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Investing in Talent: The Gold Industry Training Programme

By ANDREW NAYLOR, Head of Middle East and Public Policy, World Gold Council

Singapore Bullion Market Association Investing in Talent
In January the World Gold Council was delighted to collaborate with the Singapore Bullion Market Association on the third edition of the Gold Industry Training Programme. This programme is designed to provide an overview of the gold market and its supply chain, and the role of gold as an asset class, to individuals in the earlier stages of their professional journey, or for specialists interested in a deeper understanding of other areas of the supply chain. It was developed to create a pipeline of talent for the gold industry, and to position the gold industry as an attractive and interesting career proposition. To outsiders, the market might seem opaque – but the industry provides a unique opportunity to be involved in diverse markets, international banking and finance, and a broad range of topics including ESG, financial policy, market infrastructure, international trade, manufacturing, and chemical engineering.
Singapore Bullion Market Association Investing in Talent
Panellists from left: Albert Cheng, CEO, SBMA; KL Yap, General Manager, Singapore Refining Business Unit, Metalor Technologies (Singapore) Pte Ltd; John Levin, Global Metals, TD Securities; Nikos Kavalis, Managing Director, Metals Focus Singapore Pte Ltd; Sean Mulhearn, Principal, Jacaranda Capital Partners Pte Ltd.

Recent gold demand likely to spur interest in gold market career opportunities

Last year, gold was at the forefront of financial discussions, generating a return of 26%. This was primarily driven by investment demand (up 25%) and continued central bank purchases of gold. In fact, central banks have now purchased over 1,000 tonnes of gold every year for the past three years. Over 40 all-time-highs throughout the year ensured that gold was frequently in the news. This is likely to lead to a renewed interest in exploring the gold industry as an attractive career proposition, and with Singapore’s role in the global gold market set to further expand, the development of a gold industry training programme is timely.
2025 has started positively. Gold finished January at an all-time-high of US$2,812, up 8% on the month, adding another positive start to its strong seasonal record. All-time-highs were logged across the board in major currencies, including USD, GBP, JPY and EUR.

It was developed to create a pipeline of talent for the gold industry, and to position the gold industry as an attractive and interesting career proposition.

According to the World Gold Council’s Gold Return Attribution Model (GRAM), almost all drivers contributed positively, including a large rise in the Geopolitical Risk (GPR) index, with the only major drag coming from the lagged momentum effect of a strong US dollar in December. Global gold ETFs secured a US$2.6 billion (30 tonnes) gain in assets under management (AUM), driven almost exclusively by strong inflows into European gold ETFs (+US$3.4bn, 39 tonnes) – likely aided by a European Central Bank (ECB) cut that took bund yields down quite dramatically over the course of the month. US funds lost US$500 million (6 tonnes), Asian funds pared US$320 million (4 tonnes), while other ETFs managed small inflows totalling US$51 million (1 tonne).
The threat of tariffs has also had an impact in a couple of ways. In the shorter term, a premium developed in the US market as investors and traders sought to pre-empt the imposition of potential tariffs. In the longer term, tariffs and trade protectionism are likely to be inflationary, providing another tailwind for gold. Our research has shown that gold has been considered an effective hedge against inflation, and inflation concerns have been a key driver of interest in gold.
Singapore Bullion Market Association Investing in Talent

2024 Gold Market Highlights

  • The LBMA (PM) gold price reached 40 new record highs during 2024. The average Q4 price of US$2,663/oz was also a record and yielded an annual average price of US$2,386/oz (+23%).
  • The value of gold demand reached historic highs in 2024. Q4 alone saw US$111 billion in demand, and the year concluded with a record annual value of US$382 billion, fuelled by record gold prices and strong trading volumes.
  • Total gold supply inched up 1% y/y to 4,974 tonnes – a high for our data series. Growth in both mine production and recycling contributed to the increase in total supply of gold.
  • A sharp slowdown in Q4 OTC investment led to a slight annual decline. Demand from high-net-worth investors remained healthy, but contrasted with profit-taking in some areas of OTC investment.
  • 2025 full year outlook: central banks and ETF investors likely to drive demand, with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery. 

Role of Singapore

Singapore has long played an important role in the global gold market. It is a major refining centre, processing and refining gold for export to markets across the region. There is healthy trading activity, augmented by Singapore’s role as a major international financial centre and location for many of the world’s largest banking and financial institutions. But Singapore’s role isn’t just limited to refining and trading. There is an active jewellery market and fabrication takes place in the country for export to markets across the world. The retail bar and coin market is also very active, and bar and coin demand was up 22% last year in Singapore – one of the highest percentage increases across the markets we study. This strong retail investment interest in gold is serviced by an active bar and coin market in Singapore, with many dealers and even banks offering gold to consumers. All of this makes Singapore an ideal place to consider a career in the gold market, and it is not surprising that we have seen significant growth in attendance at the training we have run in partnership with the SBMA over the last few years. This interest isn’t just limited to Singapore – many institutions across the region have sent delegates to attend the programme, cementing Singapore’s role as a regional gold hub.

We started a few years ago and attracted over 25 participants from a range of institutions, including vaulters, dealers, refiners, and banks.

Gold Industry Training Programme in partnership with the SBMA

We embarked on the programme as part of our broader partnership with the SBMA, and to explore ways of working together to enhance the gold market and raise professional standards and interest in the gold industry as a career. We started a few years ago and attracted over 25 participants from a range of institutions, including vaulters, dealers, refiners, and banks. Fast forward a few years, and interest in the training is now coming from across the region, with sessions fully booked. We have complemented the annual training by running ad hoc sessions, including for a delegation from Indonesia. This included visits to supply chain participants in Singapore, to help the delegates better understand the broader gold market ecosystem. The fruits of this have now been borne, with Indonesia recently enacting new legislation and issuing regulations for the establishment of bullion banks. The further development of Indonesia’s gold market is likely to create new opportunities for Singapore – the gold market is global, and Singapore’s role as a gateway to international markets will grow stronger as the region further develops.
Singapore Bullion Market Association Investing in Talent
From left: Albert Cheng, CEO, SBMA; Margaret Wong, Business Director, SBMA; Andrew Naylor, Head of Middle East and Public Policy, World Gold Council; Nikos Kavalis, Managing Director, Metals Focus Singapore Pte Ltd.

Gold Industry Training Programme

The programme is catered to individuals already working in the gold industry who want to learn more about different parts of the supply chain, and those looking to increase their knowledge of the role of gold as a financial asset, including asset managers, bankers, and trade association professionals. The objectives of the programme are to:
  • Increase knowledge and understanding about the global bullion industry and gold as an asset class.
  • Attract new participation in the industry and develop a pipeline of talent.
  • Promote standards of professional competency and ethical conduct. 
  • The modules provide insights into the operation and dynamics of the global gold market, including:
  • Overview of the global bullion market, including key markets and trading centres.
  • Mining, refining and assaying.
  • The investment case for gold and different types of gold products.
  • Central bank demand for gold.
  • Bullion services (including risk management and hedging).
  • Practical case studies.

Looking ahead

There is clearly demand for training, and we will continue to develop and run the programme in years to come. This year, we will be adding new content, including a deeper dive into the jewellery market and the technical applications of gold. Gold’s use in technology accounts for about 7% of annual demand but it is a growing area. Gold has a number of technical applications including in printed circuit boards (PCBs) and as demand for more capable processing power increases – not least because of developments in AI – gold’s use in technology is an important area to understand and watch. Stay tuned for details of the next training, and contact the SBMA team for more information if you’re interested in finding out more.
Singapore Bullion Market Association Investing in Talent
From left: Margaret Wong, Business Director, SBMA; Shaokai Fan Head of Asia-Pacific (ex China) and Global Head of Central Banks, World Gold Council; Sean Mulhearn, Principal, Jacaranda Capital Partners Pte Ltd.
ANDREW NAYLOR joined the World Gold Council in 2016. He leads the Council’s regional office in the UAE and heads up public policy initiatives globally. Before his current role, he was Head of APAC (ex-China) and based in Singapore. He was previously part of the central banks and public policy team and led the Council’s Islamic finance initiative. He is a member of the supervisory board of the EU-ASEAN Business Council. Previous appointments include being a management committee member of the SBMA between 2017-2023 and a board member of the European Chamber of Commerce in Singapore between 2012 and 2019.
Andrew regularly gives broadcast media commentary on global political-economic developments on the BBC, Bloomberg Asharq, Sky News, Channel NewsAsia, Dubai Eye and CNBC.
Andrew has bachelor’s and master’s degrees from the London School of Economics and Political Science and is an ACAMS-certified anti-money laundering specialist.
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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.