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Mahesh & Company: A Legacy of Excellence in Gold and Jewellery

By SBMA

Mahesh & Company has long been a trusted name in the gold and jewellery industry, synonymous with quality, craftsmanship, and integrity. Its story began on March 9, 1962, when visionary entrepreneur Madanlal Uttamram laid the foundation of what would become a globally recognised enterprise. With an unwavering commitment to business excellence, Madanlal nurtured the company, navigating the intricacies of international trade and establishing a robust presence in markets spanning South Africa, Fiji, Singapore, and India.
Singapore Bullion Market Association Mahesh & Company: A Legacy of Excellence in Gold and Jewellery
Mahesh Kumar (1955-2024) was a second-generation visionary whose inspiring leadership and innovative ideas led to significant growth for the company.
From the outset, Mahesh & Company was built on a philosophy of reinvestment—both in business growth and strategic real estate acquisitions in Singapore. These decisions provided the financial stability needed to propel the company forward, ensuring a strong foundation for future success.
During its formative years, the company engaged in a diverse range of import and export activities, catering to a wide spectrum of customers and businesses. This diversified approach allowed Madanlal to gain invaluable insights into international markets, fostering a deep understanding of customer needs and preferences. This knowledge would prove instrumental in shaping the future direction of the company.

Specialisation and Growth

A pivotal moment came in 1975, when the business shifted its primary focus to gold and gold jewellery. This strategic realignment allowed the company to refine its expertise, setting new benchmarks in quality and service. With a dedication to quality and integrity, Mahesh & Company quickly carved a niche for itself, earning a stellar reputation within the industry. The company’s commitment to ethical practices and superior craftsmanship resonated with customers, fostering trust and loyalty that would span generations.
The commitment to excellence paid off. By 1992. The firm has been incorporated as Mahesh & Co Pte Ltd, formalising its operations and reinforcing its reputation as a premier player in the global bullion trade. This transition not only streamlined business processes but also positioned the company for broader international expansion.

Exporting Excellence

The gold jewellery business flourished under the astute leadership of Madanlal and his able family. Over the years, Mahesh & Co has evolved into a respected exporter of gold and gold jewellery, catering to markets across Europe, North America, the Middle East, South and Southeast Asia, Australia, and Fiji. The company’s ability to adapt to diverse cultural preferences has been a key factor in its sustained success.
At the heart of its offerings is an exquisite collection of 22- and 18-carat gold jewellery, ranging from intricately handcrafted pieces to finely manufactured designs. The company’s extensive inventory, combined with an agile supply chain, ensures that customers receive high-quality products tailored to their tastes and requirements.

A Legacy of Leadership

In 1981, Mahesh Kumar and his wife, Gita Mahesh, joined the family business, bringing fresh perspectives, while upholding the company’s deep-rooted values. Their involvement marked the continuation of a legacy, infusing fresh perspectives while upholding the core values instilled by Madanlal. Together, they worked diligently to strengthen the company’s foundation and expand its horizons.
As the business entered the 21st century, the next generation – Dhanesh and Bhavesh – stepped in, ensuring continuity and future-proofing the company’s growth. With their keen business acumen and respect for family traditions, they have carried forward the company’s legacy, further strengthening its position in the global gold industry.
Singapore Bullion Market Association Mahesh & Company: A Legacy of Excellence in Gold and Jewellery
From left: Bhavesh Mahesh Lankapati and Dhanesh Mahesh Lankapati, Directors of Mahesh & Co Pte Ltd.

Building Enduring Relationships

In the gold jewellery trade, trust is the cornerstone of success. It is a commodity that cannot be bought or manufactured; it must be earned through consistent demonstration of integrity, reliability, and unwavering commitment to customer satisfaction. Mahesh & Company has built its reputation over decades by upholding these principles, fostering deep and enduring relationships with both customers and suppliers.
The goodwill cultivated over decades, the assurance of uncompromised quality, and the dependability of assured supply at a moment’s notice form the pillars of strength for the company. These enduring values have enabled the company to withstand the challenges of a competitive market and maintain its leadership position.
Mahesh & Company’s commitment to fair trade practices, transparency, and compliance has cemented its standing as a trustworthy partner in the industry. Its philosophy of mutual benefit has ensured long-term loyalty, making it a preferred choice for those seeking high-quality gold jewellery.

Competitive Edge: Inventory and Adaptability

One of Mahesh & Company’s strengths lies in its ability to anticipate and respond to market trends. By maintaining an extensive inventory of gold jewellery, it ensures that customers can find the latest styles and designs under one roof. This strategic advantage not only enhances customer convenience but also reinforces the company’s position as a go-to supplier for retailers and wholesalers worldwide.
Recognizing opportunities beyond jewellery, Mahesh & Company expanded its portfolio in 2012 through its associate firm, Gita Jewellers Pte Ltd, venturing into the gold bar business. This diversification allowed the company to cater to a broader spectrum of customers, further solidifying its role in the precious metals sector.

Opportunities and Challenges in the Gold Industry

The gold industry is at a crossroads, facing increasing regulatory scrutiny due to concerns over money laundering, terrorism financing, and illicit transactions. Navigating these compliance challenges is crucial, as companies must ensure strict adherence to international standards while maintaining operational efficiency. At the same time, macroeconomic factors—rising national debt, geopolitical uncertainty, and the evolution of financial technology—are driving renewed interest in gold as a stable investment. As the world seeks safer assets, gold is poised for a resurgence, creating new opportunities for businesses that can adapt to changing market dynamics.
As Mahesh & Company continues to expand its presence in Singapore, the city-state’s potential as a gold trading hub becomes increasingly significant. Singapore’s stable financial market and efficient administration create an ideal environment for gold businesses like Mahesh & Co to thrive. However, challenges remain in ensuring seamless export channels and compliance with evolving regulations.
This is where SBMA plays a crucial role. As a neutral association, SBMA helps liaise between the gold industry and various government bodies, working to simplify regulatory processes, including compliance measures and procedures for gold exports. Mahesh & Company, like many other members, benefits from SBMA’s advocacy and support, ensuring that the industry remains competitive while upholding stringent compliance standards.
Singapore Bullion Market Association Mahesh & Company: A Legacy of Excellence in Gold and Jewellery
From left: Jeradine Ong, Commodities, StoneX APAC Pte Ltd; Vinh Nguyen, Vice Chairman of SBMA/Head of Precious Metals, Asia, StoneX APAC Pte Ltd; Bhavesh Mahesh Lankapati, Director, Mahesh & Co Pte Ltd; Dhanesh Mahesh Lankapati, Director, Mahesh & Co Pte Ltd; Albert Cheng, CEO, SBMA; Margaret Wong, Business Director, SBMA.

Looking Ahead: A Future Built on Strong Foundations

The passing of Madanlal Uttamram in 2019 and Mahesh Kumar in 2024 marked significant transitions for the company. However, the values and principles instilled by them continue to guide Mahesh & Company.
With a steadfast commitment to business ethics, strict compliance with taxation and anti-money laundering (AML) regulations, and a forward-thinking approach, the company is well-positioned to navigate future challenges. The new generation of leadership remains focused on upholding the firm’s legacy while embracing innovation, digital transformation, and emerging global market trends.
With over six decades of excellence, Mahesh & Company stands as a shining example of vision, resilience, and adaptability in the gold and jewellery industry. From its humble beginnings to its current status as a global powerhouse, the company’s journey is a testament to the power of entrepreneurial spirit, family legacy, and unwavering dedication to quality.
As it moves forward, Mahesh & Company remains committed to innovation, ethical business practices, and maintaining the trust of its global clientele. In an evolving industry landscape, it continues to set the standard for excellence—ensuring that its legacy endures for generations to come.
Singapore Bullion Market Association VGTA Driving Growth and Connection in Vietnam’s Gold Market
Huynh Trung Khanh has more than 25 years of experience in the Vietnamese gold industry, first working for the World Gold Council (Asia) as Vietnam Country Manager before setting up his own gold consultancy business (VGC) in 2003 providing brokering and consultancy services to Saigon Jewellery Company (SJC), PhuNhuan Jewellery Joint-Stock Company (PNJ), Standard Bank Plc, StoneX and World Gold Council. As a founding member of the Vietnam Gold Traders Association (VGTA), since 1998, Khanh has actively participated in the deregulation of the Vietnam gold market as Vice Chairman of VGTA, heading the External Relations Department of its Executive Committee.
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.