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The Royal Mint: A Legacy Brand Shaping the Future of Precious Metals

By SBMA

With a history spanning more than 1,100 years, The Royal Mint is one of Britain’s oldest companies and the original maker of UK coins. Today, The Royal Mint is a premium British maker at the forefront of manufacturing excellence and the home of precious metals. Its core purpose is to provide UK coins to the UK Government and The Royal Mint is known globally for producing market-leading gold, silver and platinum bullion coins and bars.

Based in South Wales in the UK, it has three main focuses as a business: Currency, Consumer (collectable and rare, historic coins) and precious metals investment.

The company has also built a portfolio of physically backed, digital precious metals solutions, and customers can purchase fractions of investment-grade bullion bars.

As Head of Bullion Sales, Nick Bowkett leads the strategic development and distribution of physical precious metals, with the growing number of investors across territories worldwide in mind. Crucible spoke to Bowkett about how the legacy company is changing with the times.

A Legacy Brand Shaping the Future of Precious Metals
Nick Bowkett, Head of Bullion Sales at The Royal Mint

How has The Royal Mint managed to successfully evolve into a consumer brand, expanding into precious metals investment products, the sale of historic coins, jewellery, and luxury collectibles?

Over the past couple of decades, The Royal Mint has transformed from a traditional manufacturer to a modern, highly digital organisation and we’ve been successful in our diversification. We’ve started some new businesses – including our jewellery collection, 886 by The Royal Mint – grown in new markets and new countries.

We recognised that the way people spend is changing, and to keep up with the times, we needed to adapt by providing our customers with premium products. Our Precious Metals division is thriving and we have a range of products and services including precious metal bars, coins and DigiGold.

Our most popular bullion ranges include the Sovereign and Britannia, which has been credited as the most visually secure bullion coin in the world due to its state-of-the-art security features. We added anti-counterfeiting features to our 99.99% gold and 99.9% silver Britannia coins from 2021, to help reassure customers that the coins they purchase are genuine.

The coin’s authenticity can be verified via its four security features, which are visible to the naked eye, negating the need for specialist equipment. This has been well received by retail investors and since introducing these security features, there has been a marked growth in sales of our Britannia coins. They continue to be extremely popular in the Asia-Pacific region.

The Royal Mint 2023 Britannia stack featuring 1oz gold coins and minted bullion bars
The Royal Mint 2023 Britannia stack featuring 1oz gold coins and minted bullion bars

Could you share with us more about The Royal Mint’s new five-year growth plan and how it plans to become a leader in sustainable precious metals?

At The Royal Mint, we are dedicated to not only providing sustainable precious metals but also championing British craftsmanship and growing the appeal and value of our organisation for the future. We’re setting new standards in sustainable precious metals and are investing in innovative solutions to reduce our reliance on mined precious metals.

We’re excited to share that we’ve invested in a multi-million-pound plant which, when fully operational in the autumn, will safely process up to 90 tonnes of UK-sourced circuit boards per week, generating hundreds of kilograms of gold per year, which will be used within The Royal Mint’s jewellery collection, 886 by The Royal Mint. We also recycle surplus gold waste from bullion coins into our investment bars and we’re proud to say that The Royal Mint Physical Gold ETC is backed by 100% post-2019 LBMA-approved gold bars. Sustainability is integral to our five-year growth plan.

What are the key markets and focus areas for The Royal Mint currently?

Our Precious Metals division is thriving, achieving a record performance in the last financial year. This will be a continued area of focus, alongside The Royal Mint’s digital investment opportunities.

The Royal Mint will continue to reach new markets and new countries, diversifying as a business to ensure it delivers for the future. We have a strong footprint in markets where The Royal Mint brand has been established for a number of years, such as Germany and the Unites States. We will continue to work with trusted partners to grow our presence in territories such as Singapore, Japan, South Korea and Taiwan with our Britannia coin and bar range, and other products.

What is the opportunity you see in the Asia Pacific region, in terms of business growth?

Investors want to ensure that the products they purchase are from a trusted and reputable source and can be liquidated easily.

The security features of The Royal Mint’s Britannia coin represent our renowned, iconic brand. Britannia Bars have also been recently introduced to the Asia Pacific Region, representing a milestone in our international bullion expansion. These consist of 1 g, 5 g 10 g, 20 g, 1oz, 50 g and 100 g gold bars and 10 oz and 100 oz silver bars – all of which have been well-received by investors. We look forward to growing The Royal Mint’s presence in Singapore, the Asia Pacific region, and internationally.

The Royal Mint Britannia 2023; The world’s first bullion coin to feature the first coinage portrait of His Majesty King Charles III.
The Royal Mint Britannia 2023; The world’s first bullion coin to feature the first coinage portrait of His Majesty King Charles III.

Can you share any exciting upcoming projects or ventures that The Royal Mint has in the works?

One of our most exciting projects this year is the launch of our Coronation UK Coin Collection. This collection includes the world’s first crowned coinage portrait of King Charles III, which was specifically created for his coronation on May 6th. In addition to the commemorative coins, we will also be launching a range of bullion coins to mark the occasion, including a Coronation Sovereign featuring the official crowned coinage portrait of King Charles III. We anticipate that these coins will be popular with investors and collectors alike.

Furthermore, we are proud to announce that we will be expanding our bullion product line this year, providing our customers with a wider range of investment opportunities in gold, silver, and platinum. These new products will be backed by our commitment to sustainable precious metals and British craftsmanship, and we believe they will appeal to both seasoned investors and those new to the precious metals market.

How does The Royal Mint strike a balance between honouring its rich history and tradition, while also remaining agile and innovative to adapt to evolving market trends and consumer preferences?

The Royal Mint has a unique responsibility to balance its rich heritage and tradition with innovation and the evolving needs of its customers. We understand that the world, is changing, and so are we. We are dedicated to staying ahead of market trends and adapting to meet the needs of our consumers.

OUR REPUTATION AS A WORLD-LEADING AUTHORITY ON PRECIOUS METALS AND OUR LONGSTANDING TRUST WITH OUR CUSTOMERS REMAIN AT THE CORE OF OUR BUSINESS.

While our 1,100-year history and traditional craftsmanship are central to our identity, we are also committed to expanding our consumer division and offering premium products and services to customers in the UK and around the world. Our reputation as a world-leading authority on precious metals and our longstanding trust with our customers remain at the core of our business.

As the relationship between people and money evolves, we recognize the need to innovate and transform for the future while holding onto our core values. Sustainability is a crucial component of our business strategy, and we are working towards our commitment to net-zero.

Looking ahead, we have exciting plans to continue to innovate and grow while remaining true to our legacy. Our focus remains on offering exceptional products and services, building trust with our partners and customers worldwide, and being a responsible and forward-thinking company that remains committed to its heritage.

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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.

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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.

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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.

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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.

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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.

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Mr Alan Liew

Head of Bullion & Commodities Trading
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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.

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Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
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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.