Singapore Bullion Market Association

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Article List


By Ruth Crowell, Chief Executive, LBMA


Congratulations to the Singapore Bullion Market Association (SBMA) and its CEO Albert Cheng on a transformative 30-year tenure in the region, playing a pivotal role in the development of Singapore as an ASEAN precious metals hub and a global centre of connectivity for precious metals.

Over this period, LBMA has worked to support the SBMA, and strengthened relationships not just between bullion centres in London and Singapore, but with exchanges and trade associations in the region, sharing initiatives, knowledge, and best practices. I can fondly recall innumerable trips to meet Albert and other SBMA board members in Singapore. Particularly memorable was working together for our joint Bullion Market Forum in 2014 as well as holding the LBMA Conference in Singapore in 2016. Through these events and regular in person and virtual meetings we have connected with stakeholders across the region, including SBMA members, bullion banks, exchanges, refineries, trading firms and logistics companies, regularly throughout my own tenure as LBMA CEO.

I hope that LBMA support has contributed somewhat to SBMA’s vision for Singapore as a leading precious metals hub in the Asia Pacific region and as a global centre of  connectivity for precious metals. One of the many outcomes of the strong relationship I believe exists between LBMA and SBMA has undoubtedly been the  reinforcement of transparency, trust, and standards across the global supply chain.

At LBMA, we have seen significant and steady growth in the Asia region. The number of Good Delivery Refineries has increased even in the last few years, from 14 gold only refineries in 2020 to 16 in 2024, and from 21 silver-only refineries to 24 in the same time span. Meanwhile the number of refineries producing both metals in the region has increased from 24 in 2020 to 25 in 2024. These figures reflect a surge of activity, demand, and trust in the region. We have also seen a rise in the number of GDL applications from
Asia, particularly in the silver space.

This shift reflects the growing market for precious metals demand in Asia. Globally, LBMA has members from 24 countries, spanning five continents and all major bullion centres.

An upturn in LBMA membership in Asia is also apparent, with LBMA servicing 34 members from Asia in 2024 – comprising 13 full members and 22 affiliate members – up from a total of 28 members in 2013. This shift reflects the growing market for precious metals demand in Asia. Globally, LBMA has members from 24 countries, spanning five continents and all major bullion centres.


Our Sustainability and  Responsible Sourcing Strategy, launched in 2024, is ambitious.  We know we cannot do it alone – we need action from the entire global value chain, from rock to ring. Our five key areas of focus are:

  • Improvement of LBMA oversight of audits
  • Increasing the share of responsible ASM gold in the market
  • Trust and integrity across the full value chain
  • LBMA’s own sustainability
  • The wider sustainability agenda

Look out for our latest Sustainability and Responsible Sourcing Report later this year, which will provide an update on how we are delivering against this strategy, as well as other updates on the Responsible Sourcing Programme as a whole. Work is also underway on laying the foundations for the next Responsible Gold Guidance – Version 10 – that will be launched next year.

Another current key deliverable for LBMA is working with the World Gold Council on the Gold Bar Integrity initiative, which is set to digitise the Responsible Gold Guidance. The initiative aims to build greater trust in gold purity and the provenance of gold bars, bolstering transparency across the entire gold supply chain, removing risks associated with money laundering, threat financing, and illicit trade.

Meanwhile, LBMA – strengthened by its worldwide relationships – continues to ensure the quality of precious metals in the London market and beyond through its Good Delivery programme, Responsible Business Conduct thanks to the Global Precious Metals Code, and ethical sourcing of metals via its Responsible Sourcing Programme.

LBMA/LPPM Precious Metals Conference 2016 – Session 3: LBMA Developments,
moderated by Ruth Crowell, LBMA Chief Executive.
LBMA/LPPM Precious Metals Conference 2016 – Session 4: The Bullion Market in China,
moderated by Albert Cheng, CEO, Singapore Bullion Market Association.

LBMA’s Return to China

We are excited to return to China for the first time since COVID-19 to speak at the China Gold Congress and Expo, in the Gold Market Development Summit plenary session. The China Gold Congress takes place July 26-28, 2024 in Shanghai, and is hosted by the China Gold Association and World Gold Council.

Continue the Conversation

Register now for the Global Precious Metals Conference, which will take place from Sunday, 13 October till Tuesday, 15 October 2024 at The Diplomat in Miami, Florida, USA. Find out more and book your ticket at We hope to see you there!

Ruth Crowell is the Chief Executive of LBMA, responsible for its strategic development, in partnership with the Chairman and the Board. She maintains accountability to, and the quality of, the Association’s membership and Good Delivery refiners as well as representing LBMA’s interests in relation to regulators, investors, media and international precious metals markets. Prior to joining LBMA, she worked in bank finance and US corporate law and also acted as a monitor at the UN Commission on Human Rights in Geneva.