Page 16 - Bullion World Volume 02 Issue 12 December 2022

Bullion World | Volume 2 | Issue 12 | December 2022

2022 Hanoi Market Forum: Towards a

More Open Gold Jewellery Market

Singapore Bullion Market Association (SBMA)

Vietnam is a potentially massive consumer segment Albert Cheng, CEO of SBMA, then
for jewellery. However, enterprises have not been gave an overview of the ASEAN gold
able to import gold, resulting in a limited supply market, focusing on Vietnam’s gold

of raw materials and hence, difficulties in scaling exports. He noted that the jewellery
and gold market across the region
domestic jewellery production. Need for SBV to has been doing well over the past few

introduce policies that 1) enable eligible enterprises quarters, with the economy picking
to import gold raw materials and 2) support the up from the pandemic. For Vietnam

development of gold jewellery production and to keep growing, he challenged the
trading. audience to be prepared to capture
the growth from external markets
as the country is also part of the
The Hanoi Gold Forum, organised Regional Comprehensive Economic
by the Vietnam Gold Traders In their opening speeches, Dao Partnership (RCEP).
Association (VGTA) and the Xuan Tuan, director general of SBV’s
World Gold Council (WGC) and Foreign Exchange Department Sheela Kulkarni, WGC India’s head
supported by the Singapore Bullion and Nguyen Thanh Long, VGTA of market development, brought
Market Association (SBMA), chairman, thanked the audience delegates’ attention to India’s
gathered representatives from for their participation and said they gold industry, highlighting the
the State Bank of Vietnam (SBV), were looked forward to exchanging challenges it currently faces, such as
policymakers, local and foreign and debating ideas, as well as fragmentation and lack of traceability
industry participants to discuss learning about the opportunities and and organisation across the industry.
the development of Vietnam's gold challenges in the local gold market Nonetheless, WGC has launched
market. from the lens of both local and initiatives to mainstream gold as an
foreign delegates. asset class and formalise the market,
WGC's Gold 247 including hallmarking, setting up
initiative aims to 1) Andrew Naylor, regional CEO of India's first Precious Metals Assay
boost retail demand by WGC, APAC (ex-China), walked the and Training Institute and building
building trust for gold audience through WGC's Gold 247 essential market infrastructure
as an asset class and initiative, setting the backdrop of like the India International Bullion
2) increase institutional what could be the goal of the local Exchange (IIBX).
demand by increasing industry within the global context.
market integrity and The initiative aims to 1) boost retail Dinh Nho Bang, VGTA general
reducing fragmentation demand by building trust for gold secretary, presented a report on
by having a chain of as an asset class and 2) increase Vietnam’s gold jewellery market,
custody across the institutional demand by increasing noting that the country is in a
global gold market market integrity and reducing golden population period, where
through digitalisation, fragmentation by having a chain 69% of its people are of working
based on the of custody across the global gold and consumption age (15 to 64),
foundations of integrity, market through digitalisation, based and 51% are women – potentially
accessibility and on the foundations of integrity, a massive consumer segment for
fungibility accessibility and fungibility. jewellery in the country. However,

16