SBMA launches retail gold investment committee in collaboration with World Gold Council

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The Singapore Bullion Market Association (SBMA) has launched the Retail Gold Investment Committee, in collaboration with the World Gold Council (WGC), to enhance trust and transparency in gold investments.

The committee will be chaired by Silver Bullion, a Singapore-based precious metals dealing firm, to implement the Retail Gold Investment Principles established by the WGC.

The inauguration, announced on Monday (Jun 10) during the Asia Pacific Precious Metals Conference, marks a significant step in developing Singapore as the premier hub for precious metals in Asia-Pacific region, said SBMA.

Among those at the event were WGC’s global head of market structure and innovation Mike Oswin, head of Apac (ex-China) and global head of central banks Fan Shaokai, as well as Silver Bullion founder Gregor Gregersen and SBMA chief executive officer Albert Cheng.

The Retail Gold Investment Principles (RGIP) comprise guidelines to provide simplicity and transparency to retail investors in gold dealing.

“Retail market in general is a very important part of the gold market. Especially in recent quarters, we see a huge demand in retail gold investment… so WGC has embarked on the global mission to unveil RGIP in many different markets,” said Fan during the inauguration event.

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These principles include upholding transaction integrity and regulatory compliance.

The committee will look into how to prevent gold or silver investment from being used as a money laundering tool, on top of enhancing metal authentication and providing a collaborative platform for industry players, said Gregersen, who will be the committee chairman.

Cheng noted: “The establishment of the RGIP Committee Singapore Chapter under SBMA… marks a pivotal step in strengthening the retail gold investment market in Singapore and positioning the country as part of the global gold map.”