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“Akara” Partners with “PMR” and “AUSIRIS” Tranforming Thailand into an International Gold Hub Under the “Thai Gold for Thais” Ethos

On 9 September 2022, Akara Resources Public Company Limited innovates the gold industry, joining hands with Precious Metal Refining Company Limited or PMR and Ausiris Company Limited in connecting the gold supply chain from upstream to downstream under the vision “Thai Gold for Thais,” with the aims of generating employment, distributing income, enhancing quality of life, and passing on Thai cultural identity through Thai gold, while promoting Thailand into Southeast Asia’s new gold hub.

“Our partnership with Akara began when we had the opportunity to offer the company our refinery service, recycling the gold scraps left in its production line, which was the first time we had ever worked with an upstream company,” said M.L. Paramaporn Devakula, General Manager of Precious Metal Refining Company Limited, on the origin and significance of the partnership. “In the past, the majority of the precious metals we processed and refined were precious metal scraps from manufacturing processes and old precious metal ornaments. At that time, Akara sent its team to work with us, and together, we were able to successfully recycle the gold scraps in its production line, refining them back into 99.99% pure gold and silver in compliance with international standards. From the cooperation, we learned that Akara was looking for a precious metal processing and refinery service provider, and we are confident and ready to be its partner in gold processing, refinery, and recovery. So, we have formed the partnership with Akara and Ausiris, for we envision that this will integrate the Thai gold industry’s supply chain across Thai upstream, midstream, and downstream companies for the first time in Thailand, which will be beneficial to all parties involved while propelling the country into becoming Southeast Asia’s new gold processing and refinery hub.”

The upstream-midstream-downstream partnership is yet another seminal milestone for Akara Resources Public Company Limited, Thailand’s largest gold mining operator as well, given that it is in keeping with the company’s vision of “becoming Southeast Asia’s leader in gold production.” Akara has a policy of constantly raising the bar for working standards while seeking partnerships with companies in the gold industry, particularly with gold processing and refinery companies. Originally, the company had to export its dore bars to be refined and processed abroad into 99.99% pure gold and silver in accordance with international standards, and it was not until the COVID-19 pandemic, when the company had the opportunity to collaborate with PMR on refining the gold scraps in its production line, that the idea of the trailblazing partnership came to be, shaking up the gold industry.

The decision of the company to enter into the partnership with PMR as well as the significance of such partnership were further elaborated by Mr. Cherdsak Utha-Aroon, General Manager of External Affairs Department, Akara Resources Public Company Limited, stating: “RJC Certification is what we look for in gold processing and refinery companies to form a partnership with. We decided to partner with PMR as the company did an excellent job of recycling the gold scraps in our production line. From there, we learned that PMR is a Thai company that offers gold processing, refinery, and recovery services in strict compliance with international standards, not to mention the company’s social responsibility policy, which is aligned with ours. So, we are positive and confident that this partnership with PMR will aid in the realization of the goals — both Akara’s goal of becoming Southeast Asia’s leader in gold production and the partnership’s goal of elevating Thailand to become Southeast Asia’s new gold production hub. Akara operates its business with a sense of social responsibility towards the surrounding society; The opening of its gold mine on the borders of the three provinces, Phichit, Phetchabun, and Phitsanulok, in the remote areas far away from their central business districts,helps generate employment, distribute income, and enhance quality of life, which in turn will serve as a driving force for the areas’ socio-economic development; Not only do we offer employment in mining operations, both directly and through contractors, with the majority of our employees being residents of the surrounding communities, which keeps families from migrating in search of work, resulting in their living together in their communities and spending on local businesses, but we also support entrepreneurs and businesses in related industries in Thailand, make contributions to various community development funds in the fields of infrastructure, health and well-being, social welfare, education, and religion, and pay royalties that will in turn be allocated to the local governments in the mining areas for community development.”

In the partnership, Ausiris Company Limited saw an opportunity to further parlay its vision of “Thai Gold for Thais” into a legacy of enhancing spiritual values through the craftsmanship of Thai goldsmiths, which is strongly entrenched in the company’s pride of being a gathering of goldsmiths. The company aspires for all Thai customers to experience the spiritual values that assume form from the care and craftsmanship that Thai goldsmiths put into crafting each and every gold jewelry piece, as well as to take pride in wearing them on every occasion. The company’s trust in the partnership stems from nowhere other than its long-established confidence in PMR’s service. Ausiris has long been a customer of PMR, having the company recycle its old gold jewelry pieces back to pure gold that complies with the international standards it has always upheld. Today, such confidence has come into fruition in the form of the revolutionary partnership, reverberating across the gold industry.

In fleshing out on the company’s pride as well as the significance of entering into the partnership with PMR, Mr. Boonlert Siripatvanich, Chief Executive Officer of Ausiris Company Limited, revealed, “For us, Ausiris, it is in our DNA to place a high value on Thai cultural identity, and that is deeply rooted in our being goldsmiths. We take pride and pleasure in every time we see gold jewelry pieces meticulously handcrafted by Thai goldsmiths sitting on everyone’s body, every time we bear witness to Thai goldsmiths’ craftsmanship imbuing gold jewelry pieces with sentimental values. It is this pride that we want to perpetuate, so we seek partnerships to help elevate our vision ‘Thai Gold for Thais’ to a higher height. Regarding our decision to join hands with PMR, we have always been a customer of the company, entrusting it with recycling our old gold jewelry pieces back to 99.99% pure gold according to the international standards, whose percentage is certified in accordance with the GIT standards we have always adhered to. Additionally, PMR has always upheld a social responsibility philosophy that is in line with ours in that it strives to create jobs and distribute income to Thais. We therefore view the partnership with PMR as much an extension as a manifestation of our vision ‘Thai Gold for Thais,’ completing the supply chain, thereby decreasing imports, increasing spiritual values, and providing Thais with products in a sustainable manner. We believe that with continuous and serious development, Thailand will undoubtedly become Southeast Asia’s one-stop gold production and trading hub.”

This game-changing partnership, which will forever revolutionize the Thai gold industry, is made possible by PMR acting as a bridge connecting upstream and downstream, with the vision that such partnership will benefit all parties involved, including Thailand. For the first time ever, the connection of the Thai gold industry’s supply chain has been established not only between Thai companies, but also across upstream, midstream, and downstream. This will definitely drive the country to establish itself as Southeast Asia’s new one-stop, international standard gold hub. Under this partnership, Akara will produce gold and send it in the form of doré bars to PMR for inspection to ensure their compliance with the GIT standard before processing and refining them into gold and silver bullions that comply with the RJC’s standards of sustainability and social responsibility, using an international standard-compliant process, and sending the gold bullions to Ausiris for further processing into gold jewelry pieces.