MKS PAMP SA, a leading global precious metals refiner and trader, is expanding its operations in Hong Kong to capitalise on rising investor demand for gold and the city’s growing ambition to become a major bullion trading centre.
“We’re expanding because there’s just so much demand,” said James Emmett, Chief Executive Officer of MKS PAMP. The Swiss-based firm, which has made Hong Kong its regional headquarters, has doubled its local workforce to 16 over the past year and plans to grow to between 20 and 30 employees by next year.
The company is also considering building a new refinery in the Pearl River Delta region, covering Hong Kong, Macau, and southern China, alongside plans to scale up its Swiss refinery to meet surging global demand.
Gold prices are on course for their strongest annual rally since 1979, after hitting multiple record highs above $4,000 per ounce earlier this year. Although prices have since eased slightly, the rally has been fuelled by heavy central-bank buying and a shift among investors toward alternative assets amid global economic uncertainty. JPMorgan Chase CEO Jamie Dimon recently said gold “could easily go to $5,000, $10,000.”
While London remains the main global pricing hub, China is both the world’s largest gold producer and one of its top consumers, alongside India. The People’s Bank of China has been steadily increasing its bullion reserves in recent months, reinforcing the region’s growing influence over global gold flows.
The sustained gold rally has triggered a wave of recruitment across banks, trading houses, and hedge funds, intensifying competition for skilled professionals and pushing up pay packages in what was once a specialised market. MKS PAMP — responsible for around 5% of turnover in the London gold market — has relocated senior managers to Hong Kong and made several high-profile hires, including Paul Voller, former head of precious metals at HSBC, and Damien Han, previously a sales leader at ICBC Standard Bank.
“This is one of the biggest structural evolutions we’ve made,” said Emmett. “We didn’t have enough coverage in this time zone.”
Hong Kong’s government is also making a concerted effort to enhance its role in the global bullion market. In his latest policy address, Chief Executive John Lee announced measures to boost the city’s gold storage capacity to more than 2,000 tons within three years and establish a central clearing system for gold trading.
Meanwhile, the Shanghai Gold Exchange is in advanced discussions with Hong Kong authorities regarding participation in the new international clearing platform being developed by the government — a move that could further integrate regional gold markets.
