Vincent Le

Posted by Vincent Le on 10 Jun 2024

Silver Bullion Heads SBMA’s Retail Gold Investment Committee

PRESS RELEASE
For Immediate Release
10 June 2024

 

Singapore, 10 June 2024 — The Singapore Bullion Market Association (SBMA) has announced the inauguration of the Retail Gold Investment Committee, established in collaboration with the World Gold Council (WGC) and chaired by Silver Bullion Pte Ltd.

The committee’s inauguration ceremony was held today at the 7th Asia Pacific Precious Metals Conference (APPMC) 2024 at the Shangri-La Hotel, Singapore. Coinciding with SBMA’s 30th anniversary, this landmark event advances Singapore's development as the premier hub for precious metals in the Asia Pacific region.

The Retail Gold Investment Committee will play a pivotal role in implementing the Retail Gold Investment Principles (RGIP), which aim to enhance trust and transparency in gold investments.

Distinguished Guests and Speakers

Prominent figures in the precious metals industry joined Silver Bullion founder Gregor Gregersen and shared insights into the evolving landscape of gold investment and the importance of rigorous standards. These members included Mike Oswin and Shao Kai Fan from the World Gold Council and Albert Cheng from the SBMA.
 

“We are thrilled to announce this new standard for excellence and encourage and invite other companies to adhere to this common set of transparency and integrity standards, so that we can grow the retail gold market together."

–Gregor Gregersen, Founder & CEO, Silver Bullion Pte Ltd.

Retail Gold Investment Principles

The Retail Gold Investment Principles (RGIP) are designed to meet the growing demands of retail investors for simplicity, transparency, and assurance in their gold investments. These principles, established by the WGC and supported by SBMA, encompass seven key guidelines:

  • Fairness and Integrity: Treat customers fairly and with integrity throughout the transaction process.
  • Transparency: Maintain clear and transparent pricing, terms, and product feature disclosures.
  • Protection of Customer Assets: Ensure the security and protection of customers’ gold holdings and assets.
  • Responsible Gold Sourcing: Source gold from reputable suppliers, considering Environmental, Social, and Governance (ESG) criteria.
  • Regulatory Compliance: Adhere to all relevant regulations and local laws.
  • Commercial Prudence: Avoid excessive risks and prepare for various contingencies, including company wind-downs.
  • Operational Professionalism: Conduct business with skill, care, diligence, and effective risk management.

SBMA Retail Best Practices Label

In conjunction with the RGIP, SBMA has introduced the “SBMA Retail Best Practices Label” to recognize companies within Singapore’s precious metals industry that uphold these principles. This label serves as a testament to a company’s commitment to ethical practices, transparency, and the protection of customer assets. Companies awarded this label are distinguished as industry leaders dedicated to excellence and customer-centricity.

The SBMA Retail Best Practices Label and the RGIP framework are crucial in protecting retail clients and building confidence in gold investment products. These initiatives ensure a trustworthy market environment, safeguarding clients’ interests and fostering long-term investor confidence.

Join the SBMA Retail Best Practices Membership

SBMA invites companies in Singapore’s precious metals industry to join the SBMA Retail Best Practices Membership. This exclusive program is only open to SBMA members who demonstrate a verifiable commitment to upholding the highest industry standards and championing investor trust. Interested companies wishing to join the Retail Best Practices Membership must first qualify as SBMA members.

About SBMA

The Singapore Bullion Market Association (SBMA) is a non-profit member-driven organization that represents our members from the precious metals industry, including but not limited to bullion banks, exchanges, refineries, trading firms and logistics companies. The Association plays a pivotal role in the development of Singapore as an ASEAN precious metals hub and a global center of connectivity for precious metals.

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About Silver Bullion

Founded in 2009, Silver Bullion is one of Singapore's largest precious metal dealers. It specializes in wealth protection and offers services, including precious metals storage, collateralization, and non-destructive testing at its vault, The Safe House, located within its own building, The Reserve. With over 180,000 sqft of storage capacity for physical assets like precious metals, luxury watches, art, gemstones, and other luxury items, The Reserve is one of the highest-capacity vaults in the world. Silver Bullion is a member of the London Bullion Market Association (LBMA) and the Singapore Bullion Market Association (SBMA) and is a partner of the World Platinum Investment Council (WPIC).

For any media requests, please contact:
Silver Bullion Pte Ltd
Vincent Le, Corporate Communications
T: +65 6100 3040
[email protected]