Page 20 - Bullion World Issue 7 November 2021

Bullion World | Issue 07 | November 2021

The success of our virtual APPMC Figure 4
is further evidence that industry
players are keen to be reconnected
with each other, to share and to be
updated about industry knowledge,
market developments, and more.

ASEAN Gold

Market Update

The ASEAN bloc, comprising
Indonesia, Thailand, Singapore,
Malaysia, Philippines, Singapore,
Brunei, Vietnam, Cambodia, Laos
and Myanmar, is an increasingly
important gold market in Asia, with
Singapore a gateway to the region.
SBMA, established in 1993 among Figure 5
key bullion players in Singapore,
was revived in 2015 with the
mandate to act as an enabler to
develop, drive, and connect the
ASEAN bullion markets, thanks to
the support of government agency
Enterprise Singapore (Figs. 4 & 5)

The developmental path of each
ASEAN country’s gold market is
different, and each plays a distinct
and unique role in this ecosystem.
While Singapore has always been
the regional hub, Bangkok, Thailand
has been a strong partner to Figure 6
service the Indochina Peninsula
which includes Vietnam, Cambodia,
Laos and Myanmar.

Investment demand is stronger
than jewellery demand in Vietnam
and Thailand while Malaysia
and Indonesia have strong
jewellery demand. The jewellery
manufacturing centres in Penang,
Malaysia and Surabaya, Indonesia
are catered to overseas markets in
ASEAN and Middle East, however,
due to the pandemic, their activities
were greatly reduced (Figs. 6 & 7).

20