The Singapore Bullion Market Association (SBMA) has teamed up with the World Gold Council (WGC) to launch the Retail Gold Investment Committee. Announced on June 10, 2024, this initiative aims to boost trust and transparency in the gold investment market. The committee will be chaired by Silver Bullion, a Singapore-based precious metals firm, and is tasked with implementing the Retail Gold Investment Principles (RGIP) established by the WGC.

The RGIP are designed to provide retail investors with clearer and more transparent gold dealings, ensuring integrity in transactions and regulatory compliance. This marks a significant step in positioning Singapore as a key hub for the precious metals market in the Asia-Pacific region.

Prominent figures such as Mike Oswin, WGC’s global head of market structure, Fan Shaokai, head of Apac (ex-China) at WGC, Gregor Gregersen, founder of Silver Bullion, and Albert Cheng, CEO of SBMA, were present at the launch during the Asia Pacific Precious Metals Conference.

Gregersen noted that the committee will also focus on preventing gold or silver investments from being misused for money laundering and will work to improve metal authentication processes. This development will further solidify Singapore’s reputation as a leading player in the global gold market.