18 April 2017

First Asia Pacific Precious Metals Conference to be held in Singapore

The Singapore Bullion Market Association (SBMA) is dedicated to making Singapore a precious metals trading hub, and plans to play a greater role in the region by bringing together industry players of bullion markets of the ASEAN countries through the sharing of regional and global knowledge and best practices.

To this end, SBMA with the support from IE Singapore, will organise the inaugural Asia Pacific Precious Metals Conference, to be held from 4 to 6 June 2017 in Singapore. Major players in the precious metals trade such as World Gold Council, London Bullion Market Association, The Chinese Gold & Silver Exchange Society, Tokyo Commodity Exchange, London Metal Exchange, Thailand Futures Exchange, World Platinum Investment Council together with participants from the ASEAN countries and related organisations will be attending the event.

The conference will serve as a platform for the precious metals community to discuss issues related to the Asia Pacific precious metals market. Participants will learn about new markets and meet customers and suppliers from the Asia Pacific region.

Annual gold trading volume has grown from 911 tonnes in 2012 to 2,624 tonnes in 2015. The physical movement of gold arranged from Singapore has also risen by 65% between 2014 and 2015, to over 200 tonnes.

The upsurge of gold trading volume is the result of various developments, such as the exemption of GST on trading of investment-grade precious metals (IPM) on 1 October 2012 and elimination of licensing requirements for the import and export of IPM. Both initiatives were SBMA recommendations.

Another key development was the establishment of Singapore FreePort, a secure storage vault adjacent to Changi Airport. It offers facilities for storage of precious metals. This provides high net worth investors not only in the region but around the world with a facility for long term storage.

With such infrastructure in place, companies like Metalor Technologies have invested in Singapore. Metalor's plant is the largest London Bullion Market Association (LBMA)-accredited refinery in Southeast Asia in terms of capacity. Since its opening in 2014 it has quadrupled its production of refined gold in Singapore.

Lester Lu, Divisional Director, Metals & Minerals Division, Trade Promotion Group, IE Singapore, shared in an article: “Singapore used to be an important gold trading centre for the Far East since the 1970s till late 1980s. With the introduction of GST in 1994, Singapore lost its status as a physical gold distribution centre. However, with the co-operation and partnership of SBMA, we are determined to make Singapore the Asia Pacific’s global precious metals trade hub again.

We recognised the important role SBMA has played and have encouraged SBMA to be the central body for the bullion industry and to build up the precious metals ecosystem.”

Albert Cheng, CEO of SBMA, said: “Besides connecting with regulatory bodies and industry players, we are also actively promoting the ASEAN precious metals markets internationally.”

posted from Bloggeroid