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KEY INSIGHTS FROM SBMA’S ASIA PACIFIC PRECIOUS METALS CONFERENCE 2025

By JONI TEVES, Chief Precious Metals Strategist, UBS Investment Bank

Singapore Bullion Market Association
The SBMA Asia Pacific Precious Metals Conference 2025, held in Singapore in June, brought together industry leaders, market analysts, policymakers, and stakeholders from across the region and beyond.
Over several days of speeches, panel discussions, and networking sessions, the event explored the evolving landscape of the precious metals sector, with a focus on opportunities, challenges, and collaborations that will shape the industry’s future. This report summarises the key themes, regional developments, and strategic insights that emerged from the conference.

At the Right Place and the Right Time

A central theme that echoed throughout the conference was ASEAN’s unique position in the global economic and precious metals landscape. Representing approximately 4% of global GDP, the region ranks among the top three importers and exporters of precious metals by volume. In an era of increasing deglobalisation, ASEAN remains one of the last strongholds of open trade, bolstered by a young population averaging just 31 years of age and low per capita income, factors that suggest significant potential for economic expansion.
Geographically and economically, ASEAN is at the heart of a broader network that includes China, Japan, South Korea, Australia, and New Zealand, forming a regional bloc with substantial global influence. Within ASEAN, Singapore stands out – recognised for its role as a bridge between East and West, a hub for diverse market players, and its proximity to key physical gold markets. Speakers highlighted Asia’s dominance in gold demand, particularly for physical gold, and the ongoing shift in market activity from West to East. Collaboration opportunities between Asia-Pacific and the Middle East were also underscored, reflecting a broader trend of economic and financial flows gravitating eastward.
Beyond pure economic indicators, speakers noted the cultural and historical significance of gold and other precious metals in Asian societies, where these assets serve as both financial instruments and expressions of heritage and cultural traditions. This dual role strengthens demand resilience, especially during periods of price volatility. The discussions also linked ASEAN’s geographic position to broader supply chain dynamics, with the region serving as a strategic transit and refining hub for flows between mining nations and consumption centres.

Industry Milestones and the Path Ahead

This year’s conference coincided with Singapore’s 60th anniversary, providing a timely opportunity to reflect on the growth of the precious metals industry in the region. From the early days of the conference, hosting around 300 delegates from 23 companies, attendance has nearly doubled to 600 delegates representing 300 companies.

This year’s conference coincided with Singapore’s 60th anniversary, providing a timely opportunity to reflect on the growth of the precious metals industry in the region.

A key historical turning point was Project Lion One, which laid the foundation for Singapore’s role in precious metals trading. This included the removal of GST on investment-grade precious metals, the establishment of refining and vaulting capacities, and the attraction of global trading operations to Singapore.

Looking ahead, Project Lion Two envisions Singapore as a potential alternative to London and Zurich, with future developments potentially including custody services for central banks, advanced clearing and settlement systems, and enhanced market infrastructure to attract global trading flows.
Project Lion One was viewed not just as an infrastructure achievement, but as a turning point that positioned Singapore competitively in the face of global market consolidation. Project Lion Two builds on this foundation with a long-term vision for a transparent, technology-driven market.

Global market initiatives

Key Insights From SBMA’s Asia Pacific Precious Metals Conference 2025
From Left: KL Yap, Chairman, SBMA; Cindy Khoo, Managing Director, Enterprise Singapore; Ruth Crowell, Chief Executive, LBMA; Albert Cheng, CEO, SBMA; David Tait, CEO, World Gold Council.
An important initiative that was discussed was the London Bullion Market Association’s Gold Bar Integrity program, championed by industry leaders including David Tait, CEO of the World Gold Council and Ruth Crowell, Chief Executive of the LBMA. The program aims to boost market trust and transparency, thereby increasing gold’s investment appeal and legitimacy as a liquid asset. The initiative is also expanding to silver refiners. The global precious metals market can look forward to greater disclosure of sourcing information by 2026.
Both speakers also discussed supporting artisanal and small-scale miners, emphasising formalisation, cooperation with central banks, and sustainable development. Coordinate efforts are necessary to better support the vulnerable players in this sector, the speakers said.

Regional Market Updates

Several country-specific updates provided a detailed view of market reforms, opportunities, and challenges. Overall, regional gold demand remained strong despite elevated prices.
  • Indonesia: Progress was reported on integrating gold into the financial system, with two institutions receiving bullion banking licences and launching products in savings, financing, trading, and custody.
  • Malaysia: While the delay in the high-value goods tax helps, the introduction of e-invoicing negatively affected sales. Nevertheless, overall demand has remained resilient.
  • Vietnam: After many years of anticipation, a major policy shift has finally happened, enabling gold imports for jewellery as well as the removal of export taxes. This signals notable growth potential for the sector.
  • Laos: Following last year’s announcements, the Lao Bullion Bank opened in September 2024, offering gold savings accounts, safe deposit boxes, certificates, and the ability to use gold as collateral.
  • Thailand: Gold traders can now transact in US dollars in addition to baht, and partnerships with banks are enabling gold products to be offered via banking apps. However, this expansion has also increased the risk of scams, prompting calls for greater vigilance not just in Thailand, but across APAC.

Market Behaviour and Price Trends

APPMC DAY 3 Session 8: Precious Metals Price Outlook Round Table. From Left: Bart Melek, Global Head of Commodity Market Strategy, TD Securities; Yuichi (Bruce) Ikemizu, Representative Director, JBMA; Nikos Kavalis, Managing Director, Metals Focus Singapore Pte Ltd; Jordan Eliseo, General Manager, ABC Bullion (Session chair).

A notable market shift has been the rising investment demand offsetting weaker jewellery consumption. In traditionally jewellery-driven Asian markets, consumers are adapting to higher prices by viewing gold as a long-term investment – buying into price strength rather than waiting for dips or taking profits on existing holdings. This behavioural shift is fostering market resilience. India stood out as a market where cultural and seasonal demand remains robust, with crowded showrooms persisting even after prices reached record highs during the Akshaya Tritiya festival.

India stood out as a market where cultural and seasonal demand remains robust, with crowded showrooms persisting even after prices reached record highs during the Akshaya Tritiya festival.

Platinum also attracted increased attention this year following a sharp price rally, though gold remained the primary focus. Against this backdrop of geopolitical uncertainty and macroeconomic instability, gold’s role as both a safe-haven and diversification tool continues attracting investors. A poll conducted during the conference found that sentiment remains very bullish, with more than half of respondents expecting gold prices to reach around US$4,000 by year-end.

Collaboration as a Strategic Imperative

Collaboration and continued dialogue across associations and regions were repeatedly emphasised as vital for the industry’s future. Partnerships between SBMA, LBMA, JBMA, IPMI, the World Gold Council, and the Silver Institute exemplify the potential for collective action on standards, transparency, and market development.
Speakers highlighted the need for cross-regional engagement between Asia, the Middle East, and the West, reinforcing that the precious metals industry is a global ecosystem. Maintaining and enhancing the sector’s reputation, building trust, and crafting a shared roadmap were identified as collective responsibilities.

Looking Forward

In summary, the conference showcased a region in transformation – one that is simultaneously benefitting from global shifts while actively shaping the industry’s future. With deep cultural ties to gold, rapidly evolving markets, and ambitious plans for market infrastructure, APAC is poised to strengthen its role as a global hub for precious metals in the years ahead.
The conference closed with an optimistic outlook. Delegates were invited to upcoming events, including the LBMA conference in Kyoto in October and the Women in PGMs mentorship programme. Next year’s SBMA conference is expected to build on the progress and momentum established in 2025.
APPMC-China Gold Market
Session 2: China Gold Market. From left: Fred Yang, Head of Mkt Development & Institutional Investor Relationships, WGC China; Chengdong Zhang, Chief Dealer, Global Markets, Bank of China (Hong Kong) Ltd; Andrew Wang, CEO, UBS SDIC Fund Management; Roland Wang, Regional CEO, WGC China.
Session 3: East Asia & Australia Precious Metals Market. From left: Ben Van Kerkwijk, VP - APAC, Brink’s Asia Pacific Ltd; Elvis Chou, Consultant, Metals Focus; Ryoichi Seki, General Manager, Business Development, Osaka Exchange, Inc.; Nicholas Frappell, Global Head of Institutional Markets, ABC Refinery.
Singapore Bullion Market 2024 Asia Pacific Precious Metals Conference Summary
JONI TEVES is the Precious Metals Strategist within the Economics and Strategy Research team and is based in Singapore. She covers all four precious metals and is responsible for fundamental analysis, forecasting, and writing research pieces on these markets. She has been in the industry for nearly two decades, initially as a gold trader for the central bank of the Philippines, subsequently joining UBS as a strategist in 2011. UBS Precious Metals Research has been frequently voted #1 by clients in the Risk Magazine Survey since 2012. Joni holds a BS Business Economics degree from the University of the Philippines.
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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-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 in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

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 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.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

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.

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.

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.

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-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.

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-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-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-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-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-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.