Degussa Singapore Closing its Bullion Shop

Exactly 2 years after opening a retail bullion shop in Singapore and expanding outside Europe, Degussa GoldHandel has announced that it is closing its Singapore shop on 31 October. Of possible relevance to the decision, the Degussa Singapore operation has been loss making since inception, with full year results to 31 December 2016 showing a new loss of SGD 2.8 million.

Although this Degussa closure will undoubtedly come as a surprise to Degussa Singapore customers bullion product and storage customers, these customers should note that BullionStar’s shop and showroom in central Singapore continues to offer an extensive range of investment grade precious metals bars and coins. Furthermore, customers who have been using Degussa Singapore’s safety deposit box facilities may wish to consider retaining the benefits of precious metals storage in Singapore by utilising BullionStar’s secure allocated precious metals vaulting facilities.

BullionStar has been profitable since inception, it recorded revenues of SGD 186.2 million for the year to 30 June 2017, and it continues to grow and expand its product offering, services and customer base, in both the Singapore bullion market and internationally.

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