Singapore Bullion Market Association

Website Sponsor

Article List

Article List

The Gold Traders Association: Championing Thailand’s Precious Metals Industry for a Sustainable Future

By PAWAN NAWAWATTANASUB, Board Member and Director of Public Relations, Gold Traders Association

The Gold Traders Association (GTA) plays a pivotal role in shaping and developing Thailand’s precious metals industry. As a leading trade organisation, the GTA strives to ensure stability, transparency, and growth for the gold market. The GTA’s strategic goals and vision for the future highlight its ambition to position Thailand as a regional hub for gold trading in Asia. Additionally, the association’s commitment to sustainability and social responsibility reflects its dedication to fostering a responsible and ethical industry.

Key Objectives and Vision

The GTA has long prioritised establishing Thailand’s gold industry as a competitive player in the global market. To achieve this, the association has set a series of strategic goals to elevate gold trading standards, promote investment opportunities, enhance the capabilities of industry participants, and contribute to the long-term sustainability of the sector.
  1. Aligning Thailand’s Gold Industry with International Standards

    A core objective of the GTA is to align Thailand’s gold industry with global benchmarks. This includes efforts to increase transparency in gold pricing, enhance quality control, and introduce standardised certification processes to verify the purity of gold. By ensuring these standards, the association aims to build Thailand’s reputation as a trusted source for gold trading and production. Achieving this goal will enable Thailand to compete more effectively in the international market while attracting foreign investment and interest in its gold sector.

    By implementing rigorous international standards, Thailand’s gold products, ranging from bars to jewelry, can meet the expectations of global buyers, boosting confidence in the quality and reliability of Thai gold.

  1. Enhancing the Capabilities of Gold Entrepreneurs

    Another critical role of the association is to support and develop gold entrepreneurs in Thailand. The gold industry, like other sectors, faces various economic challenges and must adapt to changing conditions. The GTA assists entrepreneurs by organising knowledge-sharing events, offering training programs, and facilitating access to resources related to gold trading and marketing.

    Through such initiatives, the association empowers entrepreneurs to grow their businesses and compete both domestically and internationally. This ensure that local gold businesses can navigate the complexities of the global market while contributing to the country’s economic development.

  1. Promoting Gold Investment

    The GTA recognises the need to create diverse investment opportunities within the gold sector. To this end, the association is actively involved in developing innovative financial instruments tailored for the gold market. Online gold trading platforms, such as Gold Online, have already been launched and provide a convenient and accessible channel for investors to buy and sell gold.

    These new financial tools allow investors to diversify their portfolios by incorporating gold, which is traditionally viewed as a safe haven asset. The GTA also seeks to promote gold as a hedge against economic and currency fluctuations, particularly during periods of market volatility.

  1. Ensuring Stability in the Gold Market

    The stability of the gold market is a top priority for the GTA. To achieve this, the association is working to create a transparent pricing system that reflects global market dynamics while ensuring fair market practices. By promoting transparency in pricing and quality, the association can foster a reliable and stable environment for buyers and sellers in the gold market.

    Furthermore, the GTA emphasises gold’s role as a low-risk asset during times of economic uncertainty. Gold investments are known for their ability to maintain value, even during periods of inflation or currency depreciation. As such, the association aims to position gold as a key component of secure investment strategies.

A long-term vision of the GTA is to establish Thailand as a regional hub for gold trading in Asia.

  1. Connecting Thailand to the Global Gold Market

    A long-term vision of the GTA is to establish Thailand as a regional hub for gold trading in Asia. This requires strong international collaboration with gold trading associations worldwide. The GTA is already working to promote the exchange of trade information, align market standards, and strengthen ties with key gold markets such as Switzerland, Hong Kong, and Singapore.

    Through these international connections, the association envisions creating a robust trading network that positions Thailand as a key player in the global gold market. This would benefit local businesses by providing more opportunities for trade and attracting foreign investors to the Thai gold sector.

  1. Promoting Sustainability and Social Responsibility

    In addition to its focus on economic growth, the GTA is deeply committed to fostering sustainability and social responsibility within the Thai gold industry. This involves encouraging ethical business practices, ensuring fair labour conditions, and minimising the environmental impact of gold production and trading.

    The association promotes transparency, good governance, and corporate responsibility across all levels of the gold industry, from mining to retail. By setting high standards for social and environmental accountability, the GTA ensures that the gold industry contributes positively to both the economy and society.

Structure of Thailand’s Gold Trading System

The structure of Thailand’s gold trading industry is complex, comprising several key components that contribute to the overall supply chain. These include gold importers and exporters, gold jewellery manufacturers, and gold retailers, each playing an essential role in the domestic and international gold markets.
  1. Gold Importers and Exporters

    Thailand relies heavily on imported gold to meet local demand, as domestic gold production is limited. Gold importers bring in high-purity gold bars, primarily from major gold-trading countries such as Switzerland, Singapore, and Hong Kong. The imported gold is then distributed to domestic markets for trading or transformed into jewellery.

    Conversely, Thailand’s gold exports are often influenced by global price fluctuations. A significant portion of these exports includes gold jewellery manufactured in Thailand, which is highly sought after in markets like India and the Middle East.

  1. Gold Jewellery Manufacturers

    Gold jewellery manufacturers in Thailand play a crucial role in transforming raw gold into finely crafted jewellery. These manufacturers typically work with gold bars of 96.5% or 99.99% purity, turning them into high-quality necklaces, rings, bracelets, and other ornaments.

    Thai goldsmiths are renowned for their craftsmanship, using both traditional techniques and modern technologies to meet market demands. The GTA supports these manufacturers by establishing quality control standards that ensure the purity and authenticity of gold products, helping to build consumer confidence in Thai-made gold jewellery.

  1. Gold Retailers

    Gold retailers serve as intermediaries between manufacturers and consumers. Retail shops across Thailand offer a wide range of gold products, including jewellery and gold bars. These retailers are key players in the gold trading ecosystem, setting prices based on daily announcements made by the GTA.

    Retailers also play an important role in recycling gold, as they buy old gold from consumers and sell it to refineries for reprocessing. Their services, which often include cleaning and repairing jewellery, help sustain customer loyalty and support the overall growth of the industry.

Establishing a Self-Regulatory Organisation (SRO) for Gold Trading

The GTA has taken significant steps toward establishing a self-regulatory organisation (SRO) to oversee the gold trading system in Thailand. The creation of an SRO is essential for ensuring fairness, transparency, and accountability within the industry.
The SRO will play a crucial role in overseeing gold importers and exporters, ensuring that they adhere to quality standards and legal regulations. This will enhance transparency in pricing and create a more reliable system for international trade.
For jewellery manufacturers, the SRO will focus on maintaining high production standards, ensuring product transparency, and protecting consumer interests. This will also help Thai manufacturers remain competitive in the global market.

Retailers, as the final point of sale, will be monitored by the SRO to ensure transparent pricing and product quality

Retailers, as the final point of sale, will be monitored by the SRO to ensure transparent pricing and product quality. The SRO will also work to uphold ethical business practices across the retail sector, promoting trust between retailers and consumers.

Summary

The GTA plays a vital role in the development and future growth of Thailand’s gold industry. Through its commitment to international standards, investment promotion, and market stability, the GTA is working to elevate Thailand’s position in the global gold market. The association’s focus on sustainability and social responsibility further underscores its long-term vision of creating a fair, transparent, and prosperous gold trading ecosystem. By fostering a collaborative, well-regulated, and globally competitive industry, the GTA aims to secure Thailand’s future as a leading regional hub for gold trading in Asia.
Singapore Bullion Market Association The Gold Traders Association: Championing Thailand’s Precious Metals Industry for a Sustainable Future
PAWAN NAWAWATTANASUB sits on the Board of Directors of the Thailand Gold Traders Association and is a SBMA Committee member. She is the CEO of YLG Bullion Singapore and the CEO and founder of YLG Bullion International, with almost 40 years of experience in the jewellery industry, having established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore.
PREV ARTICLE
NEXT ARTICLE
Back to Index

Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SBMA Committee-Photo-john-levin

Mr John Levin

Global Metals
TD Securities
John Levin is the Head of Metal Sales & Trading – APAC at the Toronto Dominion Bank’s Singapore office. Prior to this role, he devoted seven years to leading precious metal sales for the ANZ banking group in his home country, Australia. Notably, from 2009 to 2011, John played a significant role on the management committee of the London Bullion Market Association while serving as the Head of Precious Metals Sales for HSBC Global Banking and Markets in the UK.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA, represents the interests of the Association, and is responsible for all the legal and regulatory aspects of the work of the Association. He is the primary contact for regulators and government bodies on bullion market development.

Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.