Singapore Bullion Market Association

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By Albert Cheng, CEO, SBMA

Published on June 4, 2018

It has been a busy quarter at SBMA leading up to our 2nd Asia Pacific Precious Metal Conference (APPMC) in June. In April alone, SBMA made six outreach trips around Asia to promote APPMC. At the same time, the association has continued its market development activities with stakeholders both within and outside the ASEAN region. Here is an update of our activities in the past quarter:

April 9-12

SBMA holds its first Strategic Review Committee meeting.

April 12

CEO Albert Cheng participated in a meeting with State Bank of Vietnam at the request of the World Gold Council.

April 18-20

CEO Albert Cheng attends the Shanghai Gold Exchange International Advisors meeting in Xiamen at the invitation of the Shanghai Gold Exchange.

From left, Albert Cheng (CEO, SBMA) and Haywood Cheung (President, The Chinese Gold and Silver Exchange Society) at the Global Gold Market Summit 2018 in Xiamen.
April 22–26

CEO Albert Cheng speaks at the 30th Mint Directors Conference (MDC) in Seoul, Korea. Established in 1962, the MDC was founded by the directors of 10 western European mints and meets every two years to share information of common interest and to discuss the challenges the mint Industry faces. It is the peak body of government mints worldwide, comprising the national mints of 44 countries worldwide, in addition to other guests and observers.

CEO Albert Cheng speaking at the Mint Directors Conference in Seoul.
April 25

SBMA holds seminar “Launch of Metals Focus Annual Gold Focus 2018 Report”.

April 26-29

CEO Albert Cheng attends a meeting with Bangko Sentral ng Philipas in Manila.

Exploratory Meetings

In the past quarter, SBMA held exploratory meetings on membership and matters related to market development with the following companies: Asia Strategic Mining Corporation, Aspory, Chongqing Zhongjin Jewelry China, Cuilu Group China, GTIC Group, Jingdingfeng Precious Metals Equipment and Technology China, Macquarie Bank, National Gold and Silver Holdings China, QianKun Gold China, Sun Yip Hong Gold Company Hong Kong, Yue Hao Jewellery Group China and Zhijin Mining Group China.

Launch of Metals Focus Annual Gold Focus 2018 Report

Organised by SBMA

SBMA’s April seminar brought together over 70 participants for the launch of the Metals Focus Annual Gold Focus 2018 Report, which was presented by founding partner Nikos Kavalis.

Mr Kavalis said that gold has been going through a fairly challenging period recently, especially when denominated in other currencies, due to a lull/lack of movement in past 6–8 months and a lack of conviction in the investor community. He added that the headwinds gold has suffered in recent months would likely persist for the next 2–3 months, though its price should top $1,450/oz by year end.

World Gold Council’s Andrew Naylor provided an update on Islamic finance since the introduction of the Shari’ah Standard on Gold in 2016. He reiterated that gold is the “ultimate safe haven asset for Islamic investors”, and that the standard has facilitated the development of sharia-compliant gold products.

A team from India’s BSE presented an overview of India’s gold market and opportunities in that sector, highlighting the country’s recent structural reforms to the economy and the introduction of GST in July 2017. In particular, this has made India one unified common marketplace, with expected long-term benefits to the economy. They pointed out that GDP growth in Q3 2017 was 7.5%, compared to 7.2% in Q2 and 6.5% in Q1, and the improvement in the country’s sovereign credit rating by Moody’s from Baa3 to Baa2, with a positive outlook.


Onboarding of Chow Tai Fook Jewellery as Local Associate Corporate Member.

SBMA’s total membership consists of 40 companies, including three Category 1 members, 29 Local Associate Corporate members, seven Foreign Associate Corporate members, and one Affiliate member.

Three companies are pending membership approval.


24–26 July 2018. Beijing, China.

3rd China Gold Congress and Expo 2018

The China Gold Congress and Expo is a biennial gathering hosted by China Gold Association and World Gold Council. It consists of three streams, Gold Mining, Gold Investment Market and Gold Consumption. CEO Albert Cheng will be attending the event as a speaker. Visit for more information.

28–30 October 2018. Boston, USA.

LBMA/LPPM Precious Metals Conference 2018

Senior representatives from all sectors of the precious metals markets will be in attendance at what is widely regarded as the premier event in the industry calendar. In its 19th year, the conference adds insight into the vital issues affecting the global precious metals markets. Visit for registration and event details.

3–4 October 2018. Perth, Australia.

9th Precious Metals Investment Symposium (PMIS2018)

PMIS2018 is the largest and most comprehensive precious metals investment event in Australia. The 2-day investment and educational event includes an additional day to help investors understand what is going on in the crypto space with the introduction of the Crypto Investment Symposium (CIS2018) on 5 October. SBMA is proud to be the industry partner of the event. Registration and details are available at