Singapore Bullion Market Association

Chairman’s Foreword – A Look Back at 2017 And What’s Ahead

By Sunil Kashyap, Chairman, SBMA

Published on January 9, 2018

May I start by wishing all our readers a happy new year.

It has proved an exciting 12 months for SBMA as we continue to grow and expand our profile in Singapore, across the Asia Pacific region, and the international market. The first Crucible newsletter of the year presents an opportunity for us to reflect on some of our achievements:

  • We have grown our membership to 37 members and there is a healthy interest in the Association among prospective members.
  • A highly successful inaugural Asia Pacific Precious Metals Conference (APPMC) in June 2017. This included the execution of MOUs with Myanmar Gold Development Public Co. Ltd and the Chinese Gold and Silver Exchange Society (CGSE).
  • Healthy and proactive working relationship developed with the London Bullion Market Association (LBMA). This was recognised through its support of the APPMC and with SBMA also being prominent at LBMA’s annual conference in Barcelona in October.
  • New relationships in the Australian market, with SBMA attending the Precious Metals Investment Symposium in Melbourne in November 2017. We also maintain an active and regular dialogue with prominent Chinese bullion market participants such as Shanghai Gold Exchange and CGSE in conjunction with the MOU referenced above.
  • Website enhancements and content, which has resulted in increased traffic of over 900% over the past year. This has also been accompanied by increased social media interaction.

All of the above has contributed to SBMA’s stronger financial position. We have expanded our income streams away from only relying on membership fees to include sponsorship arrangements, positive surplus from the APPMC, and support from IE Singapore through the three-year LEAD programme. I would also like to emphasise that the support from IE Singapore extends beyond monetary assistance, and we greatly value their involvement and participation in our initiatives.

Many of you will have seen data released by IE Singapore at the end of last year relating to its annual bullion survey. I am sure you will agree that the results, which indicate a 30% year-on-year increase in gold trade volume and an additional 38 employment headcount in the IPM sector, is a big testament to the initiatives of the SBMA and efforts to make Singapore the bullion hub of Southeast Asia.

Looking forward, 2018 promises to be another year of note for SBMA. I am delighted to announce that our second Asia Pacific Precious Metals Conference will take place on 3–5 June 2018 at PARKROYAL on Beach Road, Singapore. Our maiden 2017 event recorded 330 participants from 22 countries, 35 renowned speakers and 12 exhibitors, generating tremendous and positive feedback from the bullion community. Naturally we are targeting to achieve even greater things this year and firmly believe that alongside LBMA, APPMC can be the premier event for the bullion industry.

We also plan to build on the successful educational seminars that were held in 2017, which also offer an excellent networking opportunity for our growing membership base. Aside of this, the Association has plans to undertake further outreach trips in the coming year to other Southeast Asian markets, in recognition of the benefits and awareness SBMA’s trip to Yangon in 2017 generated.

It has also been a year since the first issue of Crucible was published. One of our stated objectives is to use it as a platform for the bullion community to exchange and share ideas and initiatives to develop the industry further. Circulation and distribution has continued to grow and we welcome any feedback or ideas from our readers and members.

On behalf of SBMA, I would like to take the opportunity to thank you for your continued support and wish everyone a great year ahead.

Martin Huxley

Chairman, SBMA