What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
Being the pinnacle organisation in the precious metals sector, it was a dream for our company to join LBMA. It brings together all participants of the precious metals markets to engage in meaningful and progressive discussions to improve the sustainability and ethical principles of the market.
Aside from the obvious economic benefits of expanding our business network to a more global market, we think being a part of LBMA will give us an opportunity to contribute towards the responsible sourcing initiatives of the industry. Being a trading company, we have the benefit of experiencing different stages in the precious metals space and we look forward to working with LBMA and its members.
Could you tell us about your company’s role in the precious metals market?
DSV Trading Limited is an international bullion/metals trading house dealing in the supply of a variety of precious metals commodities sourced from industry leaders. With offices in Hong Kong, Singapore, India and Dubai, we service clients all over South-East Asia and Europe. We deal with traders based in Asia and act as aggregators for gold and silver bullion to be supplied to LBMA refineries and bullion banks around the world.
Being a trading company, we have the benefit of experiencing different stages in the precious metals space and we look forward to working with LBMA and its members.
Please tell us the background and history of the company.
DSV Trading limited was set up in 2013 in the financial hub of Hong Kong, but its founding lineage and background are from India. Gold and silver have a very strong cultural significance for Indians, and Hong Kong was chosen as an ideal destination for the company’s global expansion. It is a third-generation family-owned organisation and has been involved in trading metals since the 1970s. Over the years, owing to the success of the company, we have gradually set up offices in other bullion world hubs such as Singapore and Dubai.
How has the COVID-19 pandemic changed your business and what lasting impacts do you think it will have on the market?
The COVID-19 pandemic caused major interruptions in the spring and summer of 2020. It changed the way businesses were run and managed. From the business perspective, it taught us to become more technology enabled and to focus on remote operations. Since we are focused more on silver and due to logistics disruptions, all our counterparties across the chain were affected. However, business quickly bounced back in 2021 when the world started opening up and all the pent-up demand led to record numbers for our company and for companies across the board. COVID-19 has had lasting impacts on Hong Kong, unfortunately, as the country still struggles with lockdowns and border closures. But we hope in times to come that those ease out and Hong Kong returns to the once vibrant and buzzing city it was.
What are your future plans for the business in the coming years?
As a company, we want to look beyond the South-East Asia market, where we are already well integrated. The company plans to expand the business to the American market and also expand our operations in India. With the establishment of the IIBX exchange for gold in India, we aim to create an efficient and transparent market for Indian traders.