LBMA Global Precious Metals Conference 2025 Kyoto: The LBMA/LPPM Global Precious Metals Conference 2025 will be held 26–28 October 2025 at The Okura, Kyoto, Japan, bringing together the international bullion community for three days of debate, networking and strategic dialogue.
The annual LBMA flagship event is expected to draw over 900 delegates from more than 40 countries, including senior executives from mining, refining, trading, banking, manufacturing and investment. The programme will focus on the major issues shaping the precious-metals complex today: macro policy, Asian demand, PGMs innovation, sustainability and the evolving role of central banks.
Key speakers and themes
- Keynote: Hiroshi Nakaso, Chairman of the Daiwa Institute of Research and former Deputy Governor of the Bank of Japan, will open the conference with a macroeconomic address. Nakaso’s four-decade central-banking career and crisis-management experience are expected to set the tone for the event.
- LBMA leadership: Paul Fisher (Chairman) and Ruth Crowell (Chief Executive) will deliver leadership addresses and guide sessions on market standards, governance and responsible sourcing.
- Feature topics: more than 30 expert-led sessions will examine themes such as global macroeconomic outlooks, investment trends in gold and silver, sustainability and responsible sourcing, platinum-group metals (PGMs) innovation, mining dynamics and Asia’s rising influence on bullion markets.
LBMA Chief Executive Ruth Crowell said:
“Join us in Kyoto to embrace ‘kaizen’ — a Japanese phrase which has come to mean ‘continuous improvement’ — as we gather the precious-metals value chain to learn, strengthen our collaborations, and advance standards together.”
Why Kyoto matters
As custodian of the Loco London market, the LBMA plays a central role in setting standards for purity, form and responsible sourcing in the global bullion trade. Hosting the conference in Kyoto underscores the growing Asia-Pacific significance for physical demand and market flows, and offers delegates a platform to engage with policymakers, central bankers and market participants from around the world.
Networking & market access
Alongside the sessions, the conference will feature high-value networking receptions, private roundtables, gala events and exclusive research briefings — providing opportunities for one-to-one meetings and business development across the bullion value chain.
Schedule — LBMA Global Precious Metals Conference
09:00 – 10:15
Session 1: Opening Remarks & Keynote Address
- Welcome Remarks
- Dr. Paul Fisher OBE — Chairman, LBMA
- Dr. Jonathan Butler — Metals Sales Director, Toronto Dominion Bank
- Introductory Remarks
- Ruth Crowell — Chief Executive, LBMA
- Keynote Address
- Hiroshi Nakaso — Chairman, Daiwa Institute of Research (DIR)
10:15 – 11:00
Refreshment Break (sponsored by Tokuriki Honten)
11:00 – 12:00
Session 2: Precious Metals: A Refuge in Uncertain Times
- John Reade — Chief Market Strategist, World Gold Council
- Saad Rahim — Chief Economist, Trafigura
- Amir Ravan — Senior Portfolio Manager, Commodities, Jain Global
- Wayne Gordon — Managing Director, Chief Investment Office, UBS
12:00 – 12:15
Session 3: Market Update from SGE
- Dr. Zeng Hui — Vice President, Shanghai Gold Exchange
12:15 – 13:45
Lunch Break (sponsored by Onsa Rafineri)
13:45 – 14:30
Session 4: Sustainability and Responsible Sourcing: ASM, GDLs and Central Banks
- Alan Martin — Head of Responsible Sourcing, LBMA
- Enkhjin Atarbaatar — Director General of the Financial Markets Department, Bank of Mongolia
- Dr. Robin Kolvenbach — Co-CEO, Argor-Heraeus SA, Mendrisio (Switzerland)
- Gregory Mthembu-Salter — Director, Phuzumoya Consulting
14:30 – 15:45
Session 5: PGMs in the Spotlight: Market Demand Meets Recycling Innovation
- Moderator: Dr. Jonathan Butler — Metals Sales Director, Toronto Dominion Bank
- Lou Britton — CTO, Auris Noble
- Dr. Katsuhiko Hirose — CEO & Chief Consultant, HyWealth Co
- Taketomo Washida — Managing Director, Tokuriki Honten
- Ming Wen — Director, State Key Laboratory of Precious Metal Functional Materials, Sino-Platinum Metals Co., Ltd.
16:00 – 17:00
Champagne Roundtables (sponsored by Women in PGMs)
- Table 1: Wholesale Digital Gold
- Table 2: PGMs Across the Value Chain and Around the World
- Table 3: Beyond Compliance: Embedding Responsible Sourcing into Business Strategy
- Table 4: Silver’s BUNKERbuster Rally Roundtable
- Table 5: Meet the Speaker
- Table 6: Gold Mining Equities: Perfect Storm
- Table 7: SBMA: Connecting Markets, Shaping Futures
17:00
Close of Day One
18:30
Gala Dinner (sponsored by TANAKA/Metalor) — Location: Kyoto International Conference Centre (ICC Kyoto)
A prestigious gala dinner for in-depth conversations and relationship-building as day one concludes.
09:00 – 10:00
Session 6: Keynote Address — The Driver of Three Ts: Trump, Tariff and Trade
- Richard Koo — Chief Economist, Nomura Research Institute
10:00 – 11:00
Session 7: Safety, Liquidity and Returns — Why Gold Still Matters for Central Banks
- Peter Zoellner — Former Head of Banking Department, Bank for International Settlements
- Heung-Soon Jung — Director of Reserve Investment Division, Reserve Management Group, Bank of Korea
- Katarzyna Zajdel-Kurowska — Director, Asset Management and Advisory, World Bank
- Jaime Cortina — Head of Treasury, Bank for International Settlements
- Joaquin Tapia — Director of Foreign Exchange Reserves, Banco de Mexico
11:00 – 11:30
Refreshment Break (sponsored by ICE Benchmark Administration)
11:30 – 12:30
Session 8: Metals in Motion
- Moderator: Adrian Ash — Director of Research, BullionVault
- Mark Woolley — Senior Vice President, BGS Europe at Brink’s Global Services
- Tim Murray — Director, Precious Metals Management, Johnson Matthey
- Joseph Stefans — Head of Trading, MKS PAMP
- Steven Smith — Head of Precious Metals Origination Americas, HSBC
12:30 – 13:30
Lunch Break (sponsored by Onsa Rafineri)
13:30 – 14:30
Session 9: Silver Market: Opportunities and Challenges
- Moderator: Rhona O’Connell — Head of Market Analysis, EMEA & Asia, StoneX
- Bart Melek — Managing Director & Global Head of Commodity Strategy, TD Securities
- Nobuyasu Tsutsumi — Procurement Manager, Precious Metals, PGMs & Base Metals, Shoei Chemical Inc.
- Jan Bączkiewicz — Commercial Operations Director, KGHM Polska Miedź S.A.
14:30 – 15:30
Session 10: Outlook for Asian Gold Demand
- Moderator: Nikos Kavalis — Director, Metals Focus
- Roland Wang — Regional CEO – China, World Gold Council
- Bruce Ikemizu — Chairman, JBMA
- Dileep Narayanan — Head – Bullion and Treasury, Malabar Group
15:30 – 16:00
Refreshment Break (sponsored by ICE Benchmark Administration)
16:00 – 17:00
Session 11: Delegate Feedback & Closing Remarks
- Moderator
- Ruth Crowell — Chief Executive, LBMA
- Wrap-Up / Conference Review:
- Suki Cooper — Global Head, Commodities Research, Standard Chartered Bank
- James Steel — Chief Precious Metals Analyst, HSBC
- Conference Closing Remarks: Ruth Crowell — Chief Executive, LBMA
- Presentation of Prizes
17:00
Close of Conference
Exclusive Interview with LBMA CEO, Ruth Crowell
