Singapore Bullion Market Association

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By Albert Cheng, CEO, SBMA

Published on September 10, 2021

As Singapore pushes ahead with reopening its economy, SBMA has been busy with membership enquiries and are working to onboard new members, as well as with prepatory work for the association’s Annual General Meeting to be held in November 2021. Look out for details on SBMA’s website soon.

Here is an update of SBMA’s activities in the past quarter:


CEO Albert Cheng was invited to the judging panel of the Chuk Kam Design Competition and took the opportunity to catch up with Hong Kong market participants.

September 20-21, 2021

CEO Albert Cheng attended the LBMA/LPPM Virtual Precious Metals Conference.

Exploratory Meetings

Onboarding of Derekdoris Limited as Foreign Associate Corporate Member.

SBMA’s total corporate membership consists of 47 companies, including three Category 1 members, 29 Local Associate Corporate members, 14 Foreign Associate Corporate members, and one Affiliate members.

SBMA provides additional ad-hoc event management and marketing services for members who wishes to have more outreach and exposure to the precious metals industry. Should your company be interested to explore these options and for SBMA to further add value to your company, please contact Margaret at for more information.

Platinum Corner

According to data from China Customs, strong platinum imports into the country have continued in 2021, with a record 1.9 Moz imported over the first 7 months of 2021.

China shows a positive trend in the heavy duty (HD) production this year which grows the demand for platinum catalysts. Of more importance, the impact of tightening HD emissions regulations, i.e. China VI, which is required for all HD vehicles from July 2021, is also a key driver of automotive platinum demand growth in the country.

In H1 2021, Chinese HD diesel production grew by 20% to c.1 million units, as infrastructure and construction focused stimulus policies spur demand for HD vehicles.

Johnson Matthey (JM) expects platinum group metal loadings to treble to meet the tighter standards. JM forecasts platinum automotive demand in China in 2021 to rise 93% YoY, from 205 koz to 395 koz. Demand comes from c.1.9 million diesel light vehicles and c.1.55 million HD diesel vehicles this year. All HD vehicles produced from July 2021 have significantly higher loadings – c.13 g/HD diesel vehicle, based on the JM forecast.

China’s industrial demand has also continued to pick up from last year’s pandemic-impacted lows. Continued growth in glass capacity is expected to lift glass demand by 70% this year to 629 koz (China accounted for 93% of global glass platinum demand in 2020).

More Platinum Corner news, from the World Platinum Investment Council, can be found at: