Singapore Bullion Market Association

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Chairman’s Foreword – A look back at 2016 and what’s ahead

By Sunil Kashyap, Chairman, SBMA

Published on March 9, 2017

Dear Readers

Welcome to the inaugural issue of Crucible, the quarterly newsletter of the Singapore Bullion Market Association (SBMA). With this publication, we hope to provide a platform for the precious metals industry in Singapore and Southeast Asia, which, as the title implies, will lead to stronger ties among participants and create new growth opportunities.

It’s been an eventful past 12 months for SBMA, which has grown with strong support from International Enterprise (IE) Singapore, the government agency promoting international trade that partners Singapore companies in going global. Our three-year plan with IE Singapore, which is funded under the Local Enterprise and Association Development (LEAD) program, will create our foundation and raise the profile of SBMA and Singapore in order to support the precious metals sector and help establish Singapore as a precious metals trading hub. Going forward, SBMA will build up its regional networks and help members access business opportunities in new markets. We’ve already conducted an outreach trip to Myanmar in July 2016, and will return again in February 2017.

n the past year, we’ve grown to 35 members, launched a new website, and worked with the LBMA for its annual conference, held in Singapore in October 2016, which was warmly received by the delegates. One of the highlights of the event was the announcement of a feasibility study between SBMA, LBMA and the ICE Benchmark Administration (IBA) for a “Pre-AM gold benchmark” that would bridge the gap between the close of the U.S. market and the opening of the London market by providing customers with a daily price at 14:00 Singapore time (06:00 GMT), in addition to the current 10:30 and 15:00 (GMT) prices.

I’m also pleased to announce our first Asia Pacific Precious Metals Conference, which will be a platform for the precious metals community to raise and discuss issues related to the Asia Pacific precious metals market. The event, which will be held in June in Singapore, will provide networking opportunities for the bullion, jewellery and mining sector from the region and around the world, and allow delegates to understand and learn about new markets and meet new customers and suppliers from ASEAN, Oceania and the rest of Asia. We are also looking forward to seeing you at our Bullion Market Outlook 2017 seminar in March. You will find more details about both these events inside.

I’d like to encourage the precious metals community to be a part of Crucible and for the community to use it as a medium for exchanging and sharing ideas and initiatives to develop the industry further. I wish you a great year ahead.

Sunil Kashyap

Chairman, SBMA