus and stored in Brink’s vault.
  • Line 3 shows 8.772 tokens, representing 27% ownership of Bar ID HS17868 with 99.99% purity, also refined by Heraeus and stored in Brink’s vault.
This creates a traceable link between a physical asset and a digital token, something that has historically been opaque in precious metals markets.

Raising Transparency Standards for the RWA Industry

This transparency practice, combined with semi-annual professional third-party audits, real-time allocation look-up, and onchain analytics, illustrates how tokenised assets can achieve enhanced standards of transparency compared to traditional models.
This approach strengthens confidence for both individual and institutional holders and provides a practical example of how RWA issuers can align with emerging industry best practices.

What Real-World Problem Does Tokenization Address?

Tokenisation aims to address two structural inefficiencies in the traditional gold market: limited accessibility and suboptimal capital efficiency.
By bringing the highest-quality, LBMA-accredited gold onto the blockchain, tokenisation introduces a programmable layer on the asset that enables gold to circulate and be utilised with greater flexibility.
According to Eva Meng, head of Matrixdock, “Tokenisation fundamentally shifts trust from intermediaries to verifiable on-chain data, redefining how value moves across the financial ecosystem. This transformation turns gold from a passive reserve asset into an active financial building block as a part of the next generation of financial infrastructure.”
Gold exchange-traded funds (ETFs) revolutionised gold investment by offering exposure through brokerage accounts. However, ETFs are ultimately financial instruments tracking gold prices and incur management fees, which may reduce long-term returns.
Tokenised gold builds upon this model. XAUm offers ETF-like accessibility with a verifiable reserve of fully allocated gold. Token holders also enjoy flexible redemption options, from physical 1 kg bar deliver (available subject to eligibility and jurisdiction) to stablecoin settlement. In essence, tokenisation merges digital market accessibility with the tangibility of real gold ownership.
Purchasing physical gold through dealers or banks remains the most conventional form of investment but is constrained by pricing fragmentation, logistical frictions, and balance sheet inefficiency. Premiums, insurance, and transport costs vary across jurisdictions, leaving gold as a non-productive, static and high maintenance asset once acquired.
Tokenisation addresses these inefficiencies by offering modern solutions. Through blockchain-based representation in a unified onchain ecosystem, tokenised gold such as XAUm can potentially be used as collateral with decentralised finanance (DeFi) applications to borrow against stablecoins or cryptocurrencies such as Bitcoin with instantaneous settlement, without the need to physically move bars from vaults and manual transfer across multiple accounts, which significantly improves asset mobility, collateral velocity, and overall capital efficiency.

Building a Sustainable Tokenised Gold Model

For tokenied gold to achieve adoption at scale, the model must balance user accessibility, price transparency, and ecosystem utility. XAUm addresses these objectives with a simplified pricing structure. With all-in mint and redemption prices published in real-time and no ongoing storage or transaction fees, this streamlines the investment journey, making gold investment more accessible for participants.
A common question from traditional market participants centres on the economic viability of this model. The answer is that its sustainability derives from network scalability driven by broader user accessibility and new revenue sources when tokenised gold attains transactional velocity within a programmable, onchain financial system.
At a foundational level, and consistent with traditional market-making frameworks, pricing remains anchored to the global spot gold benchmark, with narrow spreads between minting, redemption, and secondary-market trading that reflect custody, liquidity, and operational costs.
As Singapore strengthens its role as a global hub for both bullion trade and digital-asset innovation, the convergence of precious-metals expertise and blockchain transparency is shaping a more efficient, trustworthy, and interconnected future for gold as an asset class. Platforms like Matrixdock are contributing to building the foundational technology that will support this evolution of gold as an asset.
This article is based on material from the article “Advancing Reserve Transparency in Tokenized Gold”, published by the Tokenized Asset Coalition (August 2025).
These materials are provided for general informational purposes only and do not constitute investment advice, financial advice, an offer, solicitation, or recommendation to buy, sell, or hold any digital asset, or to engage in any specific investment strategy. XAUm and any related products or services are subject to jurisdictional and regulatory restrictions and may not be offered, distributed, or made available in certain jurisdictions (including, without limitation, Hong Kong and Singapore).
Singapore Bullion Market Association

CICI LU is the Head of Research at Matrixdock. Cici has over a decade of experience across capital markets and digital assets. A former institutional banker turned digital-asset advocate, she focuses on bridging the knowledge gap between traditional finance and the emerging RWA economy, connecting macroeconomic perspectives with on-chain tokenization innovation.

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]]> THAILAND GOLD FORUM 2025 https://sbma.org.sg/media-centre/publication/crucible/crucible-36/thailand-gold-forum-2025/ Fri, 31 Oct 2025 06:06:13 +0000 https://sbma.org.sg/?p=44101 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Thailand Gold Forum 2025

By SBMA

Singapore Bullion Market Association Thailand Gold Forum 2025
The Singapore Bullion Market Association (SBMA) once again participated in the Thailand Gold Forum 2025, held at the Queen Sirikit National Convention Center as part of the 72nd Bangkok Gems & Jewelry Fair. Themed “Collaboration, Innovation, Transparency & Sustainability, and Global Gold”, this year’s forum brought together the region’s leading bullion stakeholders and industry experts to explore the future of gold trading in Southeast Asia. The forum visit was complemented by an extended delegation programme that included facility tours and strategic engagement with SBMA’s Thailand-based member companies.

Forum Highlights: Regional Perspectives on Market Transformation

The forum underscored Southeast Asia’s growing importance as a driving force in the global bullion market, with panel discussions exploring how regional cooperation, policy transformation, and sustainable development can accelerate industry growth and resilience.
SBMA CEO Albert Cheng moderated two key sessions that anchored the day’s dialogue. The first panel, “Transforming Thailand’s Gold Market”, featured Boonlert Siripatvanich, CEO of Ausiris Co., Ltd.; Nuttapong (Golf) Hirunyasiri, CEO of MTS Gold Co., Ltd.; Pawan Nawawattanasub, CEO of YLG Bullion International Co., Ltd.; and Tanarat Pasawongse, CEO of Hua Seng Heng Commodities Co., Ltd.
Singapore Bullion Market Association Thailand Gold Forum 2025
From left: Albert Cheng, CEO, SBMA; Nuttapong (Golf) Hirunyasiri, CEO, MTS Gold Co., Ltd.; Pawan Nawawattanasub, CEO of YLG Bullion International Co., Ltd.; Tanarat Pasawongse, CEO of Hua Seng Heng Commodities Co., Ltd.; Boonlert Siripatvanich, CEO of Ausiris Co., Ltd.
The discussion examined Thailand’s market evolution from multiple angles. Siripatvanich examined how forward-looking policy reforms and infrastructural transformation could reshape the Thai market landscape, while Hirunyasiri reflected on the role of technological and structural innovation in expanding Thailand’s bullion capabilities. Nawawattanasub emphasised the growing imperative for transparency and sustainability, highlighting how self-regulatory organisations (SROs) can strengthen industry integrity. Pasawongse concluded with insights on positioning Thailand for greater prominence in the global gold market.
Singapore Bullion Market Association Thailand Gold Forum 2025
From left: Albert Cheng, CEO, SBMA; Nikos Kavalis, Managing Director, Metals Focus; Shaokai Fan, Head of Asia Pacific (ex-China) and Global Head of Central Banks, World Gold Council; Souphaphone Souvannavong, Deputy CEO, Lao Bullion Bank; Amar Singh, Head of Metals – Asia Pacific and Middle East at StoneX APAC Pte Ltd.
Following a networking break, Cheng moderated a second session titled “Gold Markets in Southeast Asia”, bringing together Shaokai Fan, Head of Asia Pacific (ex-China) and Global Head of Central Banks at the World Gold Council; Nikos Kavalis, Managing Director of Metals Focus; Amar Singh, Head of Metals – Asia Pacific and Middle East at StoneX APAC Pte Ltd; and Souphaphone Souvannavong, Deputy CEO of Lao Bullion Bank. The session facilitated substantive exchange on regional market dynamics, central bank gold strategies, transparency initiatives, and the pathways to deeper ASEAN integration within the global bullion ecosystem. The formal programme concluded with a networking reception jointly hosted by the World Gold Council and the Gold Traders Association.
Singapore Bullion Market Association Thailand Gold Forum 2025
Some SBMA representatives were at the Networking Reception hosted by the World Gold Council and Gold Traders Association.

Member Engagement: Deepening Thailand Market Understanding

In conjunction with the forum, the SBMA Secretariat led a delegation programme designed to strengthen relationships with Thailand-based members and gain first-hand insight into the country’s dynamic bullion ecosystem.
The delegation’s visit began with a welcome reception hosted by YLG Bullion International Co., Ltd., where CEO Pawan Nawawattanasub provided updates on the company’s recent business developments and offered delegates perspective on Thailand’s regulatory and operational landscape.
Singapore Bullion Market Association Thailand Gold Forum 2025
SBMA delegation with YLG Bullion International management team.
Later that evening, Hua Seng Heng graciously hosted SBMA delegates and guests for dinner, providing a convivial setting for networking and exchanging ideas. On the last day, the SBMA Secretariat toured the company’s headquarters and goldsmith shop in Bangkok’s Chinatown district, where they were introduced to GOLD NOW, Hua Seng Heng’s gold savings application – an example of how traditional bullion business are embracing digital channels. SBMA extends its sincere thanks to Khun Tanarat and the Hua Seng Heng team for their generous hospitality and continued partnership.
SBMA delegates and guests hosted by Hua Seng Heng for dinner.
Singapore Bullion Market Association Thailand Gold Forum 2025
SBMA Secretariat visiting Hua Seng Heng’s jewellery store in Bangkok Chinatown.
MTS Gold Group further extended its hospitality by hosting SBMA delegates for an evening of networking over dinner and drinks following the Thailand Gold Forum, and a comprehensive tour of the company’s refining facilities the next day. The visit to MTS Gold’s operations provided delegated with direct exposure to Thailand’s refining capabilities and technical standards, offering valuable context for understanding the country’s position in regional supply chains.
Singapore Bullion Market Association Thailand Gold Forum 2025
Networking drinks hosted by MTS Gold Group.
Singapore Bullion Market Association Thailand Gold Forum 2025
The SBMA delegation at MTS Gold refinery with Dr Toy (Kritcharat Hirunyasiri), President of MTS Gold Group, Nuttapong(Golf) Hirunyasiri, CEO, and Keeradit Hirunyasiri, COO of MTS Gold Group.

Looking Ahead

SBMA’s participation in the Thailand Gold Forum 2025 and the accompanying outreach visits reflects the association’s approach to regional market development: combining public knowledge with targeted bilateral relationship-building. Thailand represents one of Southeast Asia’s most established bullion markets, and deeper understanding of its ecosystem strengthens SBMA’s capacity to facilitate cross-border collaboration among member companies.
SBMA extends appreciation to World Gold Council, YLG Bullion International, Hua Seng Heng, MTS Gold Group, and all participating delegates for their support of this initiative. These engagements reinforce SBMA’s commitment to building an integrated, transparent, and globally competitive precious metals markets across the Asia-Pacific region.
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]]> STRENGTHENING REGIONAL TIES: SBMA’S DELEGATION TO LAOS AND THE LAO GOLD FESTIVAL https://sbma.org.sg/media-centre/publication/crucible/crucible-36/strengthening-regional-ties-sbmas-delegation-to-laos-and-the-lao-gold-festival/ Fri, 31 Oct 2025 04:36:03 +0000 https://sbma.org.sg/?p=44081 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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Strengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold Festival

By SBMA

The Singapore Bullion Market Association (SBMA) led a delegation to Vientiane from 4-6 September to participate in the first Lao Gold Festival, which drew over 30,000 attendees and more than 350 exhibitors from across the bullion and financial sectors. The visit marked a milestone in SBMA’s collaboration with the Lao Bullion Bank (LBB), which became an SBMA Foreign Associate Member in June 2025 following an earlier 2024 MOU on strategic cooperation.
Delegates were given exclusive access to LBB’s headquarters, including its authentication and refining facilities, and a showcase of its gold bar dispensing ATM, highlighting Laos’ innovation in retail bullion accessibility.
Singapore Bullion Market Association Strengthening Regional Ties
SBMA delegates at the Lao Bullion Bank. For more photos, please visit the SBMA website.
At the festival, SBMA CEO Albert Cheng joined a panel on integrating Laos into the regional and global bullion ecosystem, alongside representatives from Brinks Global Services and Hua Seng Heng. SBMA Management Committee member Nuttapong Hirunyasiri also spoke on gold’s role in wealth management.
Singapore Bullion Market Association Strengthening Regional Ties
From left: Albert Cheng, CEO, SBMA; Souphaphone Souannavong, Deputy CEO, Lao Bullion Bank; Tanarat Pasawongse, CEO, Huasengheng Commoditas Co., Ltd; Gary Freedman, Sub-Regional Manager (Southeast Asia), BRINKS Global Services Pte Ltd.
Singapore Bullion Market Association Strengthening Regional Ties
From left: Sunepha Detvongsa, CEO, IQURI Tech; Nuttapong Hirunyasiri, CEO, MTS Gold Global Trading Pte Ltd; Chanthavong Phamisith, CEO, Khamphouvong Group.
During the Gala Dinner, in his opening remarks, SBMA Chairman KL Yap emphasised that regional progress is strongest through cooperation, harmonised standards, and trust. The delegation also engaged with Lao government leaders and the Singapore Embassy, reinforcing ties beyond the bullion industry.
Singapore Bullion Market Association Strengthening Regional Ties
SBMA Chairman giving an opening remark at the gala dinner.
Singapore Bullion Market Association Strengthening Regional Ties
SBMA delegates with the Speaker of Parliament, as well as Lao ministers.
SBMA congratulates LBB on this important milestone and looks forward to building on this partnership to advance market development, capacity building, and standards alignment across the region.
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]]> SBMA NEWS https://sbma.org.sg/media-centre/publication/crucible/crucible-36/sbma-news-36/ Fri, 31 Oct 2025 04:07:55 +0000 https://sbma.org.sg/?p=44059 Navigate Article List SBMA NewsBy SBMAStrengthening Regional Ties: SBMA’s Delegation to Laos and the Lao Gold FestivalBy SBMAThailand Gold Forum 2025By SBMAThailand’s Gold Market at a Turning PointBy TANARAT PASAWONGSE, Chief Executive Officer, Hua Seng Heng GroupUrban Mining with Meaning: BR Metals Champions Responsible Precious Metals RecoveryLAO GOLD FESTIVAL 2025: CONNECTING HERITAGE, INNOVATION, AND THE…

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SBMA News

By SBMA

As 2025 draws to a close, the Singapore Bullion Market Association (SBMA) extends our warmest appreciation to all members, contributors, and sponsors for your continued trust and support throughout the year.
Your partnership has played a crucial role in advancing SBMA’s initiatives and strengthening the regional precious metals community. We look forward to building on this momentum in the year ahead!
Here are the highlights of SBMA’s activities from the past quarter:
September 30, 2025
As part of our ongoing SBMA Member Engagement initiative, the Secretariat visited valued members over the past quarter to foster deeper relationships and gain valuable insights into their operations, goals, and challenges. We thank all our members for their warm hospitality and thoughtful contributions to our discussions.
Singapore Bullion Market Association News
The SBMA secretariat with Frank Chen, managing director, BR Metals Pte Ltd.
October 14, 2025
SBMA CEO Albert Cheng participated in a panel discussion on “Gold, Dollar, Bitcoin” at the Goldman Sachs Southeast Asia Investor Conference 2025. He shared insights on how gold’s role as a safe haven has evolved in recent years, especially with the rise of digital assets and changing central bank demand.
Singapore Bullion Market Association News
Panelists from left: (moderator) Janice Foo, managing director, Asia Pacific Ex-Japan Macro Sales, Global Banking and Markets, Goldman Sachs; Albert Cheng, CEO, SBMA; Kelvin Koh, co-founder and partner, chief investment officer, Spartan Capital; Danny Suwanapruti, head, Asia Emerging Markets Foreign Exchange (FX) and Rates Strategy, Global Investment Research, Goldman Sachs.
October 15, 2025
The SBMA Secretariat was invited to Eco-Mastermelt’s 10th anniversary celebration, marking the grand opening of its second plant in Tuas, Singapore. The event began with a warm reception and ribbon-cutting ceremony, followed by a guided tour of the facility.
Singapore Bullion Market Association News
From left: Albert Cheng, CEO, SBMA; Ng Boon Chuan, general manager, Eco-Mastermelt Pte Ltd.; Margaret Wong, business director, SBMA.

UPCOMING EVENTS

June 14-16, 2026. Singapore

2026 Asia Pacific Precious Metals Conference (9th Edition)

The 2026 Asia Pacific Precious Metals Conference will be held at the Shangri-La Hotel in Singapore. Registration is now open, with early bird pricing available until 10 April 2026. For more details, visit https://asiapacificpmc.com/.

July 6-10, 2026. Shanghai, China

Shanghai Platinum Week (SPW) 2026

Shanghai Platinum Week will take place on 6-10 July 2026. For more information, visit www.shanghaiplatinumweek.com.

September 11-13, 2026. Lao

Lao Gold Festival

The second Lao Gold Festival will be held National Convention Centre in Vientiane, Laos.
Email info@laobullionbank.com for registration and event details.

Membership

SBMA’s total corporate membership consists of 83 member companies, including 4 Category 1 members, 43 Local Associate Corporate members, 33 Foreign Associate Corporate members, and 3 Affiliate members.

Disclaimer

© 2025 Singapore Bullion Market Association

The information and articles provided in Crucible are intended to be a guide of a general nature and for information purposes only. They are not intended to be recommendations or advice of any sort and therefore must not be construed as such. While we try to ensure that the information contained in Crucible is accurate, SBMA, the article contributors and their organisations do not accept any liability for any mistakes, errors, or omissions for any loss or damage arising from any reliance thereon. SBMA, the article contributors and their organisations also disclaim all responsibility for any loss, injury, claim, liability, expense, or damage of any kind resulting from, arising out of, or in any way related to any errors in, omissions from, or reliance on any part of the information, views, or opinions expressed in this publication.

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